Don't tell HSBC if you are struggling to make payments

Jontee_2

If you are struggling, don't tell them.

I have had an HSBC Current account and Gold credit card for more than 25 years. 10 years ago I moved to Spain and kept my accounts with my spanish address. Last year my husband died suddenly, and in Spain any bank accounts in joint names are frozen until the probate and Will is sorted out, so all I had was the money in my HSBC account in UK. I wrote to HSBC and asked if I could make monthly payments of just 20 pounds for a few months on the credit card. They offered to freeze the interest for 3 months whilst I paid the agreed 3 monthly payments. On the fourth month I paid all the arrears and have been paying regularly ever since.

Imagine my shock today when I tried to use the card for the first time since last August and found I couldn't. I phoned HSBC and they told me they had closed the CC account in December. They said they didn't have to inform me of their action and said their policy is to close accounts when someone tells them they have a problem with repayments. After a heated discussion they actually agreed that if I had not told them and simply got into arrears for that time and then paid up to date this would not have happened. I am so angry, I will be writing a complaint to the bank, but I was told they would not reinstate the account, however after the outstanding balance is paid I can re-apply. I said that it seemed that I was being penalised for doing what I thought was the correct thing and that they are not looking after their customers So don't tell HSBC if you have a short term problem affecting making your payments, just go into arrears.

Shelldean

Going to disagree HBSC were really helpful when we started struggling. They reduced the interest rate on both mine and OH credit card to 0% for 6 mths and then as we were still having problems they gave us 2.9% for 24 mths. They really helped us.
Unlike Oh's virgin card with horrendous rate, they refused to help until we defaulted.

JamesK10

Jontee, was living overseas anything to do with it? Because it's strange that Shelldean had the polar opposite experience to you.

Plxply

You did do the right thing by telling them you were having payment trouble, but then HSBC placed you as a higher risk customer for it. Unfortunately that is how companies operate and it was better to tell them you were unable to meet the payments as your credit file should be saved from it.