HSBC - Cancelling my overdraft and demanding it back!! - Advice please

Piggybank83

Hey everyone

I have a £1500 overdraft with HSBC. It has sat at £1500 with 19% APR and I have only been paid off £25 a month which covers only the interest.

Yesterday I got a letter from them saying that I havent been paying enough into the account and I need to pay off the full overdraft by June 20th.

Im working as a Teaching Assistant and earn min wage. In September Im heading back to uni for a year to train to become a teacher so am pretty broke!!

I have just been given a 0% credit card on spending for 14 months from my main account (natwest) which im very surprised about as I thought i have TERRIBLE credit rating -

Any advice would be great - not sure if i should start applying for loans ....

Thanks!!!!:j

[Deleted User]

They have probably reviewed your OD and your credit rating and seen how much debt you have,it does seem surprising that you have been given a new cc,and its unlikely you will be accepted for a loan,you need to go into the bank and see if you can sort something out with them,the worst they can say is no

miketaff1408

I'm assuming that your wage is being paid into the Natwest account?

Unfortunately HSBC have eventually cottoned onto this fact, that no regular wage is being paid into the account, and have decided to pull the plug. Try and negotiate with them with maybe an offer of paying a little extra on top.

Perhaps you need to put up a SOA on here so the clever bods here can pick the meat off the bones and give you the best advice possible for your case.

Good luck!

eyeopener2

Hi

You have to speak to them as soon as you can because as soon as 20th June passes your overdraft will become unauthorised and the charges will start ramping up.

I don't know how HSBC work but they may convert this to a loan or just freeze the account and come to a payment arrangement with you.

Please talk to them though, it could get a whole lot worse if you don't

E2

Bella_M_2

I had a £1k overdraft with Santander that I knew I wasn't going to be able to clear. I called them and explained that I wanted to pay it off but would need to do it over time. They froze the interest on it and allowed me to pay it off over 12mths. I was terrified to approach them but was so grateful that I did. I agree with the previous post don't let it become 'unauthorised'. Phone them as soon as you can they will try and help you as best they can.

Good Luck x