HSBC Debt :(

Bardock

Okay so i got a letter from HSBC today, i haven't been able to make any payments in the past few months due to moving and relationship issues - (but i'm still within my credit limit) so i'm a little confused as to why they are being so 'pushy'

Here's what it says.
Please reply with any assistance you can.

Dear Mr (Name)
Balance £489.95 Limit £500 Overdue Amount £58.34

Final Demand

Despite our previous correspondence concerning your debt, we have to date received no satisfactory response.

We now DEMAND immediate repayment of £489.95 Current interest arrangements will continue to apply.

YOU HAVE 14 DAYS FROM THE DATE OF THIS LETTER TO REPAY IN FULL or let us have a satisfactory proposal for repayment by installments or otherwise.

ACTION will be taken against you through DEBT COLLECTORS or SOLICITORS if you fail to comply with this demand. You may also be taken to COURT

Further, as a DEFAULTING DEBTOR, details of your default including your name and address will be given to the following CREDIT REFERENCE AGENCIES :- Consumer Operations, Experian Ltd, PO Box 8000, Nottingham, NG80 7WF.
Equifax Europe Ltd, Credit File Advice, PO Box 1140, Bradford, BD1 5LL,
Callcredit, PO Box 491, Leeds, LS3 1WZ


.......
Really....so much Threatening BOLD -
I look for work everyday, i travel about as often as i can handing out C.V's and such, i apply online on direct.gov.uk, Reed.co.uk, Jobsite.com, Monster.com....

I don't even have JSA at the moment because i live with my partner and we can't afford to get our money suspended by JSA whilst they Add me to the total income ....

What can i do? :S

Janie4Now

The problem you have is that it is their money and you have broken the terms of the agreement by not making the necessary payments and you have made them nervous. Their letter is written the way it is to make you take notice. And it has worked.....

Call them. Or call into a branch and make an appointment to see someone. Explain the situation. Apologise for not contacting them sooner. Ask them nicely if they will consider a repayment plan. Ask them nicely if they would consider giving you another few months. Make it clear that you are NOT intending to walk away from the debt. Then see what they say. Keep a note of who you talk to and when and put anything you agree in writing to them.

There are a lot worse lenders out there than HSBC. The tough part is contacting them in the first place.

BlushingRose

I think they are 'being pushy' as you haven't made any payments for the past few months.
The letter you've shown us also tells us that you've been contacted by them before but you haven't replied to explain why you're not paying. This is why you have this letter now.
My suggestion, similar to the above poster, is to contact them, ring them up perhaps if you don't like the idea of a face-to-face meeting and apologise. Explain why there have been issues and offer to make some payments, see if they'll agree to a vastly reduces payment/token payment for the next few months while you get yourself sorted.

citizenkitten

agreed with the above two, having banked with Huge bunch of ! all of my life and got different products with them, i can tell you they want to scare you from walking off with their money.

go in branch, far better than phone, explain and give some confirmation to pay some money in. but dont set the target unrealistically! that wont get you anywhere, be honest with what you can do, although at face it is a company after your money, face to face people do humanise debt situations.

Bardock

Thanks for the replies

I'll go into the branch and speak to someone.
I'm not intending to avoid paying, i Want to pay the debt, just well...we're all suffering in this economic climate, with a government like ours...

Anyhoo, i do worry, it may only be £500 debt from anyone elses point of view, and i pale in comparison to some of the debt free wannabes on here, but i too want to be debt free. Especially from a BANK! they are the worst people right now..

Again thank you all

owen_money

Janie4Now wrote: »

There are a lot worse lenders out there than HSBC.

As far as 'main stream' lenders go I cant think of many worse than HSBC, of course Barclays spring to mind!

jansueir

Hi,we had the same sort of thing happen to us and they made us take out a loan to repay the overdraft and left us with nothing for the last two weeks of that month. Dont let them push you into anything. Try and agree a repayment that you can afford each month without having to have a loan. Good luck you are not on your own

Janie4Now

owen_money wrote: »

As far as 'main stream' lenders go I cant think of many worse than HSBC, of course Barclays spring to mind!

I can only speak from my experience. When I had serious financial problems a few years back HSBC were one of the few companies that were actually sympathetic and helpful. Admittedly, I had a good history with them.