Overdraft Charges

Chick08

Hello,

Im after some advice i have a £400 overdraft with Hsbc and i am currenty £900 into it, I have tried online to increase my overdraft limit but they have refused and everytime im getting a charge of £150 to it which is making me deeper into the overdraft.

Can i ask the bank to stop the charges so i can get out of my overdraft? With the constant added on charges i cant seem to get out of it.

Help please

Thanks

Vikaroo

I had this issue a couple of years ago with HSBC, they put me on a debt management plan where they froze my overdraft and I payed it off til I was out of it with no extra charges incurred. I will NEVER have an overdraft again! more trouble than it's worth, its an expensive debt!

Hope this helps!

lippy1923

Yes you can ask. Speak to them and tell them about your situation and ask if they can freeze the interest and give you a plan to pay.

Good luck

meer53

lippy1923 wrote: »

Yes you can ask. Speak to them and tell them about your situation and ask if they can freeze the interest and give you a plan to pay.

Good luck

If you go down this route, prepare for the overdraft to be removed completely once it's repaid. Never to be reapplied.

CLAPTON

it is likely that they will mark your credit files with 'arrangement to pay' which might make any future credit very difficult to acquire

Vikaroo

Thats not true. My credit file never got a mark against it for this and I'm currently saving for a deposit for a mortgage so my credit file has to be bang on. You can ask them this question when you speak to them if it will settle your mind.

YorkshireBoy

Vikaroo wrote: »

Thats not true.

CLAPTON didn't state it as fact, merely that it was "likely".

If he'd said "possible" instead, would you also have dismissed that?

Anyway, it sounds like the OP already has a credit history on this account reading something along the lines of...

54321111110000

...so a lot of the damage has already been done.

My credit file never got a mark against it for this

You have more than one credit file. Did you mean to say files?...Or haven't you yet checked the other two?

Just_a_Girl_2

I had an overdraft with Halifax. I asked for charges to freeze so that I could pay it off and they informed me the only way they could do this was to let the account go into arrears so it gets referred to collections department. Unfortunately, they said this would show on my credit file that the account was defaulted so I took out a loan to clear it. Will never have another overdraft again!

Chick08

Had a meeting with the bank today and was told this has now been passed to a debt collection company and there is nothing more the bank can do (even though i hadnt been informed before this happened). The bank advised me to offer them £10 a week and get another bank account.