HSBC / First Direct frustration

Frontera2

Hi,

Banging my head against a wall :mad: so hopefully someone can give me some advice!

Until September 2011, I had my main account with HSBC via a Branch however I decided to move my current account to First Direct. Leaving behind a flexiloan & HSBC Credit Card with the loan continuing to be serviced from a still open HSBC Current account and the Credit Card being paid from my First Direct account.

Here's where the fun starts!

I have a Gold CC with First Direct, together with a £1,500 overdraft, and a flexi-loan & CC with HSBC together with a small £500 overdraft.

To save money, I want to consolidate this all into one new loan. First Direct are happy to consolidate the CC and OD with them, but won't touch the HSBC debt as it is "seperate" despite being part of the same group!

HSBC won't allow me to consolidate because my salary isn't paid into my account with them!

Not sure what to do...

CLAPTON

why will consolidating the various debts 'save' money?

there are many sources of loans but without any details of your debts it's impossible to say what might be best

dalesrider

You would need to look at 3rd party providers.

Just because someone is part of the same group, does not mean they will take on another parts debts.

In effect, look at each as separate.

Frontera2

The reason it'll save me money is that I can currently only afford to pay the minimum payments on a £7k credit card which will take probably the rest of my life to pay off on that basis.

By putting into a loan and closing the CC account, I'll be paying a lesser amount each month and the debt would be clear in 5 years.

gb12345

Frontera2 wrote: »

The reason it'll save me money is that I can currently only afford to pay the minimum payments on a £7k credit card which will take probably the rest of my life to pay off on that basis.

By putting into a loan and closing the CC account, I'll be paying a lesser amount each month and the debt would be clear in 5 years.

So you've currently got £9,000 debt (not including the flexiloan) how much are you looking to borrow to consolidate all this existing credit and what is your salary?

meer53

You need to look elsewhere for your loan.

CLAPTON

what is your salary

what are the debt details; amount, APR & fees, minimum monthly payments

what has First Direct offered you?

frontera2_2

Sorry for the late reply.

My salary is £49,500

Credit card with FD is £7,000 at 16.9%

Overdraft of £1,500 at 16.9%

Today, they have offered me a consolidation loan of the above 2 accounts at 11.9% over 5 years - which I've opted for.

_Andy_

"but won't touch the HSBC debt as it is "seperate" despite being part of the same group!"

They are different companies.