HSBC Charges

Markt85

After 7 years with HSBC I went overdrawn earlier this year (Jan) and was charged £75 ... Again I went overdrawn in March and was charged £150 ! ... I applied for a overdraft but they would not give me one and told me I had to pay them back within 3 months... I went overdrawn in April and another charge of £150 was applied. I joined another bank and transferred all my DD there as I was now -£600 with HSBC .. They charged me another £110 . I am now £-700 with HSBC and do not know what my next charge will be

I went into there branch where they gave me a contact number which i phoned, they refused any payment plan option and just told me I have to pay back. I have sent them a email asking how they can justify these charges.

Is there much more I can do ? Are they allowed to charge me like this ?

YorkshireBoy

What are the reasons for the regular informal overdraft requests?...genuine hardship or simply an inability to manage your money properly?

The answer(s) to the above will determine your next course of action.

Wywth

Markt85 wrote: »

After 7 years with HSBC I went overdrawn earlier this year (Jan) and was charged £75 ... Again I went overdrawn in March and was charged £150 ! ... I applied for a overdraft but they would not give me one and told me I had to pay them back within 3 months... I went overdrawn in April and another charge of £150 was applied. I joined another bank and transferred all my DD there as I was now -£600 with HSBC .. They charged me another £110 . I am now £-700 with HSBC and do not know what my next charge will be

I went into there branch where they gave me a contact number which i phoned, they refused any payment plan option and just told me I have to pay back. I have sent them a email asking how they can justify these charges.

Is there much more I can do ? Are they allowed to charge me like this ?

You should have been provided with the terms of your account and tariff of charges.

If not, you can probably find them on their website.

If the charges are in line with those terms/tariff, then yes you agreed they could apply them.

Pay up .. they'll not go away and will probably just get bigger, and HSBC will trash your credit file in the meantime (if they've not already)

If you're really struggling, you could also try posting your SoA on the Debt Free Wannabe board (details of what that is and how to do it in one of the sticky threads on that board)
Hopefully you will then get some advice on the quick route to becoming debt free

Markt85

YorkshireBoy wrote: »

What are the reasons for the regular informal overdraft requests?...genuine hardship or simply an inability to manage your money properly?

The answer(s) to the above will determine your next course of action.

I went overdrawn and with the charges i borrowed money from Wonga etc... Every time I came out of debt I was soon back in it until I could not get out. Yes genuine hardship, hours cut at my work etc.

Wywth

Markt85 wrote: »

I went overdrawn and with the charges i borrowed money from Wonga etc... Every time I came out of debt I was soon back in it until I could not get out. Yes genuine hardship, hours cut at my work etc.

Hours cut at work is certainly one part of proving financial hardship .... but it's not the be all and end all.

Here's some bedtime reading for you:
https://forums.moneysavingexpert.com/discussion/2428497

and if you still think you are in 'genuine hardship' (your term so you must have heard something about this ) then here's some more reading for you:
http://www.moneysavingexpert.com/reclaim/bank-charges