Converting HSBC credit card to loan

Mickey_G23

Hi I have £6k on a HSBC credit card and want to transfer this to a personal loan with them.

Does anybody have any experience of converting bank cards to loans?

Please only reply if you have attempted this. I want to approach my back to ask this and want to know the best angle to go in at.

No "you cant do this, but I don't actually know and just want to up my tallies" type replies, please.

DomRavioli

Please drop the attitude. This is a user based forum, so please treat others with dignity and respect.

I converted mine, but I'm !!!!!!ed if I will tell a rude narcissistic manchild about it.

SammenForLivet2

I believe you can do this - by applying for a HSBC loan and then receiving the money into your HSBC account and simply doing an internet transfer.

You may also want to look at M&S Bank - as they have cheaper personal loan rates (5.0% vrs 5.9%) - and they are still part of the HSBC Group.

Alternatively, why not look at doing a Balance Transfer onto another card, as this would be slightly cheaper (dependent on your circumstance)

Mickey_G23

DomRavioli wrote: »

Please drop the attitude. This is a user based forum, so please treat others with dignity and respect.

I converted mine, but I'm !!!!!!ed if I will tell a rude narcissistic manchild about it.

Thanks for the help and I appreciate just knowing that it is possible, even if I don't know how.

I am well aware that this is a user based forum and that it may appear rude, but there are so many replies on this that start with "you can't do that you'll have to go bankrupt or get a DMP". I think it far worse to give people poor advice than appearing a little rude.

When it comes to money and people's livelyhood, I think it is important that people are not persuaded to do things that may be harmful, by someone who has no knowledge of the process or consequences.

If you can provide more info it would be much appreciated. If not I understand.

R_P_W

Mickey_G23 wrote: »

Thanks for the help and I appreciate just knowing that it is possible, even if I don't know how.

I am well aware that this is a user based forum and that it may appear rude, but there are so many replies on this that start with "you can't do that you'll have to go bankrupt or get a DMP". I think it far worse to give people poor advice than appearing a little rude.

When it comes to money and people's livelyhood, I think it is important that people are not persuaded to do things that may be harmful, by someone who has no knowledge of the process or consequences.

If you can provide more info it would be much appreciated. If not I understand.

Just because you did t get the answers you want on another thread doesn't mean the answers are wrong!

You don't convert anything.....you can apply for a loan and the. If successful you use the funds to pay off the card balance.

DomRavioli

Oh dear, another bloody thread jumper. OP, take the advice given, or speak to your bank.

meer53

Mickey_G23 wrote: »

Thanks for the help and I appreciate just knowing that it is possible, even if I don't know how.

I am well aware that this is a user based forum and that it may appear rude, but there are so many replies on this that start with "you can't do that you'll have to go bankrupt or get a DMP". I think it far worse to give people poor advice than appearing a little rude.

When it comes to money and people's livelyhood, I think it is important that people are not persuaded to do things that may be harmful, by someone who has no knowledge of the process or consequences.

If you can provide more info it would be much appreciated. If not I understand.

As you've already been advised, it's a simple matter of applying for a loan then repaying the credit card. The loan can be from any lender.

Your comment about being told that you have to go bankrupt or get a DMP is ridiculous. Your post would never generate replies like that. Please respect other posters, you can take their advice or ignore it, there is no need to be rude.

galaxy123

Quite often the rate will be higher if you advise the Bank you want to pay off a credit card with it. I'm not advocating telling lies to the bank, but if it were for another reason, it would be cheaper.
Just a little info. Up to you what you do with it

lynz68

MickeyG23 when you come here seeking advice you need to be completely honest.

The picture you paint on this thread doesn't seem so bad and people have given you good advice.

However I believe your other thread tells the true picture which isn't so good. £40k debt on a £35k salary and only no defaults in the last 18mths.

I doubt you will get a loan with your level of debt and although your intention is to pay the credit card off the banks have no guarantee you will do this and even if you do there is nothing to stop you running it up again.

Unfortunately unless you tackle what caused this level of spending in the first place and deal with the issue the likelihood is you will just keep borrowing until your lines of credit are closed off and you can borrow no more.

Upsidedown_Bear

lynz68 wrote: »

MickeyG23 when you come here seeking advice you need to be completely honest.

The picture you paint on this thread doesn't seem so bad and people have given you good advice.

However I believe your other thread tells the true picture which isn't so good. £40k debt on a £35k salary and only no defaults in the last 18mths.

I doubt you will get a loan with your level of debt and although your intention is to pay the credit card off the banks have no guarantee you will do this and even if you do there is nothing to stop you running it up again.

Unfortunately unless you tackle what caused this level of spending in the first place and deal with the issue the likelihood is you will just keep borrowing until your lines of credit are closed off and you can borrow no more.

Yes, according to the OP's other thread they have £40K of debt on a £35K salary and the debt charities have recommended a DMP/IVA.

Mickey_G23 wrote: »

I do not feel I am at the debt management stage yet or IVA. But this is what all the charities recommend.

OP - the debt advice charities know what they are talking about.
Please listen to them.

_Andy_

You don't 'convert' it - you would apply for a debt consolidation loan, which would then pay off the CC debt.

There is no 'angle to go in at' - you apply for a debt consolidation loan, they either approve or reject it.
Whatever other people have done isn't relevant as it has no bearing on the outcome of your application.