Talking to credit provider about consolidating debt to make repayments

clannuisnigh

Many thanks all

redcard

So build up a load of debt and flee the country, then get another loan from said country, and then fail to pay that. Sounds a good way to get some free money.

Why not get a loan in your own country? It's a simple solution, but it may just work.

thecassman86

Hey there!

I can't offer any help on the legalities of not being in the UK etc so i'll leave that to others.

In general, debt consolidation is frowned upon because people tend to take on a big loan and then rack up credit cards again. That's not to say they don't work. I took out a debt consolidation loan and not touched credit cards since. With regards your question about HSBC's likelihood to give you a loan, i wouldn't be sure that they would. The checks that they do now are very watertight to ensure the money is spent as expected and can be paid back etc.

What are the interest percentages of your CC and overdraft? How much longer do you have left on your loan? How much per month can you put towards your debts (including what you pay currently)... You really should be pummeling your money into the highest interest debt as that's costing you more long term. There's a sticky on the forum containing a link to a Snowball Calculator - put your figures in there, you might be surprised how quickly you can pay off the debts as they are without consolidating!

thecassman86

Also, extending redcard's advice... HSBC is a global bank - if you go down the loan route could you go to a branch in your home country and sort out a loan there? I'm sure they can then arrange you pay off your current HSBC debts without much hassle.

clannuisnigh

Many thanks all