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hsbc loan
firstly I apologise in advance for my spelling and punctuation etc
...I have a loan with hsbc at 6.9% and a credit card,i owe around £7000 on loan and £2500 on card...im paying £304 per month on loan repayment and interest on card...got an email from bank saying they could offer me 4.8% on a new loan to pay off card and loan making payments £206 per month....went to bank only for computer to say no to 4.8 but yes to 16.9%...advised to get credit score from Experian, I did came back as excellent...466 points....back to bank showed them report still no 4.8% only 16.9...payments would have been £600 ish per month bank know I cant afford this but still they offerd it me.....is this normal practice going to your bank for help to reduce your monthly outgoings...at their request...only for them to offer to get you into debt??
...I have a loan with hsbc at 6.9% and a credit card,i owe around £7000 on loan and £2500 on card...im paying £304 per month on loan repayment and interest on card...got an email from bank saying they could offer me 4.8% on a new loan to pay off card and loan making payments £206 per month....went to bank only for computer to say no to 4.8 but yes to 16.9%...advised to get credit score from Experian, I did came back as excellent...466 points....back to bank showed them report still no 4.8% only 16.9...payments would have been £600 ish per month bank know I cant afford this but still they offerd it me.....is this normal practice going to your bank for help to reduce your monthly outgoings...at their request...only for them to offer to get you into debt??
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Comments
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I believe the interest rate a bank offers is subject to status.
Have you ever been late with any of your creditors or gone over the limit on the credit card?
They are not getting you into debt as such, you are not accepting the loan at the moment so you are not worse off financially. You may have to carry on paying what you are paying at the moment.0 -
Credit score means nothing. HSBC will make you an offer based on your circumstances. Debt consolidation will not be offered low rates.0
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well my credit rating came back as excellent...so no to late payments and no to going over limit on card...I still don't understand why they only offered me that interest rate...0
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they offered to help reduce my monthly outgoings....not double them...0
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They are there to make money, they offer a loan at 16.9% and if you choose to accept it is your choice.0
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well my credit rating came back as excellent...so no to late payments and no to going over limit on card...I still don't understand why they only offered me that interest rate...
Because they can, debt consolidation is a risk for the bank as you could in theory go and have a splurge on stuff and be in twice as much trouble with money. Things might be different if the card was with hsbc.0 -
card is with hsbc....0
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Maybe they thought your score was 467. You would've been fine then.
The banks aren't there to make your life easier or cheaper. They got you in to sell you something for a larger profit.
You are no worse off for it but it was worth asking just in case.0
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