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Hsbc & Dmp
gemsaysdontdodebtkids
Posts: 83 Forumite
Hello,
I entered a DMP with Payplan in April and it's taken until now for HSBC to write to me and acknowledge they've received correspondance regarding it.
However, they have accepted the monthly amount I pay them for all 3 accounts that I have with them, but only if I consolidate it into a managed loan of approx £7800 over 82 months. I really don't want to agree to this, firstly because they're about to refund me £1300 of bank charges and secondly, because I might be able to pay them more in the next year or so, once I'm a qualified teacher.
What should I do? Should I contact Payplan and get their advice?
I entered a DMP with Payplan in April and it's taken until now for HSBC to write to me and acknowledge they've received correspondance regarding it.
However, they have accepted the monthly amount I pay them for all 3 accounts that I have with them, but only if I consolidate it into a managed loan of approx £7800 over 82 months. I really don't want to agree to this, firstly because they're about to refund me £1300 of bank charges and secondly, because I might be able to pay them more in the next year or so, once I'm a qualified teacher.
What should I do? Should I contact Payplan and get their advice?
Debt
[strike]April 2007 £17197.49
June 2007 £16593.49[/strike]
Currently: £15293.49 (thanks HSBC!)
Watch this space for progress!
Aims:
To pay off in Oct 07
£102.39 - Viva La Diva
£176.20 - Wescot
£417.88 - MBNA
To pay off in Jan 08
£2665.24 - MBNA CC
To pay off in May 08
£928.81 - HSBC CC
£1006.01 - Barclaycard
[strike]April 2007 £17197.49
June 2007 £16593.49[/strike]
Currently: £15293.49 (thanks HSBC!)
Watch this space for progress!
Aims:
To pay off in Oct 07
£102.39 - Viva La Diva
£176.20 - Wescot
£417.88 - MBNA
To pay off in Jan 08
£2665.24 - MBNA CC
To pay off in May 08
£928.81 - HSBC CC
£1006.01 - Barclaycard
0
Comments
-
Avoid an HSBC 'managed loan' at all costs. And yes - get some advice from Payplan as soon as possible.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
Yes, speak to Payplan.
HSBC tried to do the same with me, suggesting a "managed loan", when I was in the process of setting up my DMP with Payplan. I politely declined! I told them I was going with Payplan, and the representative in my branch said she had never heard of them !!!
Within a couple of months they had passed the debt on to their collections branch (Metropolitan Collection Services--actually still part of HSBC, from what I can gather). The DMP went ahead after a couple of months with a little hassle from MCS. No problems for two years now.
Good luck
Debt-free in May 2015 with the help of Payplan and MSELightbulb Moment: November 22, 2004 :idea:0 -
Ok, ta, will call/email Payplan this afternoon.Debt
[strike]April 2007 £17197.49
June 2007 £16593.49[/strike]
Currently: £15293.49 (thanks HSBC!)
Watch this space for progress!
Aims:
To pay off in Oct 07
£102.39 - Viva La Diva
£176.20 - Wescot
£417.88 - MBNA
To pay off in Jan 08
£2665.24 - MBNA CC
To pay off in May 08
£928.81 - HSBC CC
£1006.01 - Barclaycard0
This discussion has been closed.
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