HSBC Flexiloan Problems

Leebetta

Hi There,

Just wondering if anyone can help me?
I took out a flexi loan with HSBC about 3 years ago when I was working full time. This doesn't work like a normal loan. I pay off £86.00 a month on a £2,000 loan but I can go online and transfer any money I have paid off back into my current account (stupid I know but I'm now a full time student and can't afford not to.) The interest I get charged is usually around £25 per month.

I'm now trying to get on top of my finances and am wondering if I should get a normal loan to cover the £2000 I owe, then I can't be tempted to put the money I pay off back into my bank account. I'll then know that when I pay a monthly payment, it means I am actually paying off the loan.

Has anyone else had a flexi loan or does anyone know of any loans I could take out to repay this one? I've tried to get a normal loan with HSBC but now with me being a full time student, they won't give me one. (I do have a part time job so could now probably afford the repayments)

I'd be really grateful for any advice.

funky1471

If you only owe £2000 I would keep that loan and just pay it back as quickly as possible. Have you got a student loan? You could get one and use that to pay off the £2000 you owe, that will likely work out cheaper.