HSBC Bank loan

Pixie5740

marktheman1962 wrote: »

One would have thought that after 8313 posts you wouldn't be so obnoxious.

One would have thought that at your age and with your own business you'd have learned to read the T&C before now.

JuicyJesus

marktheman1962 wrote: »

That raised a smile - isn't that how the financial institutions do their business.

Not really, no. If they lie so much then you shouldn't do business with such untrustworthy people. Start with your loan and work backwards.

marktheman1962

One would have thought that at your age and with your own business you'd have learned to read the T&C before now

I guess that makes me stupid, what's your excuse?

Thrugelmir

marktheman1962 wrote: »

I'll call HSBC in 12 months and ask them to remind me if I should have closed the credit card accounts - unless they come knocking before then.

For what purpose? Little point in destroying a long standing relationship with your bank. Customers that waste valuable time simply aren't worth doing business with. As you should know yourself. Time is money.

marktheman1962

Sadly, you don't know who you are dealing with. It can take decades before a banking scandal comes to light. HSBC - Swiss Accounts; PPI; Barclays' Libor rigging - the list goes on and will continue to grow.

marktheman1962

For what purpose? Little point in destroying a long standing relationship with your bank. Customers that waste valuable time simply aren't worth doing business with. As you should know yourself. Time is money.

I don't think that's likely to happen. Anyway, I've 6 other bank current accounts with absolutely no loyalty to any of them.

marktheman1962

[QUOTENo the Banks don't but if they get found out they get fined, Will you accept a fine if you get found out? ][/QUOTE]

Who's got the power to fine me?

Pixie5740

In what way am I stupid? Three times I advised you to read the T&C of your loan and lo and behold the answer was in the T&C. Seems like pretty good advice to me.

Your OP asks if you are obliged to close the credit card accounts. The answer is that yes you are legally and morally bound to close the credit card accounts. However, what you really want to know is will you get caught and if you are caught what will happen. So the answer to those questions is that you might get caught but then again you might not, the loan might be called in, you might find the details of this application (consolidation loan on the condition of closing the credit card accounts) passed on to National Hunter making it more difficult to obtain credit or open accounts in the future like other people who fib.

marktheman1962

In what way am I stupid? Three times I advised you to read the T&C of your loan and lo and behold the answer was in the T&C. Seems like pretty good advice to me.

I wasn't inferring you were stupid when I said, "I guess that makes me stupid, what's your excuse?"

I meant your excuse for the manner in which you write - it is a little aggressive. You ruffled my feathers by shouting and being sarcastic, "READ YOUR CONTRACT" and "So the answer was in the loan T&C all along. Who'd have thought it?"

It seems to me to be the Sergeant Major approach to financial advice.

It was a simple question and with hindsight I should have put it like this, "Am I in breach of contract by failing to close my credit cards................................". I wasn't after any moral judgement. You were 100% correct to refer me to the Tand Cs of the loan - for that I thank you.

marktheman1962

All for not closing a couple of credit card accounts - the feedback on this site is on the whole pretty good but as for the scaremongering I think I'll pass on that.