HSBC Bank loan

cooltt

marktheman1962 wrote: »

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.

Quite amusing reading this thread with all the armchair lawyers and all.

I did exactly the same as you mate, only cc I closed was HSBC one, left the other 3 open but cleared the balances with HSBC loan. They said I had to close them but I didn't and they didn't say anything. Nobody smashing my door down, no black marks on my credit file, no dirty looks of HSBC. As long as you pay their loan back they don't care who else you owe money too. The old "oh we really don't want you to struggle routine" is a load of codswallop to satisfy government banking regs.

marktheman1962

The funny thing is I only wanted a quick answer to one question. Glad to find a kindred spirit.

bris

If it's in the T&C's and you don't follow them then you could be charged with obtaining funds illegally. Loan fraud is almost definitely illegal. Whether this case would merit this is for the CPS to decide but the possibility is there as you wouldn't have got the loan if you didn't agree to this.


You can get a dozen answers to this but the trouble would only begin if you run up thos credit cards again then go bankrupt with the loan to, this would be looked into.

Vikipollard

marktheman1962 wrote: »

Brilliant well done and thank you. Now we are getting somewhere. This is where it is:

What are our rights if you miss a repayment or
we have other concerns?
10. There may be severe consequences if:
(a) you do not make repayments on time; or
(b) we find that any information you provided as part
of your loan application was materially incorrect or
misleading; or

So I could get "severe consequences" - does that mean a tanning from the branch manager?

Not quite sure what they mean. The worst case scenario would be calling in the loan, well that's no problem I can get the money on zero interest with the Barclaycard I'm not closing as they do money transfers.

Late to the party, but can't see any other replies about this... If you can get the money on zero interest, why on earth have you got a loan running at 3.3%?

BrassicWoman

to be absolutely sure, why don't you ask the bank giving you the loan? then there can be no question.

redpete

One person says no obligation without explaining why, others say obligation as described in the Ts&Cs yet you accept the first because it's the answer you wanted to hear - why bother asking?

marktheman1962

Late to the party, but can't see any other replies about this... If you can get the money on zero interest, why on earth have you got a loan running at 3.3%?

Two reasons. The 18 month 0% is ending soon and I want fixed monthly payments to clear the whole debt in 5 years. Those like me who are not disciplined and repay the minimum to the credit card company each month can take 30 -40 years to clear the debt.
Also, to renew the 0% comes with a fee which I think is 2.9% so these deals aren't as good as they once were. Anyway, I've done the sums and the 15k loan will pay off quicker and the interest will be lower than the cost of maintaining the loan on the two cards.

marktheman1962

One person says no obligation without explaining why, others say obligation as described in the Ts&Cs yet you accept the first because it's the answer you wanted to hear - why bother asking?

If you read back you'll see that I have deduced from this thread that I'm in breach of contract. It is the scaremongering that I have no time for, there are no qualified answers, mere opinion and I think it is my prerogative to take opinion the way I wish.

marktheman1962

If it's in the T&C's and you don't follow them then you could be charged with obtaining funds illegally. Loan fraud is almost definitely illegal. Whether this case would merit this is for the CPS to decide but the possibility is there as you wouldn't have got the loan if you didn't agree to this.


You can get a dozen answers to this but the trouble would only begin if you run up thos credit cards again then go bankrupt with the loan to, this would be looked into.

From this thread I can see that I am in breach of contract. However, whether this civil offence could be escalated to the criminal offence of fraud is interesting. As you say and I agree, nothing will happen provided I do not miss a payment (not the opinion of many on this thread). I have no intention of using the cleared cards the balances will remain at zero throughout the life of the HSBC loan so I think fraud would be impossible to prove.

marktheman1962

to be absolutely sure, why don't you ask the bank giving you the loan? then there can be no question.

When the thread is over I will make a decision.