HSBC loan help

buzz182

Hi all , my Wife wants a loan to consolidate her debt for £15.000 on five different credit cards . My Wife was "referred" while applying on the phone yesterday, they came back to her and said they can offer her £15.000 at the rate of 16.9% apr and which £466 per month . My Wife wants to pay back the money over 42 months , which my Wife will increase the payments by £50.00 pre month . If we apply for another loan will this affect the loan offered by HSBC and also is 16.9% apr very high for my wife who has banked with them all her life.

buzz182

DCFC79

buzz182 wrote: »

Hi all , my Wife wants a loan to consolidate her debt for £15.000 on five different credit cards . My Wife was "referred" while applying on the phone yesterday, they came back to her and said they can offer her £15.000 at the rate of 16.9% apr and which £466 per month . My Wife wants to pay back the money over 42 months , which my Wife will increase the payments by £50.00 pre month . If we apply for another loan will this affect the loan offered by HSBC and also is 16.9% apr very high for my wife who has banked with them all her life.

buzz182

The 16.9% might be high but maybe thats the best you can get.

How did the debt accumulate and will it reoccur in the future ?

Your wife is looking for an extra load of money and as far as the bank is concerned she will go on a spending splurge, buy a holiday etc so its a risk for the bank.

System

buzz182 wrote: »

also is 16.9% apr very high for my wife who has banked with them all her life.

buzz182

I paid 4% on mine. 16.9% APR is actually 2% higher than my credit card so that kind of tells you all you need to know. If you're being offered credit card level interest rates you're not getting a good deal.