Credit Card Spread Betting

Mate12

I used HSBC Credit Card £5000 in year Aug 2016 for Spread Betting and lost all money Salary savings and credit cards.

I did not paid minimum balance on credit card few months then later credit card account has been closed.

Now Debt collection agency is contacting me to repay and on my credit history its showing defaulted.
Is there any option that I do not have to repay and HSBC waive-off whole balance. I do not have money nor job, feel depressed.

Any option please suggest me

eskbanker

Firstly, forget about any 'get out of jail free' card that would make this magically go away - unless there are factors you're not mentioning there's no reason for HSBC to simply pretend this never happened.

However, creditors can't take back money that you don't have, so their scope for recovery is probably fairly limited if you have minimal income.

I'd suggest reading/posting on the debt-free wannabe board, and in particular completing and posting a Statement Of Affairs to understand your income and expenditure in detail - you'll need to do something similar for the debt collectors anyway but friendly faces on that board should be able to make helpful suggestions, including how/when/why to contact debt charities such as National Debtline and StepChange.

Good luck....

[Deleted User]

Schools are back tomorrow.

Posts like this will start thinning out a bit

Anthorn

Mate12 wrote: »

I used HSBC Credit Card £5000 in year Aug 2016 for Spread Betting and lost all money Salary savings and credit cards.

I did not paid minimum balance on credit card few months then later credit card account has been closed.

Now Debt collection agency is contacting me to repay and on my credit history its showing defaulted.
Is there any option that I do not have to repay and HSBC waive-off whole balance. I do not have money nor job, feel depressed.

Any option please suggest me

The light at the end of the rainbow is that a default is removed from your credit history 6 years from the date of default.

The magical option in your circumstances to get rid of the debt could be a Debt Relief Order but no-one can advise without knowing your full circumstances. I suggest that you complete the online tool on Stepchange to see what options are available to you and discover a positive way forward:
https://www.stepchange.org

agrinnall

Anthorn wrote: »

The light at the end of the rainbow

I'm in agreement with Gary on this thread, so I thought I'd start a discussion on mixed metaphors:


Tunnels have a light at the end of them


Rainbows have a pot of gold at the end of them


:rotfl: