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Tricked into removal of credit via AP

4 replies 310 views
Matt1892Matt1892 Forumite
7 posts
Third Anniversary First Post
Hi. 
I’d be happy if somebody could point me how to move forward with the below. 

I contacted HSBC at the beginning of February and explained I was struggling to reduce the balance of the credit card due to the amount of interest being charged on the card.  

Balance: £6,300
Interest; £110 pm
MP: £170 pm 

The lady discussed on the phone if my finances are tight with they are I went through an expenses and expenditure which she said they could free the interest and I could re-pay £120 a month but would face demand to pay letters as I wouldn’t be making the minimum (odd?). She explained this would be for a 6 month period and the card would be inactive in this time. She seemed like a new member of staff as I could hear somebody explaining in the background. 

After coming off the phone I was happy with agreement as I could reduce the capital by £160 a month putting myself in a better position in 6 months time (balance transfer etc). 

However on Friday I contacted HSBC to explain I needed use of the card this month because I made a payment to wrong the CC via faster payment on my online banking (2 VISA CC on my PAYES) I was 99% sure they would say no which they did but my shock they explained they not just for the 6 months I wouldn’t have access to the card but for the whole duration going forward I would never have access to the balance on my card ever again! They were very quick to offer me £100 compensation which I said can I speak to manager. The manager explained this is the process and it is now I owe them 6000 technically a loan which after 6 months I’m going to be getting charged 21.%! 

The manager said he would send me a cheque of £100 out in the post and close the case as they’re is anything to answer however there is a lot to answer Ive been complety  misinformed. He said he would raise the complaint aswel as sending good will gesture to which my disgust I received a letter of them yesterday saying the case is closed and refer to finical ombudsmen if I am not happy. 

We’re do I go now? Can anybody help :(

Replies

  • Matt1892Matt1892 Forumite
    7 posts
    Third Anniversary First Post
    Sorry to add I have been making the minimum and not the £120.00
  • zx81zx81 Forumite
    29K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    ✭✭✭✭✭
    £100 is a good offer.  They can withdraw credit at any time and given the circumstances, it doesn't seem unreasonable. 

    FOS can't compel them to offer you further credit.
  • nawabzadanawabzada Forumite
    1 posts
    First Post
    MoneySaving Newbie
    Hi, I am now a pensioner.  I want to pay off 3 ccd balances in full.  Can I haggle with these companies what the amount I need to pay back?  Thank you.  
  • jonesMUFCforeverjonesMUFCforever Forumite
    27.7K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    nawabzada said:
    Hi, I am now a pensioner.  I want to pay off 3 ccd balances in full.  Can I haggle with these companies what the amount I need to pay back?  Thank you.  
    Please start your own new thread not tag onto this one.
    To answer your question yes you can haggle - start at 100% and work your way UP!
    What goes around - comes around
    give lots and you will always receive lots
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