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HSBC and old Flexiloan....??

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HSBC and old Flexiloan....??

8 replies 121 views
PetocPetoc Forumite
7 posts
First Post
MoneySaving Newbie

Hi I'm now completely stuck in a corner with HSBC as I want to pay off a longstanding Flexiloan account completely which I've had for years, never going over the top once as it was obviously useful at the time when working. However I'm now retired and on the state pension and naturally would like to pay off the balance £1400 or so as and when I can afford to. So I'm looking for a way to pay it off bit by bit monthly to them over the next few months, yet they're saying they can't as it's a Flexiloan and now no longer offered as a product, none of which makes any sense at all....

I would much appreciate any suggestions to resolve all this thanks.








Replies

  • zx81zx81 Forumite
    27.7K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
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    As long as you have the account details, you can make payments towards the loan. How do you currently pay it?

    Be aware of any early repayment charges 
  • PetocPetoc Forumite
    7 posts
    First Post
    MoneySaving Newbie
    Thank you. At the end of each month I have to repay £76 into my Flexiloan account which I've been doing for ages without fail, however I don't know if there any early repayment charges....
  • zx81zx81 Forumite
    27.7K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    ✭✭✭✭✭
    They'll be specified in your agreement.  
  • PetocPetoc Forumite
    7 posts
    First Post
    MoneySaving Newbie
    I can check of course and no problem, but what I can't follow is why they won't allow me to reduce the balance regularly as the product is no longer available....?
  • zx81zx81 Forumite
    27.7K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    ✭✭✭✭✭
    There's no reason you can't reduce the balance, as you have the payment details.
  • PetocPetoc Forumite
    7 posts
    First Post
    MoneySaving Newbie
    Yes I realised that thanks but what I want to see is the original £1400 cap coming down monthly reflected in the total amount repayable or still outstanding at the end of that month. So £1400, £1300, £1200 ceilings etc. as I don't want to borrow anything from them any more, avoiding the temptation etc. Yet they're saying they can't for some reason....
  • D_M_ED_M_E Forumite
    3K posts
    1,000 Posts Fourth Anniversary Name Dropper
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    What you want to do is make payments, get the balance below, for example, £1000, then have them cap the available loan amount at the example of £1000.

    This is why they cannot do it - they would have to get their programmers to make major changes to their software  to achieve this and doing so would only likely benefit a few dozen customers out of however many thousands have these accounts.

    Best just to continue paying it down then close it when it gets to a zero outstanding balance.
  • PetocPetoc Forumite
    7 posts
    First Post
    MoneySaving Newbie
    Easier said than done I fear but thank you anyway....
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