HSBC and old Flexiloan....??

Petoc

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.

[Deleted User]

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 

Petoc

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....

[Deleted User]

They'll be specified in your agreement.  

Petoc

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....?

[Deleted User]

There's no reason you can't reduce the balance, as you have the payment details.

Petoc

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_E

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.

Petoc

Easier said than done I fear but thank you anyway....