Anyone else been caught out by HSBC overdraft support?

gingergirl21

Just wondering if anyone else has been caught out by this/managed to resolve it. 

I got the temporary overdraft support for 12 months which was 0% interest on overdrafts up to £500. I am currently at this level on both accounts. On 19th Feb and again on 25th March I was notified that this support would come to an end on 8th May. The email said that they were offering a further 6 months support which I could apply for once my current support had ended.

Today I followed the link to apply and am being told that the deadline for reapplying was 27th April. 

It has been raised as a complaint, however in the meantime I am back to paying 39.9% interest on £1000! 

Anyone else had the same issue and if so have you been able to resolve it?

soolin

I’ve asked the forum team to move this to a more appropriate board for responses. 

StressySAver

Yep this EXACT same thing has just happened to me - the email I received in March said my support ends on 09/05/2024, and then in BOLD text: Please note, you can only re-apply once your existing support has ended and your account has moved back to standard pricing.

Following HSBC's own instructions, I've clicked the link in the email this morning to be greeted with the following message: We can no longer accept applications for temporary pricing support on arranged overdrafts as the deadline for new applications was 27 April 2024. 

As I followed HSBC's own instructions, I am absolutely baffled as to how this has happened. Nowhere in the email does it mention a 27 April 2024 deadline.

After being a loyal customer with HSBC since 1993, I think this is the final nail in the coffin for me, and if they don't sort it out when this is their error, this is the push I needed to move away from them for good.

I spoke to someone on the phone this morning, and she is ringing me back at 1pm apparently with a resolution. We shall see.

gingergirl21

StressySAver said:

Yep this EXACT same thing has just happened to me - the email I received in March said my support ends on 09/05/2024, and then in BOLD text: Please note, you can only re-apply once your existing support has ended and your account has moved back to standard pricing.

Following HSBC's own instructions, I've clicked the link in the email this morning to be greeted with the following message: We can no longer accept applications for temporary pricing support on arranged overdrafts as the deadline for new applications was 27 April 2024. 

As I followed HSBC's own instructions, I am absolutely baffled as to how this has happened. Nowhere in the email does it mention a 27 April 2024 deadline.

After being a loyal customer with HSBC since 1993, I think this is the final nail in the coffin for me, and if they don't sort it out when this is their error, this is the push I needed to move away from them for good.

I spoke to someone on the phone this morning, and she is ringing me back at 1pm apparently with a resolution. We shall see.

Ooh please let me know what they say - I think this is something they've messed up on. I seem to remember as well that I applied for the support on the first day I could so clearly their timing is off

eskbanker

I'm just speculating here, but could it be that their proposition was that renewing support (after the end of the initial period) was possible while the temporary scheme was still in operation, but that they've now ceased it entirely as from April?

We can no longer accept applications for temporary pricing support on arranged overdrafts as the deadline for new applications was 27 April 2024.

We'll contact customers who applied for the 6-month extended temporary support before this deadline. We'll detail the dates the support is in place on your account(s). These temporary measures aren't a change to your contractual terms, which remain the same.

https://www.hsbc.co.uk/help/money-worries/overdraft-support/

StressySAver

I would imagine that's the situation from HSBC's viewpoint. However, this should have been explained in the email (it certainly contained enough other information, so the absence of any information about a deadline is puzzling and potentially deliberate?).

And the fact that the email also says in bold text that you cannot apply until AFTER your current period has ended, would suggest that they have royally dropped the ball on this one.

They are supposed to be phoning me back at 1pm, so I will be interested to hear their explanation.

eskbanker

Interestingly, the version of their temporary overdraft support page that was archived on 3 December 2023 states the 27 April 2024 deadline, so the end date of the scheme was seemingly planned well in advance rather than being a late call, i.e. it ought to have been mentioned in emails sent during Q1 2024:

We are offering temporary support measures on overdraft borrowing across eligible accounts. Just request support by 27 April 2024.

https://web.archive.org/web/20231203205622/https://www.hsbc.co.uk/help/money-worries/overdraft-support/

StressySAver said:

And the fact that the email also says in bold text that you cannot apply until AFTER your current period has ended, would suggest that they have royally dropped the ball on this one.

Presumably the situation was effectively that those whose deals expired before 27 April could renew the day after that expiry, but for anyone expiring after that date there'd be no renewal possible?  Obviously they should have explained this though!

StressySAver

That's very interesting that they had decided a end date last year. I can't imagine why they neglected to include that information in these emails when they had plenty of opportunity.

As they notified me in the emails that my deal expired on 09/05/2024, and to apply for the new deal after that date, they must at some point have intended that the deal wouldn't be ending in April? I can't make head nor tail of it.

Also - it's now 4:08pm, and they haven't rung me back. That tells me everything really.

eskbanker

StressySAver said:

That's very interesting that they had decided a end date last year. I can't imagine why they neglected to include that information in these emails when they had plenty of opportunity.

As they notified me in the emails that my deal expired on 09/05/2024, and to apply for the new deal after that date, they must at some point have intended that the deal wouldn't be ending in April? I can't make head nor tail of it.

I doubt that they'd have intended a later finish date but would assume that they'd simply have neglected to update the automated email templates once expiry dates would start falling after that date.

gingergirl21

StressySAver did they ever come back to you?

pecunianonolet

I applied for this when it first came out and it took me a bit to get it as their own staff didn't know about it and told me it is a scam. After I copied the whole text into chat and they checked it internally as legit I got it the same day. It was running for 12 months and I was informed 2-3 times of it coming to an end. Closer to coming to an end I was informed that it is possible, to reapply for extra support for another 6 months. So on the day it expired I applied again and it was granted the same day again for another 6 months. My second extension was very tight to their reapply deadline, which was later extended to April. I used the support for stoozing and made sure that I had the £500 ready to repay when it came to an end. My 6 month extension comes to an end in 2 weeks. I have been informed twice already about it by HSBC.

I agree, they could have made it clearer in their emails but an end date has been announced a long time in advance and was very clearly written on their website. You got notifications in February and March, again, well before the April deadline so you could have had a look before to check if you can reapply or not or to make plans to repay or perhaps balance transfer away to a cheaper option if repayment would not be possible.

I don't think HSBC is at fault as they made it very clear on their website, you got reminders about the end date too and could have checked before or raised it with them in advance. Anyhow, good luck and please let us know the outcome.