HSBC and debt! Any advice anyone?

TEDDYRUKSPIN

I can't believe what I am hearing? HSBC will only offer you limited advice on what you can do with your debt. They are not a debt advice agency and can only offer you an option what this bank can offer. This is not necessarily the best answer.

You say that your family is in debt because of your maternity leave and you are still not willing to go back to work? It seems that when you went on to maternity work, more than 26 weeks ago that you are now happy to just go on no income? Very strange I would say. Naturally all individuals would have been back to work by now unless they are now obtain something like some sickness benefit as you are too ill to work.

You are now asking for sympathy as you do not want to go back to work?

Back to the debt. You have not told us what type of debt you have? I can tell you now, no company will offer a loan if none of you are bringing in income of any kind.

HSBC will always just offer you something like the nasty managed loan. They will consolidate everything on a nasty 13% loan and stop you borrowing until you have sorted your debt. Overdraft limits will be stopped.

Until you list the debt, I don't think no one will help you.

Remember: Most debt is brought on by yourself not the company. I get extremely angry when they start to point the finger on someone else. As for the individual who was made redundant, I sympathise on this but did you ever heard of redundancy cover? This cost as cheap as £2.50 for every £100? Or did you decide not to take this because you believe this was a rip off?

Everyone is influenced by media and alike. I am laughing now as last year everyone was told some type of insurance to protect repayments or unemployments was a con. This year, due to the credit crunch and alike, they are all told to obtain some type of cover.

Point the finger at yourself. Admit it. Get independent financial advice and you will be out of this mess.

Good luck..... :A

MummyHol

Thanks rog2- i'll check that out now.

CCCS haven't mentioned bankrupcy but i intend to ask them if its a sensible solution & see what they think!

rog2

TEDDYRUKSPIN wrote: »

Point the finger at yourself. Admit it. Get independent financial advice and you will be out of this mess.

A bit tough, TR - and perhaps not fully warranted, as OP was, after all looking for advice, having already spoken with CCCS.
The HSBC 'Managed Loan' has been shown to be highly detrimental as a tool for 'tackling debt', yet potentially highly profitable for HSBC.
What should we do? Re-open Newgate perhaps.

MummyHol

I am well aware that getting into debt is my fault and i am NOT looking for sympathy because im ''not willing'' to go back to work. Im on additional unpaid maternity leave & currently negociating going back to work part-time (not as easy as it sounds with the company i work for). And my partner DOES work- we're not just sitting at home all day everyday getting into dept and feeling sorry for ourselves.
I came to this site looking for a bit of support, not sympathy. Luckily- up til this point everyone ahs been really understanding, & full of advice.

itsnowtime

TEDDYRUKSPIN wrote: »

I can't believe what I am hearing?

You are now asking for sympathy as you do not want to go back to work?

Until you list the debt, I don't think no one will help you.

Remember: Most debt is brought on by yourself not the company. I get extremely angry when they start to point the finger on someone else.
Everyone is influenced by media and alike.
Point the finger at yourself. Admit it. Get independent financial advice and you will be out of this mess.

Good luck..... :A

The OP didn't want a post which was rude and about pointing the finger, they fully understand their own situation and came on here for support not for a pointing the finger exercise and how dare you judge that she doesn't want to go back to work!!!

Can we please get back to what this board is all about - being there to support others. It doesn't matter how people have got into the situation whats important is that they have recognised it and would like to get out of it.

jinny103

DS is trying to get a balance transfer at a lower interest rate as he was on the verge of going into a DMP/IVA. However with our support he has decided to try to tackle his debts. Today he asked HSBC for their low balance transfer only to be refused. When he asked the reason, they said they couldnt tell him. However, he has two current accounts and a loan with them,has never defaulted and was told he could maybe get a consolidation loan which of course is not the answer. I agree HSBC are not very helpful.:mad:

thriftymoo

I had a graduate overdraft and credit card with hsbc amongst my other debt and in the end i turned to the cccs for advice. the cccs were pretty good they advised me to get a seperate bank acc and i went on a dmp with them. they agreed a set amount that i would pay hsbc per month, which hsbc accepted in writing to myself. then 3 months later i ramdomly got a credit agreement thru the post for a managed loan along with a new debit card. i rang hsbc and they told me that they would only accept my agreed payments if i went onto a managed loan. i said there was no way i was signing an agreement and they said they would send me a final demand in 30-60 days and i would be taken to court if it wasnt paid. I rang the cccs and they just told me to hang up on hsbc and tell them to call them if they rang me again. a week later hsbc rang saying a final demand had been issued (what happened to 30 to 60 days?!?). i told them i wasnt talking to them and they shouted at me telling me that only i could deal with them not the cccs and that by hanging up on them i was doing myself no good at all. i ended up signing up for a managed loan (as far as i can see my interest is actually lowered coz it was ridicously high on my overdraft.) because i couldnt stand up to them, im a wuss

The cccs then tried to throw me off my dmp for taking out a managed loan, but have since let me stay on it due to the payments being the same and me complaining about the crap advice they gave me at the time.

I felt bullied by hsbc and ive only recently realised that im not the only one this has happened to. luckily for me, my loan isnt for a huge amount so chances are i'll have it paid off early anyway. i still feel cheated tho

itsnowtime

lysasparkles wrote: »

because i couldnt stand up to them, im a wuss

You certainly aren't a wuss. They shouldn't use heavy handed tactics to help you - I'm sure there is something in the OFT about this!

I fully understand your experience is exactly the same as mine, they will accept the payment amount if I take out a Managed Loan but wont accept them if not - ridiculous to me - it's a money making opportunity for them which after all they are a bank. However, if they accepted our offer of repayment via the CCCS they would get more than they'll get when the transfer it on to a DCA so the choice is theirs!!!

With regards to the phone tactics, I've already told someone I found them rude, patronising and that they summarised what I had said 'very very' incorrectly and I found it quite slanderous - to which I got a very swift apology.

All we need is a little bit of compassion - we're not asking for them to wipe our debts just help us when times are tough.

thriftymoo

itsnowtime wrote: »

You certainly aren't a wuss. .

Thank u! i just felt so awful giving into them! im 22 and still living at home and i connected them sending me to court with balliffs coming round to my parents house lol! now i know thats probably not the case but i'm handling it!

itsnowtime

You're welcome and well done for facing and dealing with your situation. As you can see I'm also in my 20's and it was a really scary thing for me. I too would possibly have agreed to the Managed Loan had I not found this site.

The only thing I can say is that regardless of the path we take to clear our debts (providing its not illegal) some people/creidtors might not like what we do but at least we are making an attempt to repay what we borrowed in the first place.

Good luck