HSBC won't port our mortgage and we can't afford to stay here. Lowest point ever.

ZTD

pandapaws wrote: »

:rotfl:

You've got their number on speed dial, right?

They live next door. It saves the commute...

ZTD

pania wrote: »

what a ludicrous definition of being sub prime!!

Oh yeah! But the reductio ad absurdum was fun...

pania

stop it!!!! i gotta go google again now!!

pania

Reductio ad absurdum is also often used to describe an argument where a conclusion is derived in the belief that everyone (or at least those being argued against) will accept that it is false or absurd

most definately false and extremely absurd!!:rotfl:

ZTD

pania wrote: »

Reductio ad absurdum is also often used to describe an argument where a conclusion is derived in the belief that everyone (or at least those being argued against) will accept that it is false or absurd

most definately false and extremely absurd!!:rotfl:

Amazing - I even spelt it right... :shocked:

pandapaws

Ooh, depth, out of. Too stupid.
That'll be a result of my sub-prime education.

I'll stick to what I'm good at - anyone for a game of Dreadful-Bingo?!

lunar

Panda, it really seems its a case of the bank not caring about your individual circumstances, and possibly loosing themselvs a fortune in the process. If you cant work because you cant move potentially your debt would rise by £2000 a month, if you move you will be able to pay an extra £700 at least off your debt. If the bank looked at it properly it is in there interest to help you move, if your debt increases you could find yourself not being able to pay these bills and ultimatly the bank would loose all there money!

It just seems that today they cant review anyone as an individual, they just look at numbers and not the bigger picture. You have such a long history with this bank i cant understand why they are doing this.

I was in a similar situation with the interest on my debts. I know i got myself into this position but the banks did give me the money in the first place, and then because i must have been sub prime i couldnt reduce the interest on my credit. It has taken me 5 months to get someone in a call center to put me through to an underwriter who was able to look at the bigger picture. They imediatly got me the right loan product, and simultaniousty closed the credit card, so i couldnt re-spend the money. this was with EGG, it seems a shame that it took so long to get this sorted, but ultimatly it is better for egg as it reduces the chances that i could go bankrupt in the future.

Ive prob gone really off the point now, it just makes me mad that the bank wont treat you as an individual, especially when it will ultimatly benifit them to do it, as they would definatly get there money back this way!

mickey_mouse

tons of hugs from me. It seems like you have had some great advice and i hope you can work it all out. More hugs

ZTD

Just had a though - what does it say in your mortgage agreement about changes to the agreement? It may be under "Variation of Terms" or some other heading.

I can't actually get any terms and conditions out of HSBC's website (otherwise I would have looked) but First Direct (owned by HSBC) say:

We can also change the terms and conditions of your agreement with us in order to reasonably reflect the fact that any of the following have occurred or are about to occur, provided that we do not do so for any arbitrary or improper purpose:

1. any material change in conditions in or affecting the UK mortgage markets;
2. any change in the lending practices of banks and other financial organisations offering similar services to your agreement with us (including the terms on which they offer such services);
3. any change in the law, regulation or in Codes of Practice or the making of a recommendation, requirement or decision by any court, Ombudsman, regulator or similar body;
4. any change to the systems we use to manage our accounts, including changes in the technology we use;
5. any reorganisation of our business by it being acquired by or by our acquiring another bank or organisation (so that customers with similar categories of agreements can be treated in a similar way);
6. any event beyond our control;

We will give you 30 days written notice of any such change and the amendment shall take effect from the date specified in such notice. There is also a specific power to amend your agreement with us in the event of substitution of Sterling by the Euro, set out in Clause 9 above.

If a similar term exists in HSBC's? Did they give you 30 day notice of changing their underwriting criteria? If not, it could be simple breach of contract on their part.

Verbatim

Hi PP,

I couldn't post for ages but was reading this thread last night.

It must be worth challenginging the portability. Is the CAB any good in your area? If it's mostly volunteers it may not be but you could try the online site? I think you said it would be £8k to redeem early which is a terrible hit! If the CAB can't shift HSBC perhaps the banking ombudsman would help?