HSBC (merged threads)

mon1o

have you tried calling them? I sent my letter on 16th april and had heard that hsbc can be less than co operative when it comes to replying to your letters so i called them to see if they had received it and how long it would be before i got a response from them. Funnily enough by the end of the phone call a letter of response was in the post to me.

Steve31_2

First post, but have been reading for close to a year!

Have found myself in a bit of trouble late with money, and have last week went to HSBC to explain my situation that since the birth of my daughter money has been tight, and i have only just been able to service my debt of credit card, flexiloan and overdraft, i explained that if i couldnt get a better rate there is a real chance of me missing payments, all i heard was the computer decides and they offered me 13.9%!! The bank manager has no authority to make decisions, so how he can call himself a bank manager is beyond me! I have been with the bank for 18 years, and was a premier customer up until i bought my first house 6 months ago (which i was hastly removed from once i took all my savings to put down as a deposit!).

Well i see today all my direct debits have come out and i have gone over my overdraft limit several times (i added money when i saw i had exceeded my overdraft) I see charges of £163! 100 in fees for going over my overdraft and 63 pounds in interest on a 5000 overdraft!

Any tips on managing this loan, I want to pay it back but really need a better rate! Am currently looking for a second job all income of which i will throw at these nasty debts.


Terrible bank!

Aegis

Steve31 wrote: »

First post, but have been reading for close to a year!

Have found myself in a bit of trouble late with money, and have last week went to HSBC to explain my situation that since the birth of my daughter money has been tight, and i have only just been able to service my debt of credit card, flexiloan and overdraft, i explained that if i couldnt get a better rate there is a real chance of me missing payments, all i heard was the computer decides and they offered me 13.9%!! The bank manager has no authority to make decisions, so how he can call himself a bank manager is beyond me!

The branch managers manage the branch, and the premier managers manage premier clients. I know these sound like tautologies, but that's what their titles mean. They have some authority to overrule certain types of rejections on loan applications, etc, but since the global credit problems started emerging, the vast majority of lending decisions are now made centrally. Branch-based staff cannot overrule a system decision for the rate you are going to be loaned money at.

You could try asking your manager to recommend it upwards to the Central Underwriting Unit to see if they will amend the rate at all, but the chances are that if the system gave you a certain level, that's what they'll offer you too.

The only other option I can suggest is looking for a longer term on the loan, as spreading the payments will lower the overall cost. The interest rate will remain the same, but the monthly payments will significantly reduce. However, this does mean you'll be in debt to the bank for longer, which is certainly not something everyone is prepared to do!

I have been with the bank for 18 years, and was a premier customer up until i bought my first house 6 months ago (which i was hastly removed from once i took all my savings to put down as a deposit!).

Well i see today all my direct debits have come out and i have gone over my overdraft limit several times (i added money when i saw i had exceeded my overdraft) I see charges of £163! 100 in fees for going over my overdraft and 63 pounds in interest on a 5000 overdraft!

It might be worth asking them to reconsider the charges in branch based on the fact that you corrected the situation immediately (assuming you did). If you speak nicely to one of the counsellors they might recommend a rebate of charges if you account has otherwise been managed ok and as long as you haven't had any other rebates in the last 18 months or so. You probably wouldn't get the whole lot, but it's worth a try.

The interest can't be helped, I'm afraid.

Any tips on managing this loan, I want to pay it back but really need a better rate! Am currently looking for a second job all income of which i will throw at these nasty debts.

If you have any equity left in your home, a secured loan would net you a much better rate than an unsecured one. In fact, if you have any assets you'd be willing to secure the loan against, there might be a possibility that they will lower the rate for you. However, this would be a complex lending case and would definitely need to be escalated to the CUU, so you'd be waiting a while. It might be worth calling in and asking what sort of terms you could get on a secured loan, or even an extension to your mortgage.

Terrible bank!

Someone told me a while back that a bank is like someone who will happily lend you an umbrella when it's sunny and will demand it back when it rains. I'd like to think that not all of us bankers are like that, but from time to time it must seem that way.

I really hope that you find a solution to your problems, and I'm sorry I can't provide you with any definitive answers at this stage.

lotusian

The great news is that Amazon agreed to reimburse me for the overdraft charges I incurred. I had to write a letter and send it to their payment enquiries centre in Ireland, but as soon as I pointed out that they admitted it was their mistake, they were only too happy to pay me back. This does mean that Halifax have made money out of nothing, but I the most important thing is that I'm not out of pocket.

Well done Amazon!

BAILIFFCHASER

Give it a few weeks and i will be going after the ill fated hsbc.

run_rabbit55

who do i address my claim letter to? is it my local bank im with? im with hsbc

Orford

HSBC Bank Plc
Service Quality Team
Arlington Business Centre
Millshaw Park Lane
Leeds
LS11 0PP


Tel 08456 028006
Fax 08001696143

rome1067

In Nov I went £48 over my overdraft for one day and was charged £25 by HSBC. Now they have taken £25 arrangement fee because I 'informally' requested a new overdraft in the last 6 months so I'm getting charged twice for it.

I want to reclaim my charges, I know they can close your bank account but I'm worried about my mortgage as this is also with HSBC.

Does anyone know if they can revoke my mortgage if I reclaim bank charges? I've had the mortgage since Sept 07

Thanks

Erv

My girlfriend has been hit with 75GBP of charges in one month for going over by 175GBP. I think it's fair to charge something for going over drawn, but the banks have been greedy and they are paying the price (be nice to see a few go under!).

She got a call offering to waive the 75GBP of charges if she opened a plus account costing 10GBP a month. I'll check it out but chances are there is a 14 day cooling off period. I'll get her to go with the deal, get the refund and cancel the plus account!

They are essentially offering a financial incentive (bribe). So if they put the charges back on, then I may have to read up on FSA's rules surrounding financial incentives for selling products.

I was also thinking of a 'bluff' - call and ask for charges to be removed, the supervisor refuses. I ask if they have had TCF (Treating Customer fairly) training. If not it's grounds to 'report' it to the FSA - I might get the right kind of reaction.

Has anybody tried any of these ideas?

Having claimed back 6k from HSBC (Bank Chg & PPI), my advice is check you acc every day online - just to check and see what those corporate theives are doing with your account!

warren100uk_2

Hi all,

Me and my partner have had just over £3000 in charges over the last 2 years with HSBC, my partner got made redudant from work, so the bank gave us an overdraft of £2500, this helped while she was out of work, but after 6 months they took the overdraft off and we had no way to pay it back in full.We have three accounts and they all ended up over the limits, so each month HSBC would add £150 charge on each account each month, but because they paid our DD's we just let them. So after 2 years of this the charges had really added up. Account one is £880 overdrawn, account two is £550 and we have paid in £1500 to account three as this was our bills account, but now its no overdrawn. We had to ask family to help clear the bills account as when our wages were paid in and everything came out we were still over £1500 overdrawn, we have tried to put money in each account but the charges just eat up what we put in. Now we have moved banks and swapped all DD's so there is nothing else coming out of the accounts.

I went to the bank today to see if we can stop these charges of £150 each month, today account one is £880 over and £150 being added on the 12th and account two is £550 with another £150 being added ont the 12th. I went in thinking they might be able to stop the charges and allow my to pay some off each month, but they said all they can do is give me a managed loan. I do have loans with HSBC but i can afford to pay them, they will only help if i include the loans, but this option will reck my already not so great credit rating.

I just want to start to pay off the overdrafts which are all made up of charges and stop the charges, but they wont help and said if i dont do the managed loan or pay off they overdrafts in full the will just keep charging me.

Does anyone have any ideas of the best way to handle this? I have already written to them for my charges back, but with the test case going on they rejected it.

Thanks