Reducing HSBC overdraft in stages?

RTSFirebat

Hello everyone.

I have a couple of questions:

I currently have a £1500 overdraft with HSBC - I've worked out a budget and I could put aside £50-100 a month towards reducing it.

Ideally I want to get it down to £500 so that way if I need the money its there available

Now I've spoken to HSBC in branch and they not sure if it can be reduced at £50 a time or £100 a time - does anyone know which one it is?

Strangely I called HSBC telephone banking as was told by the nitwit on the phone (Who completely got my surname wrong for starters) that I cannot reduce my overdraft monthly like that, and that I must pay it all back in one go.

So is the branch correct or the telephone banking person correct?

I think it odd they will happily increase my overdraft (At cost) putting me into further debt, but will not reduce it.

By the way I've reduced it by £300 in the past before, so I think the wrong thing confusing as heck.

Help, please

TroysMum

Oh i didnt realise that, thats rediculous. I was planning the same for my husbands account as of this month, so will be really interested in any replies you get.
If you want to reduce it by £100 a time why shouldnt you do that??
If they wont budge, change bank accounts or at least threaten them with that if they wont do it!!

CLAPTON

what do you mean 'reduce you overdraft by £50'

you do that yourself by simply spending less

do you really mean 'reduce your overdraft limit' ?.. so for example if you then accidentally go over it they will either bounce your DD and /or charge you fees.

TroysMum

I suppose it is helpful for people with less willpower, not to spend. If it aint there you cant have it!

RTSFirebat

CLAPTON wrote: »

what do you mean 'reduce you overdraft by £50'

you do that yourself by simply spending less

do you really mean 'reduce your overdraft limit' ?.. so for example if you then accidentally go over it they will either bounce your DD and /or charge you fees.

Well I've already taken steps to spend less. But at the end of the day I don't need a £1500 overdraft - so I want to reduce it down to £500 only.

Since my willpower is rubbish I know I'll most likely end up spending the savings before I could ever get it down to £500, so I figured my best option is to reduce it monthly.

TroysMum

We phoned HSBC telephone banking yesterday, prepared for a fight. My DH took his fighting stanse just before phoning to reduce his od by £500, he was on the phone approx 2 mins and he was able to do it without a question or query. It was as simple as that. SO he got off the phone quite deflated!! lol