Help With HSBC overdraft Renew/Expire

alox123

Hi, just looking for some advice, as HSBC seem unable to offer me any substantial information. I have 2 overdrafts, on 2 separate accounts, one of £500 and one of £1000. The £1000 one i'm not too bothered about, its the £500 one thats bothering me. Its due for a 'Review' in may (hsbc customer service say review, the my internet banking says 'expire') I don't use this account and its pretty much at the limit. I only pay in to cover the interest i get charged. When i rang up to asked what would happen on the review date, i was told they didn't know. It might get canceled it might get renewed for another year. My question is, if the decide to cancel it, what would be their procedure? Would i be expected to pay the full amount back right away? Would i be given a reasonable amount of time to pay back (ie a month or so) Would i be able to arrange a repayment plan on their terms, would i be able to arrange something suitable for me (ie pay back over 6 months). Has anyone faced a similar situation, or has any info on how this might pan out. I dont fancy spending the next month or so fretting over the though of suddenly having to come up with £500. Thanks in advance for anyones help.

cocalls

HSBC have started charing people 25 quid just for the pleaseure of having one of their overdrafts i think this is what they mean by a review! So they'll properbly just let you keep it as before. Luckily i only had a 250 quid overdraft w/ them and managed to pay it off before i had to pay the money-what gets me is that ive had an overdraft w/ them for 6yrs now and this is the only time they've mentioned a review.

antuk

Hi,

Can someone thats getting these letters about the review and has internet banking log into it and see what it says under overdraft on the left hand side menu. Mines showing a review date of the year 9999 or 2999 i forget but either way does that mean ive managed to escape this review charge....

Thanks

Ant

cocalls

wow i never knew that bit existed, i cancelled the overdraft on my current account but i also have a graduate account with them w/ a 1500 o/d this has a review date of 09/2008-they charged me 25 in oct last yr for the pleaseure of having this o/d. And as its a grad one they'll start charging me interest will have to reduce it me thinks but this option on the left hand side is great thanks as i can keep reducing it by little bits each month-thanks.

Looks like you have escaped it w/ the yr 9999 but i suppose they can put a different review date on at any time!

antuk

I think the option is fairly new, only noticed it in the last few months...

Iamthesmartestmanalive

Most overdrafts are based on you using that account as your principle account, if your not then I'd fully expect it to be reneged

Scousebird_2

I have had my overdraft for 3 years and have never had it reviewed-the only charges were for ameded limits, which were completed at my request. I do use my overdraft often, but not for much until recently so i'm not sure on this one!