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HSBC debt management plan advice?
Hi, just after some thoughts/coments about HSBC's dmp, I have a loan, credit card and overdraft with HSBC which in total amounts to £14500. I went into the branch today to try and consolidate them but was refused as my credit is poor. my loan rate was 13.9 over 5 years and my 0% on credit card is due to run out next month.
I have been offered my credit card account closed, my overdraft taken from 1400 back to 0 and my original loan paid for this new debt management plan of £141.00 a month over 12 years at a rate of 6.2%, I think the total repayment is just over 20k which i dont think is too bad and the loan rate is alot lower then my original loan. I was paying £80.00 min payment on ccard £221.00 on loan and £20.00 a month on o/draft charges.
I know its over a longer term but it seems good to me and my best option to get myself staightend out , I dont want any defults and apparently the apr is always !% higher than the base rate which doesnt seem a bad rate for someone in my postion, havent signed anything yet but after anyones thoughts please
Thanks for your time.
I have been offered my credit card account closed, my overdraft taken from 1400 back to 0 and my original loan paid for this new debt management plan of £141.00 a month over 12 years at a rate of 6.2%, I think the total repayment is just over 20k which i dont think is too bad and the loan rate is alot lower then my original loan. I was paying £80.00 min payment on ccard £221.00 on loan and £20.00 a month on o/draft charges.
I know its over a longer term but it seems good to me and my best option to get myself staightend out , I dont want any defults and apparently the apr is always !% higher than the base rate which doesnt seem a bad rate for someone in my postion, havent signed anything yet but after anyones thoughts please
Thanks for your time.
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