Should I continue paying my HSBC credit card

saul1664

danny69 wrote: »

Well if you couldnt afford to pay the money back then you shouldnt really have borrowed it in the first place. I think all you can do is take out a cheaper loan to pay it all off in one go. That way you will know exactly how much you are paying and how long it will take to pay it off. What you need to remember in the future is that if you borrow money then it must be paid back some time. Making small repayments like this will barely cover the interest, as you have found out to your cost.

Because at the time I had it, I could afford to pay it back, but circumstances have since changed, remember this was six years ago, this wasn't a post to expound the evils of credit card borrowing, just whether there was a more effective way to pay off this debt.

saul1664

Al_Mac wrote: »

So why didn't you Did you sulk and spend the money elsewhere :rolleyes:

Because the only agreement they would enter into with me was one to pay £85 per month, they refused the other payment which was considerably higher.

jonesMUFCforever

I wonder if OP meant a lump sum as a 'full and final' settlement?

If so they were right to refuse unless it was for the whole amount outstanding.

danny69

This is effectively a high interest loan from what I can see. Why dont you go into your bank, speak to the manager and tell them you want to sort something out to pay the money off. If you offered to originally pay more than they would accept, you will have a nice amount of money to one side? You could offer to increase your repayments, or use the money to pay a big amount off the balance? If all this fails then perhaps CAB and tell them you are struggling to pay the balance off in full and they may give you advice on rearranging it?

saul1664

Al_Mac wrote: »

I'm sorry, but that sounds total and utter tosh. You're trying to imply they set you up as a cash cow:rotfl:

Well, yes, of course. How do you think banks make their money? They obviously knew I didn't have the capital to pay off the full balance straight away, the offer was to accept this agreement or have a default notice sent out in the post and legal action by return.

agsnu

I find it extremely hard to believe that they mandated that you pay only the minimum payment.