Any advice guys ?

That's the worry my wages go in next Friday so I don't want them having any access to it. What's a parachute account?

Hey Guys I have a unsecured HSBC loan which I have had for the last 4years. I started off 7k 2 years ago I added 2k on the phone. I continued paying this at £242 a month and never was late or missed a payment. I notice HSBC add the overall interest onto the loan at the start of the loan. In Dec 2014 I lost my job I went into my bank and told them the situation and asked if they could freeze the payments etc whilst I got new employment, I have a HSBC advanced account which I pay for and never missed any payments she put me through to someone on the phone who agreed they would not take payment for 2months. A couple of weeks later I receive a letter saying I have failed to make payment! I phoned them up and they said they don't freeze payments and I need to pay the arrears and another £242 straight away. I told them there is no way I can afford to pay £242 a month when I have 3 child and not working. He advised me to contact stepchange and they would freeze the interest . I did do that and submitted applications which got lost at their end after a lot of delays they suggested a debt management plan, this was taking ages for them to set up mean while I couldn't afford to make any payments, I managed to make the odd £100 payment to HSBC but anything more than that I couldn't. I have started new employment but on 8k less a year than when I took the loan out. Either way I have been hammering the overtime in efforts to gain money so I can afford to start making regular payments. I called them today and they said after 20mins of being passed about that the loan has been cancelled! They said they have wrote to me but I haven't received one letter since the last phone call!? All they would say is that it's been passed on and I would get a letter!? I managed to get a phone number for them and it was HSBC repayment services? Who said the loan has been cancelled and is being passed to them, they should have the file in the next few days. I said I haven't received one phone call or letter I had no idea about this, I was actually calling to start making repayments again. .she just said once I have received this letter I can call back and discuss repayments...i asked her what the ba lance was and she said £12,200 I have seen some excellent suggestions and letters on this site and being a noob would really appreciate some help. I am worried as I have a joint HSBC account and worried they could take money out of it? What do you suggest I do next? Should I offer early settlement figure? Offer repayments over 5years or go down the IVA/ DMA route? Also thinking of opening another bank account but my credit is now poor so don't think I will get a normal bank account with credit checks? Sorry for all the questions but I'm concerned they may take money from my current account or ask me to pay back the 12k in full which I cannot do. If any suggestions on what to do next or advice would really help Many thanks guys