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Problem Paying the Balance on HSBC Credit Card

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Hi Guys,

 

Before I post anything I'd just like to stress that I know this is entirely my own fault. However, I've been reading few quite a few posts here and the level of compassion and care given by the members seems amazing.

 

Right - basically I couldn't afford to pay the balance on my HSBC credit card when they attempted the debit this week. It was a combination of being over my agreed limit (I didn't realise as I was on tour with my band at the time and didn't think to check) and the bill being larger than normal. Like I said: my fault entirely.

 

They attempted to charge my current account but as I didn't have any funds the payment was reversed back onto the credit card (with a £5 charge which isn't really all that bad really). Now I've read lots of horror stories about this kind of thing and was just hoping that someone could shed some light on what may happen now?

 

I should also mention that I've been trying to get out of my overdraft for some time but keep getting beaten down by bank charges and credit card bills (the bank charges wipe out my pitiful wage so I have to use the card to pay for food etc; then the cycle begins all over again) and have recently applied to pay the card back as monthly installments to try and take some pressure off; although who knows if this situation will affect that.

 

So there we go and I'll understand if this isn't really the place for this type of post but any advice you'd be willing to provide would be so greatly appreciated.

 

Thanks.

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Hi Elliot

 

Firstly nobody here will be judging you. Have you had any Penalty Charges applied to your Credit Card Account over the last six years? If so you can claim them back with contractual interest. Have you been mis-sold PPI that you could claim back with Contractual Interest? You should send HSBC a CCA Request with a Postal Order of £1. They have 12+2 days to respond. If they don't respond you can put the account in dispute. Whatever they send scan and post the documents removing all personal details.

 

I'm sure others will respond to your specific question.

 

You can also claim back bank charges, but that is much more difficult, but at least you can prepare the ground work when it is possible to claim them back.

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Hi Guys,

 

Before I post anything I'd just like to stress that I know this is entirely my own fault.

 

Are you sure about that? Are you really?

 

1. Open a new account with another bank and have any monies you do have paid into that.

2. If you are on a low wage you should be claiming tax credits - are you doing that?

3. If you do not want to change banks (bites tongue - says no comment) send them the right of appropriation letter

4. Keep coming back here - you will get to learn a thing or two :lol:

Edited by rdm2006

HTH (Hope This Helps) RDM2006

 

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Hi Guys,

 

Thanks for the responses so far. This is the first time I've ever been late paying my credit card balance so I've never been charged a penalty fee on my credit card.

 

Funnily enough I did try opening an account with a different bank about a year ago as I had some money from a relative's will but they declined my application (they never said why and apparently couldn't tell me - I assume this was to do with me being in my graduate overdraft with HSBC at the time). However, I've never thought to apply for tax credits before so I'll take a look and see if I'm applicable.

 

I think I've found out what they're going to do though - I received a statement for the credit card today and it seems the balance I couldn't pay has been applied to my next bill (about £500 in total); along with a telling off stating that if I don't pay the new balance they can take legal action etc.

 

I've decided to go into a branch and speak to them tomorrow to discuss a resolution - may as well know what my options are from their point of view.

 

Thanks for all the help and suggestions. You've given me some things to think about already.

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they will take legal action my backside - they will sell it to a dca who will make the same threats and do nothing. Ive been waiting for such legal action since 2004. just a few months to go and it will be statute barred LOL

:jaw:


HTH (Hope This Helps) RDM2006

 

THE FORCE (OF CAG) IS WITH YOU

;)

 

We've Helped You To Claim - Now Help Us Remain

A live Site - Make a Donation

 

All advice and opinions given by people on this site are personal, and are not endorsed by Consumer Action Group or Bank Action Group. Your decisions and actions are your own, and should you be in any doubt, please seek qualified professional legal Help.

 

However, if you have found any advice you have been given helpful.

Why not show your gratitude And

Click the * on the post you found helpful.

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Hi rdm2006,

 

I'm glad that your issue is close to being statute barred - 6 years is an awfully long time for them to do nothing since they're seemingly so concerned with reclaiming their money.

 

I decided to phone them on Friday after receiving another letter, to show I was aware of the situation and trying to resolve it, and spoke to one of their advisers (the only pleasant part being that she was in the UK and not part of a call center which pretends that they are). I went through all my finances with her and she suggested a managed loan to clear my overdraft and credit card (£2740 with 7% interest on top - so 4.5 years before it would be paid off). Apparently this is a 'last resort loan' so if I lost my job etc they wouldn't care and would still expect the monthly payments.

 

My gut instinct is to turn this offer down as I don't want to get into any more potential trouble - no matter how nice it would be to no longer have an overdraft and charges etc.

 

Then yesterday I received another letter from their credit card wing stating my account had an overdue amount and I should consider paying immediately. I put through the overdue amount as I had just enough to cover it and then phoned the number in the letter to let them know I had done so. Now it's showing as having left my account but the card account still shows the overdue amount; despite the gentleman on the phone saying that it should come with within 2-3 hours (possibly just my internet banking being slow to update).

 

On the plus side he did state several times that on the 18th October I had to pay £20ish pounds as a minimum repayment. I was expecting a £500 bill as the rejected payment for this months bill is what has caused all these problems. Now I assume that this is because my application for minimum repayments has been accept but I have still not received a confirmation in writing to this affect.

 

So what does everyone think - should I turn down this loan or accept it as a way of sorting myself out?

 

Sorry for such a long post but again thanks to you all for your help.

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If you read threads on here about managed loans the general idea is do not accept under any circumstances as they take forever to pay off


HTH (Hope This Helps) RDM2006

 

THE FORCE (OF CAG) IS WITH YOU

;)

 

We've Helped You To Claim - Now Help Us Remain

A live Site - Make a Donation

 

All advice and opinions given by people on this site are personal, and are not endorsed by Consumer Action Group or Bank Action Group. Your decisions and actions are your own, and should you be in any doubt, please seek qualified professional legal Help.

 

However, if you have found any advice you have been given helpful.

Why not show your gratitude And

Click the * on the post you found helpful.

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Hi Elliot TPP, ....you're in good hands here with the advice you're getting from rdm and rebel ............ however ,if you don't mind I'll add my twopennorth regarding 'Managed Loans ' :!:.

 

These are to be avoided at all costs.... there are literally hundreds of horror Stories on threads here regarding them .;........ in the words of very knowledgeable cagger (Pete Castlebest ),...

 

"

I'd never advise anyone to let them ‘bestow’ one on you. It happens when you are deeply overdrawn - charges every month, then they present it like the holy grail - they will loan you the money to pay off the overdraft - you'll be back in the black - hurrah! and maybe even a little extra to spend on whatever you want. it's a con! you will be paying for that little loan for a long, long time to come - and I mean years and years and years! the loan rate is way above the norm - like at least 10 points higher. They pay themselves the interest every month, month in and month out and very little off the principle of the loan.

There are probably hundreds on this forum who are struggling with managed loans. Try to keep your head above water and do what you can to clean up your finances , but under no circumstances fall for hsbc's managed loan - it is like indentured slavery! You will live to regret it.

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/139521-managed-loan.html

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/162162-advice-managed-loan-please.html

 

on a happier note - here's a link i think is very good for people to take a look at as it may be helpful - it's got some good ideas:

Taking back control of your finances

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/115368- hsbc-upgrade-declined.html#post1148578

http://www.consumeractiongroup.co.uk/forum/hsbc-bank/15457-who-has-had-managed.html?highlight=who+has+managed+loans

If you have the time to spare look at these links above too .... it will give you some idea of what you'd be letting yourself in for .... resist Managed Loans with all your might ...

and of course come back and ask on here if you're in need of further advice..... someone will answer , and as you've already found out ....we're user-friendly on here .:-D


Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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