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If they close my account, will they also call in my loan?


gimme999
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Hi there,

 

I have just sent my first letter, requesting details of charges as per Data Protection Act. I am expecting the total sum of charges to be a fair whack.

 

Current State of affairs

 

Current account: £400 credit (OD facility -£600)

Flexiloan: - £1999.00

grad. loan: -£19200.00

 

 

What I am curious / concerned about is if I claim back my 'unfair bank charges', what are they able to do to make my life difficult?

 

I am under the impression they could recall the flexiloan.

 

I do not think they are capable of closing the graduate loan as it has a seperate contract.

 

Also I think you need an account from which to pay the loan with HSBC, so I can't see them closing my account.

 

Does any one have any experience with this?

 

Phil

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Hi there,

 

I have just sent my first letter, requesting details of charges as per Data Protection Act. I am expecting the total sum of charges to be a fair whack.

 

Current State of affairs

 

Current account: £400 credit (OD facility -£600)

Flexiloan: - £1999.00

grad. loan: -£19200.00

 

 

What I am curious / concerned about is if I claim back my 'unfair bank charges', what are they able to do to make my life difficult?

 

I am under the impression they could recall the flexiloan.

 

I do not think they are capable of closing the graduate loan as it has a seperate contract.

 

Also I think you need an account from which to pay the loan with HSBC, so I can't see them closing my account.

 

Does any one have any experience with this?

 

Phil

Yes I have, I had a loan with Abbey I have @ a year left to repay...I started my claim in July...so I opened another bank account with another bank ( just a basic account) I transferred my direct debits over along with my wages paid in by bacs..I informed Abbey Loan and my other people I pay by d.d.to sned me new d.d.mandates and hey presto all my d.d.s are being paid out of my new account.Everything fine and dandy since then.

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  • 4 weeks later...

Hi, I'm in a similar situation. I had some really bad service from HSBC in July and so decided to get my own back by reclaiming my fees. I also threatened to close my account and told them I would be taking my business's banking elsewhere too (not that I can change it, but as I'm senior management I knew the directors were going to be changing banks and hadn't told HSBC at the time ;-)) - they told me that it was part of the loan agreement on my graduate loan that the repayments had to be made from an HSBC account, and I would have to keep the account open to repay the loan or it would be in default. So I've left things as they are at the moment, but shortly intend to make an appointment with the most senior person at the branch, and present them with a pair of latex gloves, some KY jelly and my card and chequebook and tell them what they can do with it. Then I'll invoice them for the KY.

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  • 6 months later...
Hi there,

 

I have just sent my first letter, requesting details of charges as per Data Protection Act. I am expecting the total sum of charges to be a fair whack.

 

Current State of affairs

 

Current account: £400 credit (OD facility -£600)

Flexiloan: - £1999.00

grad. loan: -£19200.00

 

 

What I am curious / concerned about is if I claim back my 'unfair bank charges', what are they able to do to make my life difficult?

 

I am under the impression they could recall the flexiloan.

 

I do not think they are capable of closing the graduate loan as it has a seperate contract.

 

Also I think you need an account from which to pay the loan with HSBC, so I can't see them closing my account.

 

Does any one have any experience with this?

 

Phil

 

 

I tried to close my account with Lloyds TSB 3 years ago, but because i had a loan with them i couldnt close the account, i did speak to a solicitor friend of mine and he said its legal and i cant close the account until the loan is paid off, i pay my loan by direct debit for another bank and have had a problems, but i still have to pay bank fees for having the account open, hope this helps, good luck John

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