Worried!

[draver]

I've just gone through my personal and business bank statements on my HSBC accounts and find that I have been charged £2826.5 in the last 6 years!

 

I am unfortunately heavily in debt to HSBC. I have a business bank account with a loan of around £24k and a personal loan of around £12k. Can they just pull the plug on loans at their fancy or am I protected? I really would like to take them on but am a little concerned about the consequences!

 

Advice and encouragement would be appreciated

 

draver

[Cornucopia]

I've just gone through my personal and business bank statements on my HSBC accounts and find that I have been charged £2826.5 in the last 6 years!

 

I am unfortunately heavily in debt to HSBC. I have a business bank account with a loan of around £24k and a personal loan of around £12k. Can they just pull the plug on loans at their fancy or am I protected? I really would like to take them on but am a little concerned about the consequences!

 

Advice and encouragement would be appreciated

 

draver

 

I have similar concerns but according to advice I received on the forum so far, nobody has had the bank call in on them. Advice given to me was to have a contingency in place (easier said than done, I know). To give myself confidence, I am starting with those I owe little or no money to. I have also opened a new bank account with NatWest just in case. Maybe somebody else on here can give you further advice. I was told that the Office of Fair Trading would take a very dim view of the bank pulling the plug in retaliation. My father is in the Financial Services Industry and he said "go for it", and if they start being heavy handed, go to the press aswell (FT, Tony Hetherington in the Mail on Sunday is also a hero), they are not going to want that type of publicity. My Dad's words were "they cannot blackmail you for taking lawful action against unlawful charges". I don't know if this is of any comfort, I hope that others will come to your aid too!!!!

 

Good luck

[jonni2bad]

Hi draver - welcome aboard

 

Whilst many banks have closed standard accounts 'in retaliation' for customers reclaiming their money, I don't believe I have read anywhere of banks calling in loans.

 

They would need much more of a reason than being upset in order to do so -you have a loan agreement that shows repayments and timescales whereas a bank account has a readily available plug they can pull at will.

 

Hope these two posts give you a little confidence !

[overcharged_consumer]

AFAIK, they can call in an overdraft at any time but providing your loan payments are up to date and you stick to the original agreement by paying the agreed monthly payments then they can't demand the entire amount unless you default.

 

OC

[draver]

Thanks for the advice. I have deceided to pursue my claim against HSBC and against three other banks. I will be starting with the Halifax, Alliance and Leicester and Yorkshire Bank.

 

cheers

draver

[jonni2bad]

Well done draver.

 

I would help us, and yourself ultimately, if you could start new threads for each claim when you get started with them.

 

Best of luck

 

John

[draver]

This topic was closed on 10 March 2019.

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