Help I cant clear my overdraft?

Question

I am with the HSBC and have a £400 overdraft. Last year I got into some difficulties which meant I went unauthorised overdraft which I was charged £150 for. However every time I get back within my limit the bank charges me for the previous month so I go overdrawn again. I only use this account for essential direct debits but because of these horrendous charges which happen at different time of the month I never seem to be able to get straight. I have ask HSBC if it would be possible for me to cancel me overdraft and pay it back so much a month but they said no!! (after all they are getting £150 a month from me!) the charges keep adding up and now I am nealry £1000 overdrawn. I only get £500 a month and I do have bills to pay and children to feed so I cant not touch my account for a couple of months. I just dont know what to do the bank wont help me and I dont know where to turn!

My out goings are now less then my income so why wont HSBC come to an arrangement.

What should I do?

Answer 1

Make an appointment with the bank manager.

When you do get to see him/ or her take an knife with you.

Slit him / or hers throat.

The banks want you to be in debt, it is all part of the zionist movement.

Answer 2

i would move all of my direct debits to a new account if possible. then the only thing happening on this account is your debt with the bank. try to talk to them again, make sure it is someone in your branch (and not who you spoke to last time). do a income/expenditure chart to take with you to the meeting. explain how want to sort this out with them.

speak to citizen's advice beforehand too.

if you still get no joy ask to speak to the branch manager. still no, take it to the  media. the office of fair trading may also be able to help you.

and don't forget, after all this is sorted out to claim back the charges. see www.moneysavingexpert.com

Answer 3

talk to your manager at the branch tell them of your difficulty and they might be able to help you. Also go on www.monetsavingexpert.com they have some great advice and will point you in the right direction they may even take on your case personally its all free of charge

Answer 4

My experience of HSBC - and i have banked with them for 15 years - has been that they are fine when you have money and the opposite when you do not!

Now I actually USED to bank with Midland and they were pretty good all round, it was only after HSBC took them over that things changed. I got into debt when i bought a house without having a survey done and had some big expenses' after we moved in. I used my credit cards to sort the various problems out then took a consolidation loan out and paid all the credit cards. The loan was cheaper than the credit cards but the interst still high by todays standards.  I was fine with paying the loan off for 3 years and then due to a down turn in business the plentiful overtime I had always had cut out and things started getting tight.  I went to HSBC and asked if i could take out a new loan, just sufficient to pay off what i still owed on the original, as the current interest rates would cut my monthly payments. NO, sorry, they said, your credit score is not good enough for us to authorise a new loan!  Wait a minute says I, I am not looking to increase my debt, just to substitute my existing loan (on which i had never missed a payment) with one at lower interest.  But they would not budge.   When i finish paying this loan i will sever my connections with HSBC !

Answer 5

All Banks are panicking with this self imposed ''Credit Crunch''.

Their first recourse is to cause more debt by adding charges.

You must go immediately to the C.A.B (Citizens Advice Bureaux), they will sort out a proper form of repayment over a given period.

Failure to do this will incur more additional debt, and the bank will not help, in fact they will make it worse.

Do not take out any other short term loan for heavens sake.

There is currently an investigation into the fact that people are being forced into a thing called ''Pay Day Loans'' with interest of up to 2500% APR., and with that you will never be able to pay back (ever).

It is suspected that the banks are supporting these sharks.

Best of luck.

Answer 6

by law you dont have to pay your overdraft off as soon as money goes into your account, you can choose how much goes back into it each month or week ect.

so if your wages are just goin straight into your overdraft then you can ask the bank to stop this and then pay X amount back each month.