If you need urgent support, call 999 or go to your nearest A&E. To contact our Crisis Messenger (open 24/7) text THEMIX to 85258.
Options
HSBC closed 'dormant' account now want overdraft back. Advice please.
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Hello to all, I do hope someone can shed some wisdom on this problem I have…
My mail is forwarded to me via my father and today I opened some letters - one was from HSBC telling me how much they’ve charged me on my overdraft, the other from a debt collection agency on behalf of HSBC asking for my entire overdraft (approx. £1350) to be repaid.
I have a graduate account, graduated last year and was within my £1500 limit.
I have unfortunately been unemployed and so cash flow was a bit of a problem but whenever they called to get snotty about the account not being used etc, I have always managed to put £10/£20 or so in to keep them happy.
Apparently my account was ‘dormant’ and as such HSBC have decided in their wisdom to close the account and hand my details over to this collection agency.
This is the first I heard about it. I have tried speaking to the horse’s mouth (HSBC) on two occasions so far today and have had less than helpful responses.
First I call and get told that at some point my ‘security answers’ didn’t match up and so I can’t discuss anything over the phone about my impending kneecapping. “Go to your branch” was the advice. Well I can’t get to my branch so I tried the one down the road. I went there and the best advice they could come up with was to get in touch with the collection agency and to sort something out with them as apparently it was now out of HSBC’s hands.
My question is this – can I do anything? Is it really this far out of HSBC’s hands that I have to now deal with a collection agency and plead with them to let me pay back a pittance a month?
My ideal situation would be that my account is reinstated and I can pay something in there to keep them happy again. Which is exactly what I would have done had I received any snotty phone calls as had used to happen. As it is I officially have no HSBC account and a collection agency wanting £1350 from me.
Advice please.
Many thanks.
My mail is forwarded to me via my father and today I opened some letters - one was from HSBC telling me how much they’ve charged me on my overdraft, the other from a debt collection agency on behalf of HSBC asking for my entire overdraft (approx. £1350) to be repaid.
I have a graduate account, graduated last year and was within my £1500 limit.
I have unfortunately been unemployed and so cash flow was a bit of a problem but whenever they called to get snotty about the account not being used etc, I have always managed to put £10/£20 or so in to keep them happy.
Apparently my account was ‘dormant’ and as such HSBC have decided in their wisdom to close the account and hand my details over to this collection agency.
This is the first I heard about it. I have tried speaking to the horse’s mouth (HSBC) on two occasions so far today and have had less than helpful responses.
First I call and get told that at some point my ‘security answers’ didn’t match up and so I can’t discuss anything over the phone about my impending kneecapping. “Go to your branch” was the advice. Well I can’t get to my branch so I tried the one down the road. I went there and the best advice they could come up with was to get in touch with the collection agency and to sort something out with them as apparently it was now out of HSBC’s hands.
My question is this – can I do anything? Is it really this far out of HSBC’s hands that I have to now deal with a collection agency and plead with them to let me pay back a pittance a month?
My ideal situation would be that my account is reinstated and I can pay something in there to keep them happy again. Which is exactly what I would have done had I received any snotty phone calls as had used to happen. As it is I officially have no HSBC account and a collection agency wanting £1350 from me.
Advice please.
Many thanks.
0
Comments
You can ring up the customer service line and ask to be connected to your own branch, wherever you happen to be - as long as you can remember the security answers of course.
Clearly if you don't have the cash, there is little point in contacting the bailiff for payment, but you should probably ring the debt collection agency to inform them that you are dealing with the debt via HSBC.
Thanks Kentish.
With regards to the last part of your answer - just done that. They gave me a week.
I don't think I'll be able to get in touch with my branch for the reasons you state. According to Delhi central I didn't know enoiugh about myself to be allowed to sort the problem out. I have no idea what I said wrong but I can only assume it was the security code thing - which I don't even remember setting.
And regarding your first paragraph....
They don't have too many stipulations regarding deposits. You don't have to have your wages paid in there - just have something deposited there each month. Usually they'd phone me up if I forgot to do so - and I'd be down the bank the next day to deposit £10/£20 to pacify them.
This time I recieved no phone calls and owing to circumstances, I forgot about that account as I used it rarely. According to them the last deposit I made was end of January - however I know I made one a couple of months ago that seemingly hasn't been registered. Either way, I'd like to keep the account and would pay something in to keep them happy - I just need to be made more aware of it.
Basically my problem seems to be getting HSBC to listen to me. I can't get through on the phones (due to security questions) and the employees seems to thing HSBC can do nothing about it. I find this a little difficult to believe since it was their edict that started the ball rolling - surely they can call off their dogs if they desired.
Get down to your nearest branch and don't take no for an answer. Speak to the manager if you can.
You don't, of course, need to plead with the debt collection agency at all. You are in the driving seat, you simply have to say how much you can pay, taking into account reasonable expenses. Creditors consider £25/month on Sky a reasonable expense, so you will be fine.
The overdraft is a loan, and is an unsecured loan at that. The debt collection agency can basically shout and stomp all they want, but the best they will get is a CCJ. All a CCJ will do is determine how much you can afford to pay back, and tell you to pay it back accordingly.
Don't grovel with the debt collection agency because you don't need to. They have no power, and basically they can whistle for their money. Because they know they have no power they will shout and scream at you lots and lots and lots, and threaten you with court and imprisonment and death and such things.
Basically they will agree to any repayment plan because they have to. Being honest, I would suggest that you don't try and get the HSBC to take their loan back, and I would suggest that you deal with the DCA directly to come to an arrangement where you can pay a little back a month.
The most important thing to remember is that the debt collection agency are toothless, and they cannot do very much to enforce payment of this debt. A CCJ is basically the only avenue open to them, and they would much rather avoid this as courts don't order immediate payment against people who can't afford it.
Don't bury your head in the sand though, be pro-active and you will get the deal you want.
Probably will have to fiddle the overdraft as you're nota student but im sure some bnanks will still give interest free overdrafts. Get a job at mcdonalds
Most full and final settlement figures range between 75% and 95% of the overall debt balance, too. This is set by the creditor, not the DCA.
www.thesite.org/community/askthesite
Have a look at the terms and conditions of the graduate account. ahem raise the point on my behalf that they're entirely secretive with the conditions of the graduate account and indeed students accounts. for example the graduate loan can be at any rate and is not particularly competitive. would they have given you enough notice of these conditions?
I don't think that's the case to be honest.
DCAs push for as much as they can get, but in reality they don't get that if the creditee has some intelligence.
Bear in mind that bailiffs have no power except as court bailiffs, and courts are loathe to use bailiffs unless the creditee is deliberately avoiding payment or is hiding assets as a bankrupt.
Man of Croatia (oodat?), bailiffs have little power- they certainly have no power of seizure or entry without a court order, except in cases where the loan is secured on an item of property which can be accessed through public rights-of-way. The biggest example of this is cars bought on Hire Purchase and left parked on public roads. Without a court order a DCA bailiff has no right of entry at all.