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undersecter
Stranger
Joined: 06 Aug 2006
Posts: 1
Cash Points ££ 67.70
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 Posted: Sun Aug 06, 2006 8:11 am Post subject: what should i do? |
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I am a student and am in a lot of debt but I live with my parents know they don’t know I am in debt.
Hsbc have just cancelled my overdraft limit and are now asking me for £1170, they cancelled it because my account be came a current account because I withdrawn form university but am going back in October but don’t have any proof yet.
How can I pay this back when I don’t think I will get anther overdraft.
Don’t they normally give people one year to pay this money off, I sent a letter to them months ago I think I they still have not received it might have been sent to the wrong department.
Lloyds tsb have been nice to me, I got a overdraft with them but not allowed to have two overdrafts and never put any student money into there account they still think im a student I owe them £270 this is after the overdraft and I have been in arrears once and they still let me off instead of asking for the £1000 they did anthor repayment plan.
Ics (home learning course) lowered my repayment from £70 a month to £30.
Hsbc Credit card have charged me a lot for late payments
I haven’t paid my mobile phone bill for months know probably £120 then my contact will have run out.
I know people have got interest back of banks, can I interest back of a bank even when im still in debt with the bank, and should I ask for compensation including the interest back, and can I take them to court even if they offer the interest back because they don’t give compensation.
Also I went to to see someone for finical advice and offered most people e.g. loyds tsb and ics who are the only people who have replied to my letters I sent months ago, that I will pay all the money back e.g. over the overdraft and all the ics money but they said they could only lower the payments however the advice centre said come back to us if they reject this offer wonder why they said that. |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Sun Aug 06, 2006 1:01 pm Post subject: |
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In total it looks like you have about £1500 of debt.
You now need to break down your income and see where you can make savings to see how much is available to pay back the debt.
And then you need to target repayments to the debt that costs the most interest first, which is probably the 1170 from HSBC.
Are there any benefits which you have not claimed ? You could look into that as well as getting a parttime job to increase your income, Say working weekends or nights at the local supermarket, as an emergency measure to bring in extra income until the debt is paid off, this could easily bring in £100+ per week so in two months or so your debt would be paid off.
You could arrange for a meetign with the bank manager with regards the HSBC debt or give them a call and explain your situation with them and see if they can convert that debt to a longer term loan at a lower interest rate. You will find that if you keep in touch with your creditors then they will be more helpful with regards your circumstances |
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