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Thread: Furious with HSBC

  1. #1

    Furious with HSBC

    This afternoon I called HSBC to apply for a 24k loan to consolidate various debt, CC's & overdraft from my divorce & also went back to uni for a year. I'm annoyed I have a decent salary now but still have no money spare due to the debt & it's not getting paid off since it's just paying the interest.

    HSBC were positive, went through the screener questions with the first agent, moved onto the 2nd to do a budget calculator, budget was positive, leaving 500 a month left over. Brilliant I thought.

    Got referred to an underwriter. Underwriter asked more questions, did an assessment and said my budget is not enough. I said how so, we've worked out income/expenditure... it's fine.

    3rd agent (underwriter) decides to say that they include current CC payments in the 'new budget' as so many people ask for consolidation loans and keep the CC's open, then in a few months start spending on them again. Apparently HSBC recently changed their policy on this.

    I went bonkers... I explained that if agent 1 had said that current CC payments would be included as if they're not being paid off... so essentially taking on a 24k loan with 24k debt already... I don't need to work at HSBC to know that that would be OVER budget!

  2. #2
    I'm annoyed because a) I spent 1hr40min on the phone... and b) this application is now on my file. I wouldn't have gone ahead with it if I had have known their "policy". Have made a formal complaint and am trying to remove the credit application including the 'footprint' it leaves even if they remove the application.

    It was more infuriating that the manager (4th person) response was that agent 1 and 2 aren't trained to give specific information such as how the assessment works. Surely that's EXACTLY what they need to know in their role!?!

    Not sure how to move forward now... HSBC is my bank. Can you apply for loans with people who aren't your bank?!

  3. #3
    Yes, of course you can apply for loans with other lenders.

    Any bank will need to fully assess your circumstances to ensure that any lending would be responsible. They've decided you are too high a risk to lend to. Unfortunately it took a while for them to come to that decision, these things happen.

  4. #4
    The moment they stop trying to help is when you go "bonkers" at the staff. There is no excuse for your rudeness.

    Debt consolidation is rarely a good idea. Have you looked at your income and outgoings to see where you can make changes to pay down your debt more quickly? You should also speak to your current lenders to ask if they can offer a lower interest rate or even a period where the rate is frozen.

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