Want to take first step, but there's at least one problem...

[BertUK]

I've been reading intently most of the posts on this site for the past couple of days and I'm very interested in trying to claim back the £829.00 in charges HSBC have taken in the past 6 years, all of them are for exceeding my agreed overdraft limit.

 

I have quite a large loan with HSBC for a start, which is quite crucial to my finances. Could they take this out of spite? I'm hoping that they can't, even if they decided to shut my account?

 

The next thing, my overdraft. I have a £1,000 overdraft which I'm about half-way into at the moment. Now I'm thinking an overdraft is completely seperate from the loan as it is a "service", and that they could, if they wish, remove it at any time without reason yes? This is what worries me.

 

These are the only two things holding me back. I've printed and signed my letter and it's ready to go, but they could cripple me financially with one swoop if they wanted to, so that scares me quite a lot!

 

I've been approved for a new current account with another bank but they won't give me an overdraft This was going to be my back-up plan

 

Any advice appreciated.

[rivendale0506]

If you apply to First Direct they automatically give you a £500 overdraft...

[BertUK]

Ok, I could spend ages applying to a million bank accounts and trying to get overdrafts, which will surely affect my credit history quite badly so obviously I'd prefer not to.

 

The main questions I have are:-

 

- Can they cancel my loan at their own discrection, even if I never default/miss payments?

- Can they legally take my overdraft for reasons known only to them?

 

Thanks

[BankFodder]

Can they revoke the loan@ No it is ona fixed term and as long as you keep your nose clean it is beyond thenm to touch. read the contract.

Can they touch the OD - yes they can. Will they? Yes very possibly

[BertUK]

Right, I thought as much but thanks for confirming.

 

Looks like I'll need to wait a month or so so I can clear my overdraft and then start. Problem is will something have changed in a month or two's time? Something's telling me that this sudden influx in people who are doing this is going to cause the banks to do something about it? Maybe take all cases to court as a deterrant?

[BankFodder]

Maybe there simply won't be any money left to give back :o

[richardsimkiss]

If you were to withdraw funds from your HSBC account to leave a balance of (£829), leaving £171 of availble funds in teh account. Put this money into the other account that you've opened and operate from that account? would this extra £300 odd be enough to tie you over until your next paycheque?

 

If so then you could possibly operate in that way. With an overdraft of £829 if they remove the overdraft facility you could contest that £829 is the fee you calculate that they owe you. I think a few people have approached the matter in this way, to what success i can't be sure though, you'd have to have a read around

[BertUK]

This topic was closed on 03/06/19.

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