Sod HSBC (HSBC)

Member Name: cat

Product:	HSBC
Date:	31/07/08 (62 review reads)
Rating:

Advantages: They give you everything under the sun (initially)

Disadvantages: Inflexible

I took out a student loan with hsbc while i was at university which had a duration of 5 years for payback.
I paid this loan on time every single month without fail for 3.5 years. At this point i fell into a bit of difficulty. I couldn't cover the cost of the loan for one month and asked HSBC if they would consider extending the length of the loan by one month...payments could then continue as normal by DD to the end of the term (only 1.5 years to go).

In short, HSBC told me no. They weren't open to any negotiation despite the fact that I had been up to date with all my previous payments. At the time all my accounts were tied up with HSBC and i wasn't permitted to cancel the D/D. I am a mother with kids and virtually all my living expenses were swallowed up that month (food, and day to day expenses)...all because of HSBC's inflexibility. HSBC should have looked at my previous payment history....would it have been too much to miss a payment for one month? (and extend the loan by 1 month).

I closed all my hsbc accounts with immediate effect after that incident. They are still chasing me for the remainder of the loan which i have refused to pay up until this point (sod them).
They have also tried to charge me £2000 in interest which is prepostorous.. My interest was already included in the cost of the loan (so they are charging interest on interest), and that loan was rolled up from a smaller loan (where they also charged me interest).

Sod em

Summary: Don't get led into a false sense of security