HSBC Usecured loan

by Trishiapp28 Fri Dec 27, 2019 8:41 am

Dear all.

I’ve been reading this forum avidly and was wondering whether I could ask a question please?

I am a single parent whom managed to put two children through university ( my son is doing GDL now following obtaining 1st in history.) My daughter secured a good job & Masters training with the NHS.

As I am of very limited means and in order to help both of my children, I took out an unsecured loan with HSBC for £12.000 which I am still re-paying at £235 per month. Sadly, after all of the bills & loan repayment, I only have £80 per week to live on ( this is for me & my adult son and four cats.) Truthfully, I cannot go on like this for much longer.

I was wondering whether I have the option of defaulting on my payments & starting the three letter process, once they pass it onto the debt management agency ( do they even do it with unsecured loans for such large amounts?)

I don’t own my home as it is rented & have no savings.

I would really appreciate any advice on this as I’m feeling very low.

Thank you very much in advance.

Warmly,

Trishia.

by **daveiron** Fri Dec 27, 2019 10:50 am

Hi Trishia,

There are options and folks here will help where they can. first question ,when did you take out this
loan & what is the balance left ?

by Trishiapp28 Fri Dec 27, 2019 2:20 pm

Hello, and thank you very much for responding. I’m sorry, I meant to say that the outstanding balance is £12.000. I took out the original loan two years ago and topped it up two moths ago.

My main account is with HSBC. I have no other debts.

Thank you very much.

Warmly,

Trishia.

by **daveiron** Fri Dec 27, 2019 3:35 pm

I think you need to wait for waylander to respond. Its probably not going to be easy given the amount
and HSBC tend not to sell on ,but pursue it in house.
As I said there will be options which you will need to weigh up before deciding which is best for you.
Until you are clear in your mind which way you want to go ,do not stop your next payment.
Just a couple more questions; are you employed or self employed or on benefits ?

by Trishiapp28 Fri Dec 27, 2019 3:38 pm

Ok, thank you for responding. I won’t stop paying until I know it’s do-able. I work full time in the NHS.

by **daveiron** Fri Dec 27, 2019 4:20 pm

Just to put your mind to rest ( Most of us here have experience of what you are feeling)
take a browse through this link ,it may be your best option and no worry about bailiffs or court.

https://www.gov.uk/options-for-paying-off-your-debts/debt-relief-orders

https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/debt-relief-orders/debt-relief-orders-explained/debt-relief-orders-what-you-need-to-know/

However please wait for waylander.

by waylander62 Sat Dec 28, 2019 3:50 pm

this is a really tough one to simply stop paying it since you topped it up only 2 months ago!!

did you sign a new agreement 2 months ago ?

from what you are saying they should not have topped up the loan because it is clear that you are unable to afford the repayments and by the sounds of it you will be paying this for several years to come

by **Mrblue2015** Sun Dec 29, 2019 7:50 am

Just to say hi and welcome Trishiapp28 Smile

(Didn’t want to jump in until Waylander62 had a say)

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