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Called HSBC to see if I could get reduced payments

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Re: Called HSBC to see if I could get reduced payments

I think I'm the only person in the world that never had a problem with HSBC, LOL!

 

I've had this card for over 15 years, so I certainly don't want to cancel it.  I have a credit limit of $21,300.  That's right, 21 THOUSAND.  I'm going to try calling them a few more times, and try to get someone in the states.  (got someone with a thick Indian accent earlier).  Maybe something can be done.

Message 11 of 49
New Contributor

Re: Called HSBC to see if I could get reduced payments

@creditaddict As I don´t buy on those stores, and I´m not interested in buying there, that will not be a incentive to apply for any of their cards, and with the experience I had with HSBC, I don´t recommend it to anyone, at least that´s my decision with companies that treat their customer in a not so good way since the begining of a busines relationship.

Message 12 of 49
Valued Contributor

Re: Called HSBC to see if I could get reduced payments

Nice limit. I would search this forum for their back door #. You may have better results that way.
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Message 13 of 49
Contributor

Re: Called HSBC to see if I could get reduced payments

Yes, I'm going to check the backdoor numbers - thought of that while eating dinner.

 

What if I just make small 'good faith' payments?  Will that help in any way?

Message 14 of 49
Epic Contributor

Re: Called HSBC to see if I could get reduced payments

 


@cantretire wrote:

Yes, I'm going to check the backdoor numbers - thought of that while eating dinner.

 

What if I just make small 'good faith' payments?  Will that help in any way?


no unless you are on a reduced payment plan, the only thing making small payments that don't cover your min will do is make your account delinquent and start taking on fees of all sorts.

 

Message 15 of 49
Moderator Emerita

Re: Called HSBC to see if I could get reduced payments

For all the folks posting about I-love / I-hate / I-whatever HSBC, please keep in mind OP's issue: difficulty in making minimum payments, much less paying off CC debt, and what the best option might be. HSBC advised him/her to check into NFCC, and that's the topic of this thread.

 

I'm a terrible thread-jacker myself, but on a thread with an important issue like this one, let's all please try to stay on topic and support our fellow member. Smiley Happy

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 16 of 49
Contributor

Re: Called HSBC to see if I could get reduced payments

Thanks, Hauling.  I was making slow, but steady progress getting my CCs paid down.  I was supposed to have them paid off by the end of 2012, (if not earlier), then would start making triple payments on my student loans.  My goal was to be completely debt-free around 2020, at age 57. 

 

Then January 30, 2009 came around and I lost my job.  I don't know what to do.  I had a complete breakdown about a week ago, my first one since losing my job.  I feel like I'll never make a decent living again, never get things  paid off, never build enough retirement. 

 

What's really, really sad is, I'm one of about 25 million.

Message 17 of 49
Senior Contributor

Re: Called HSBC to see if I could get reduced payments


@cantretire wrote:

Thanks, Hauling.  I was making slow, but steady progress getting my CCs paid down.  I was supposed to have them paid off by the end of 2012, (if not earlier), then would start making triple payments on my student loans.  My goal was to be completely debt-free around 2020, at age 57. 

 

Then January 30, 2009 came around and I lost my job.  I don't know what to do.  I had a complete breakdown about a week ago, my first one since losing my job.  I feel like I'll never make a decent living again, never get things  paid off, never build enough retirement. 

 

What's really, really sad is, I'm one of about 25 million.


I know it seems bleak, but believe it or not this, too, shall pass.

 

If NFCC doesn't work and hounding HSBC doesn't produce results, you're probably looking at a solution which will effect your credit score.  Should it come to that, then sometimes after not getting payments for a few months creditors start to realize that they are shooting themselves in the foot with a hard-core stance.

 

 

IAALBNYL
Message 18 of 49
Moderator Emerita

Re: Called HSBC to see if I could get reduced payments

 


@cantretire wrote:

Thanks, Hauling.  I was making slow, but steady progress getting my CCs paid down.  I was supposed to have them paid off by the end of 2012, (if not earlier), then would start making triple payments on my student loans.  My goal was to be completely debt-free around 2020, at age 57. 

 

Then January 30, 2009 came around and I lost my job.  I don't know what to do.  I had a complete breakdown about a week ago, my first one since losing my job.  I feel like I'll never make a decent living again, never get things  paid off, never build enough retirement. 

 

What's really, really sad is, I'm one of about 25 million.


 

What a revealing, and heartbreaking, summary of what has happened in our country over the last several years. Smiley Sad

 

Like so many other people, I used to think that bankruptcy was a tactic employed by losers and cheaters. No more. I've read too many stories here on the boards by people who did what research and HR seminars and financial magazines and "experts" in general told them to do, and then the rug was yanked out from under their feet. It might have been extended unemployment, it might have been devastating medical bills that weren't covered by insurance, it might have been a truly nasty divorce, it might have been a little bit of all three.

 

You're a bit less than 20 years away from retirement age. You shouldn't have to write off your future at this point. In your position, I would seriously consider bankruptcy. Your student loans can't be discharged (this is only possible in very, very rare circumstances), but there's a lot to be said for starting with a clean slate otherwise. If you do go this route, it would take either 7 or 10 years for it to fall off your reports, but if you read around here, you'll find that people are able to buy cars and even houses before this point. In the meantime, they're back working again, contributing to society, and they're not crushed by debt.

 

I never thought the day would come when I would nod my head up and down when someone was contemplating filing bankruptcy. But then, I never thought the day would come when I would see that many of the corporations --and corporate executives --who were largely responsible for this devastation would be rescued by taxpayer dollars and are already back to business as usual, with apparently no repercussions. Smiley Mad

 

Your situation might not be right for BK. I don't know if your debts are bad enough to go through all this. But if you have no realistic expectations of your income returning soon, you might not have a choice. If you haven't already, do some reading over on the Bankruptcy forum.

 

I wish you luck with whatever you decide to do!

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 19 of 49
Senior Contributor

Re: Called HSBC to see if I could get reduced payments


@haulingthescoreup wrote:

 


@cantretire wrote:

Thanks, Hauling.  I was making slow, but steady progress getting my CCs paid down.  I was supposed to have them paid off by the end of 2012, (if not earlier), then would start making triple payments on my student loans.  My goal was to be completely debt-free around 2020, at age 57. 

 

Then January 30, 2009 came around and I lost my job.  I don't know what to do.  I had a complete breakdown about a week ago, my first one since losing my job.  I feel like I'll never make a decent living again, never get things  paid off, never build enough retirement. 

 

What's really, really sad is, I'm one of about 25 million.


 

What a revealing, and heartbreaking, summary of what has happened in our country over the last several years. Smiley Sad

 

Like so many other people, I used to think that bankruptcy was a tactic employed by losers and cheaters. No more. I've read too many stories here on the boards by people who did what research and HR seminars and financial magazines and "experts" in general told them to do, and then the rug was yanked out from under their feet. It might have been extended unemployment, it might have been devastating medical bills that weren't covered by insurance, it might have been a truly nasty divorce, it might have been a little bit of all three.

 

You're a bit less than 20 years away from retirement age. You shouldn't have to write off your future at this point. In your position, I would seriously consider bankruptcy. Your student loans can't be discharged (this is only possible in very, very rare circumstances), but there's a lot to be said for starting with a clean slate otherwise. If you do go this route, it would take either 7 or 10 years for it to fall off your reports, but if you read around here, you'll find that people are able to buy cars and even houses before this point. In the meantime, they're back working again, contributing to society, and they're not crushed by debt.

 

I never thought the day would come when I would nod my head up and down when someone was contemplating filing bankruptcy. But then, I never thought the day would come when I would see that many of the corporations --and corporate executives --who were largely responsible for this devastation would be rescued by taxpayer dollars and are already back to business as usual, with apparently no repercussions. Smiley Mad

 

Your situation might not be right for BK. I don't know if your debts are bad enough to go through all this. But if you have no realistic expectations of your income returning soon, you might not have a choice. If you haven't already, do some reading over on the Bankruptcy forum.

 

I wish you luck with whatever you decide to do!


+1

IAALBNYL
Message 20 of 49
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