What happens if i cant pay off my overdraft?

OP

ask for an extension even though it'll just be prolonging the fact that i still wont be able to pay it back?

and i like the plan.. but why am i the man?! :p:

Reply 4

You start paying interest on it.

I'm afraid you can't beat the system on this one.

Reply 5

Dionysus

15

See if anyone will give you a loan with an interest free period to buy yourself some time.

Reply 6

OP

Lampshade

You start paying interest on it.

I'm afraid you can't beat the system on this one.

pay interest forever more? what if i cant afford the interest? Im not trying to 'beat the system' just wondering whats going to happen to me in 2009!

Reply 7

BeesKnees

16

Why would it be forever? Are you planning on staying unemployed forever?

Reply 8

SoundDevastation

pay interest forever more? what if i cant afford the interest? Im not trying to 'beat the system' just wondering whats going to happen to me in 2009!

Well.. until you clear the overdraft.

You'll basically **** your credit rating, live in debt, be unable to gain any other credit let alone a mortgage, the bank is within it's right to withdraw current credit - so you could expect bailiffs in the future.

If you can't afford the interest then expect lots and lots of bank charges for going over your agreed credit limit. speeding up the time it will take for the bailiffs to get to your front door.

Reply 9

Dijobla

17

Because I thought of the plan first!

Okay....

Me= Thelma You= Louise. I think I should have thought of this first.

Reply 10

darkraver

10

They will remove you from your clothes on the streets and force you to dance in a bar full with drunk people, regardless of gender.

True story.

Reply 11

simeon

SoundDevastation

pay interest forever more? what if i cant afford the interest? Im not trying to 'beat the system' just wondering whats going to happen to me in 2009!

Welcome to the real, non-student world!
If you don't think you'll be able to manage paying the interest, go and see the bank now. Don't wait til it's to late...that's what really annoys the banks.

Reply 12

OP

BeesKnees

Why would it be forever? Are you planning on staying unemployed forever?

I dont plan on earning more than I need. Im unemployed now and I dont need more money... apart from for this, but im reluctant to get a job just to pay back some scummy bank.

Bailiffs take things right? what kind of things? what if i have no things? what if i move house and dont tell them? :ninja:

Reply 13

Juno

20

You need to open another bank account with a different bank - preferably one with no overdraft. Then use that for all your wages going in, and make arrangements with HSBC to pay off your overdraft. Even if you can only afford £1 a month, at least you'll be doing something.

If you don't try to pay anything, HSBC will start charging interest, and then may add charges to your account (you might have heard about reclaiming bank charges, but they'll still apply them in the first place). Then they will send you increasingly nasty letters. You'll probably end up with a default notice which messes up your credit rating a bit. After a while, they'll go to a debt collection agency, usually Metropolitan, who will employ their own nasty tactics to get you to pay. If you still didn't try to pay it back, they would eventually go to court and get a CCJ against you.

Bailiffs cannot come round until after you have a CCJ. They may try to scare you by talking about sending debt collection agents or similarly worded things round, but these aren't bailiffs. They have no more rights than the postman.

Reply 14

SoundDevastation

I dont plan on earning more than I need. Im unemployed now and I dont need more money... apart from for this, but im reluctant to get a job just to pay back some scummy bank.

Bailiffs take things right? what kind of things? what if i have no things?

You'll be made bankrupt. Forget ever owning property or gaining credit.

You're reluctant to pay some "scummy" back? You mean.. you're reluctant to actually fulfil your side of a contract? You consider yourself a willing thief? Grow up.

Reply 15

OP

Juno

You need to open another bank account with a different bank - preferably one with no overdraft. Then use that for all your wages going in, and make arrangements with HSBC to pay off your overdraft. Even if you can only afford £1 a month, at least you'll be doing something.

If you don't try to pay anything, HSBC will start charging interest, and then may add charges to your account (you might have heard about reclaiming bank charges, but they'll still apply them in the first place). Then they will send you increasingly nasty letters. You'll probably end up with a default notice which messes up your credit rating a bit. After a while, they'll go to a debt collection agency, usually Metropolitan, who will employ their own nasty tactics to get you to pay. If you still didn't try to pay it back, they would eventually go to court and get a CCJ against you.

ive already done the first bit.. I have a co-operative current account which I use. The student account is Natwest... hmmm.. whats a CCJ?

Reply 16

Dijobla

17

OP, are you a graduate? Because some banks offer a graduate scheme, so that you remain interest free a little longer. I don't really know what to suggest except for some part-time work to start chipping away at the balance. your bank may be more lenient if you tell them now, I agree.

Reply 17

OP

Lampshade

You'll be made bankrupt. Forget ever owning property or gaining credit.

You're reluctant to pay some "scummy" back? You mean.. you're reluctant to actually fulfil your side of a contract? You consider yourself a willing thief? Grow up.

id pay them back if i had the money.. im reluctant to sacrifice a part of my life for it. I dont want to own property.. and what is credit good for?

Reply 18

HayleyAJ

Don't worry about it, my old student account has been overdrawn since 2004 when I graduated, I hardly pay any interest on it, get no nasty letters from HSBC, and have no trouble getting credit-so don't stress!

Reply 19