HSBC - Frozen Account - Mortgage DD Tomorrow?

[Shining]

My main creditor was HSBC as they threw money at me left right and centre and then insisted I hit 40p in the £ return for my IVA (which was norm for them then).

I don't regret leaving them and am now with Natwest and despite having a basic account and being in an IVA they treat me very well in branch.

[custom1]

Hi, I'm sure this is against what normally happens. BUT anyway. My Dad spent a good 3 hours talking with HSBC both in branch on the phone. He explained he had been a customer for 35 years, paying in a considerable amount (joint account) each month. He wasn't warned of this happening. He explained he paid his wages this month in, in good faith his bills would be paid, he said he could have withdrawn this money at a cash points. In the end, they agreed something I think is astonishing. Despite been overdrawn, they allowed him to withdraw £1800 of his "money" to pay his bills and live this month. He has managed to pay his Mortgage and most of the other the Direct Debits, by going into Branches and paying them cash, which was more difficult than he thought, but the important ones are paid, any more Im sure I can pick up from my bank account. Great news, and I mus tsay Im very shocked and surprised at their decision!

However, he has various loans with pretty much all of the High St banks. Long and short of it is, no one will accept him.... Im guessing he has left it too late....

Currently setting up a Secure Trust Bank Account with him, Debt Free Direct recommended them. We know there is a £12.50 charge, and we are a little confused by the "Pre Paid" card, but as long as Bills are covered, and the wages go into this next month, we can sort out cash withdrawals at some point?

What do we think guys?

Thanks once again!

[UpToMyNeckInIt]

Hi custom1,

Welcome to the forum, and sorry to hear of your Dad's woes.

Glad to see he got a great result with HSBC. Just make sure his next wage packet gets paid into his new account.

I've got the Secure Trust Account as well: All you do with a pre-pay card is transfer funds into it from the current account (easy by internet banking, text or phoning customer services), then use it as you would a credit/debit card. Bit of a faff having to remember to pre-load, but this type of inconvenience is one of the many prices we pay in an IVA.

As for the £12.50 monthly charge, you can wipe a lot of that out with cash-back savings, so hopefully it isn't all bad.

Hope things go smoother for your Dad from this point.

[custom1]

That doesnt sound too much of a faff, in fact I like that Idea, load onto it what you can afford to spend for the month then thats it. Leaving enough in the account so that your bills are covered. Very clever! I like that.

I am extremely happy with the outcome with HSBC, did not expect that! So credit where its due.

Here's where we are at now. Less than 2 weeks till the IVA date. We set up the account with Secure Trust tonight, I used my debit card to pay for the initial, and next months £12.50. They are transfering all Direct Debits over, this takes upto 10 days. They are phoning him in the morning, providing him with a sort Code and Account number so he can inform work to pay his wages (doesnt get paid for another 3 weeks so plenty of time, I think!) Between us, we have the cash to pay any direct debits that havent been paid. The main one, the mortgage is sorted.

Things are looking up Fingers crossed that the IVA goes through!

[Blaster]

You have done very well in a short space of time custom1. Seems like you and Dad are well focused on a successful outcome and don't worry about the meeting, if your IP didn't think you could make it he wouldn't put you forward for an IVA so stay positive. And don't forget to put the new bank charges £12'50 into every annual review.

We'll be thinking of you in 2 weeks. Good luck.

[custom1]

New update, I've personally paid ALL outstanding Direct Debits using my Bank account, and has gave me most of the cash so far. Was alot more difficult that it sounds, trying to pay DD's early!! But everythings done. Secure trust phoned this morning, he has been given his new Sort Code and Bank Account which has been passed onto his employers. This should mean his next wage goes into the Secure Trust Account. They are sorting out his direct debits.

Just waiting for the 13th March now

Thanks for the words of support!

[luluj]

Pleased it has started to turn positive for your dad ....not long now until the IVA meeting ...hoping it will go your way too x

[12 months to go]

well done custom1

above all your support to your father is superb at this difficult time; as i said in my earler post hes taking the right action starting the IVA and you should be proud of him

dont let him get down about it. I was horribly ashamed when i realised the mess i was in and in only as the years went by and i found the forum that i realised i wasnt alone,

6yrs on im debt free and still wonder how i was so stupid to get into so much debt but life is good now and will be for your dad as well

[custom1]

Just a quick question, he has a credit card payment due of £50, This is due to be paid the 9th March, and his IVA meeting/decision is the 13th. The credit card itself is one of those involved in the IVA, should he pay it?

[plasticdaft]

No,I wouldnt make any payments towards anything going into the IVA.

Paul

[custom1]

Cheers.

[custom1]

Just thought Id update you guys, Today was D Day. Thankfully for my Parents, all went through fine, with the agreed payments with no increased modifications.

They have also allowed him 2 months "delay", so he can get things like his car MOT'd Taxxed and Re Insured.

All DD's have been paid this month between me and him, and his wages are set up to go into the Secure Trust account, as are all DD's from now on.

Just want to thank you all for your kind words of support, Ill be sure to stick around to hopefully help out anyone who was in my Fathers position.

Thanks guys!

Also, it would be rude of me not to Big Up Debt Free Direct. Amazing company, dealt with the whole situation perfectly, phoned us back when they said they would etc!

[Foggy]

Good news, custom1. I hope the IVA journey is hassle free for all of you.

[OnTheUp1976]

Thats great news for them x

[custom1]

Thanks Guys