If you have credit card debt, you might be worried and stressed.
You might be unsure about how to handle this situation in the best manner.
Don’t panic! This article will cover all there is to know about credit card debt with HSBC.
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With guidance and planning, you can pull yourself away from debt and the daunting debt collectors.
Keep reading to find out how to contact HSBC and what debt solutions are available.
Table of Content
- 1 Who is HSBC?
- 2 Why is HSBC contacting me?
- 3 How do I make a payment to HSBC?
- 4 How do I contact HSBC?
- 5 What happens if I ignore my HSBC debt?
- 6 What if I can’t afford to pay my HSBC debts?
- 7 Where can I access credit card debt help?
- 8 How can I make a complaint about HSBC?
- 9 FAQ's
- 10 Summary
- 11 Credit Card Debt Help Information
- 12 Other Debt Solutions
Who is HSBC?
HSBC is one of the UK’s largest banks, with over 8 million customers nationwide.
They provide a range of banking services to clients across the globe. Their network covers 64 countries across Europe, Asia, Africa, North and South America, and the Middle East.
HSBC is registered with Companies House, and their company number is 00014259.
You can find their head office at 8 Canada Square, London, E14 5HQ.
They are regulated by the Prudential Regulation Authority and the Financial Conduct Authority. As a legitimate company, you must pay attention to any attempts at communication from HSBC.
Why is HSBC contacting me?
If HSBC has contacted you, it is likely something to do with your bank account. You may even hold some debts with HSBC that you haven’t been paying.
As soon as you receive any form of communication from HSBC, you should contact them to find out what they want.
If their letter or email is regarding a debt you hold with them, it is important to try and rectify the overdraft as soon as possible.
If you aren’t certain that the debts are yours, you can request Proof of Debt.
Keep reading to find HSBC’s contact details.
Proof of Debt
Proof of Debt is a document your creditor can send you to prove that the debts in question are yours.
If your creditor, such as HSBC, cannot provide you with Proof of Debt, then you should not make any payments, as the debt may not be yours.
You should also double-check to see if your debt is statute-barred.
Statute-barred debt is any debt that hasn’t been chased or paid within the last six years. After six years, your debts are legally written off, and your creditor can no longer chase you for payment.
How do I make a payment to HSBC?
You can make a payment to HSBC via the following methods:
You can pay via your mobile:
- Log onto your mobile banking app, and select ‘Move Money’. Then choose the account you’d like to transfer money from.
- Under the tab labelled ‘My accounts’, select the credit card you want to pay with.
- Input the payment amount and confirm your transaction.
You can make a payment via online banking:
- Log into your online bank account, and select ‘Move Money’.
- Click on ‘Using our company look-up’.
- Enter HSBC into the company field bar, and select the specific card for your payment.
- Follow the instructions and complete your transaction.
You can make a payment through phone banking by calling HSBC on 03457404404.
You will need your card and account details to make a transaction.
You can pay your credit card debts to your local HSBC branch by going to their physical location.
You will need your card and account details to make a transaction.
How do I contact HSBC?
Existing customers can get in touch with HSBC via the following methods:
- Call from the UK – 03457404404
- Call from outside the UK – +441226261010
- Use the chat with us feature on mobile or online banking.
Non-HSBC customers can get in touch with HSBC via the following methods:
What happens if I ignore my HSBC debt?
If you ignore your HSBC debt, you will only make matters worse for yourself. It is in your best interest to manage your loan repayments well.
Choosing to ignore HSBC will only result in further action, such as debt collectors, legal action, or bankruptcy.
Ignoring your loan repayments can add additional fees and interest rates to your payments. This may make it much harder to repay your loans.
You could even fall into persistent debt. Persistent debt is when individuals pay more toward interest and charges than their credit card debt.
Being in persistent debt can be extremely worrying as it makes it difficult to meet repayments, and it could take you much longer to pay back the money you owe.
Continue reading to find our favourite debt help services that can offer professional debt advice for free.
What if I can’t afford to pay my HSBC debts?
If you cannot afford to repay your debt to HSBC, then you could seek out a debt solution.
A range of debt solutions in the UK can help individuals free themselves from HSBC debt.
Individual Voluntary Arrangement
An Individual Voluntary Arrangement allows debtors to make one lower, more affordable repayment which is distributed between their creditors.
You must let your IVA practitioner know if your income increases or if you want to take out any new forms of credit.
The IVA lasts for 5 or 6 years, and after such time, all of your remaining debts will be written off.
Debt Management Plan
Another option is a debt management plan. A DMP is a debt solution that allows individuals to freeze their interest rate payments and make lower repayments.
A debt management plan may be an ideal solution if you struggle to meet your repayments or find yourself paying high-interest rates.
Always speak with a debt advisory service before you decide on a debt solution.
Debt Relief Order
A debt relief order could help you repay your debt, allowing you to freeze any repayments for a whole year.
A DRO gives debtors more time to save their money so that when the payment holiday ends, they will be in a more stable situation to pay off their debt.
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Where can I access credit card debt help?
The UK offers a variety of free debt help avenues that could help debtors pay off their HSBC debt.
You should never have to pay for debt help, as many free, confidential, and professional debt charities can provide quality support and advice.
Debt advisors can help you find the best solution for your unique circumstances; they may even speak with credit card debt collectors on your behalf.
Check out our list of the best professional debt help services in the UK.
How can I make a complaint about HSBC?
You can make a complaint about HSBC by taking the following steps:
- Phone as a personal customer – 03457404404
- Phone as a premier customer – 03457707070
- Phone as a business customer – 03457606060
- Visit your local branch and file a complaint.
- Send your complaint via post to Customer Service Centre, BX8 1HB.
If you aren’t happy with how HSBC has handled your complaint, you can escalate your concern to the Financial Ombudsman Service. Their details are as follows:
- Address – Financial Ombudsman Service, Exchange Tower, London, E14 9SR.
- Phone – 08000234567
- Email – [email protected]
- Website – http://www.financial-ombudsman.org.uk/
Will HSBC write off debt?
You might be able to write off some of your HSBC debt by taking out an IVA or a Scottish Trust Deed.
Taking out an IVA or Scottish Trust Deed can help to protect your assets from being reclaimed.
How do I check my HSBC loan balance?
You can check your HSBC loan balance by calling 18602662667, or you can go directly to your local branch and request to know your loan status.
Online banking lets you check how much money is in your account by logging on.
Can HSBC personal loans be overpaid?
If you hold an HSBC personal loan, you can make overpayments.
You can pay off the loan early without additional charges.
What debt collectors does HSBC use?
HSBC has been known to use Metropolitan Collection Services as their favoured debt recovery agency for credit card debts.
MCS collect a range of debts for many credit card companies.
HSBC are a global bank that provides business and personal loans to millions of people.
If you fail to repay the money spent on your credit card, you may end up in debt.
You don’t have to flounder in debt; a range of debt solutions is available to you.
Contact a professional debt help charity for quality advice on managing your money.
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Other Debt Solutions
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