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  • 1 Post By shri
  • 1 Post By Paxbritannia

Debt consolidation loan

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  1. #1

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    Debt consolidation loan

    Can anyone recommend a bank or institution that will consolidate a debt from a credit card without the requirement of having employment?

    A friends Credit card has an insane rate of 35% and they are struggling to control it now after having lost their employment. I have tried to assist by contacting various banks but it seems their requirement is you need to be employed to transfer the debt. My friend has lost her job so this is not possible.

    Any advice would be appreciated.


  2. #2

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    I'd start by reading this:

    https://evencentre.tungwahcsd.org/de...ement?_lang=en

    While they mention that current employment proof is required - I've been reading about some relief being passed onto travel / hospitality / retail employees.

    Is your friend's debt with a legit bank as opposed to a finance company?

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  3. #3

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    Yes it’s HSBC, we have had multiple conversations with them and now the debt recovery company they have now referred the case to. Needless to say, both HSBC and the debt company were absolutely useless. Tried to get a new rate or new product for her but they say because she is unemployed they can’t lower the interest rate to help manage the debt.


  4. #4

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    No luck with the HSBC Debt unit then I guess?

    See if you can get through to the debt counselling department at Tung Wah and if they have suggestions. I'm really not sure if there has been any new guidance given to banks related to recent unemployment. What sector was your friend employed in before being made redundant?

    Tung Wah Group of Hospitals Community Services / History


  5. #5

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    UA?

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  6. #6

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    Jan 2020
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    She was employed as a teacher. We are going to give it another shot with the debt unit. But they couldn’t even tell her what the interest rate was, they kept saying “don’t worry just pay some money” I told them of course we need to worry and get the rate otherwise it just spirals. They didn’t even understand compounding interest. I got on the phone with them and told them to send everything we need by post. They did but have not replied to official letters we have sent. Absolute vultures.

    Thanks, will get in touch with Tung Wah.


  7. #7

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    Are you willing to guarantee that loan or take a loan out yourself and have her make arrangements to repay you?

    That might be a path forward... but needless to say, will also probably ruin your friendship.


  8. #8

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    Quote Originally Posted by shri:
    Are you willing to guarantee that loan or take a loan out yourself and have her make arrangements to repay you?

    That might be a path forward... but needless to say, will also probably ruin your friendship.
    Its a thought that had crossed my mind...

  9. #9

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    Quote Originally Posted by Paxbritannia:
    UA?
    looks like UA has a debt consolidation loan, yet they say the maximum interest rate is 48% which is just utterly ridiculous. Surely that’s a joke. I hope their minimum is 0%