Losing Job and Banks

Old Mar 23rd 2009, 6:55 am
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Default Losing Job and Banks

Anyone have any idea what would happen if a bank I have a personal loan with finds out I have been made redundant but am still in the country making my pamyents?
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Old Mar 23rd 2009, 7:29 am
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Default Re: Losing Job and Banks

Is not that simple AW. Your company may tell your bank that this is your last salary -than the bank boys go to work - they freeze your bank account.

Happen to us 2 years ago and guessing it will happen again shortly. I since got a little wiser - 1.got another bank account(2 accounts)-2. credit card with another bank - also got back up card from home country and 3. paid off loans.

Any sign of another job??
As soon as you do get a letter from new company to say you are re-employed to show to bank to unfreeze your bank account.

Is the loan with them? - do they have security cheque?
Maybe someone else can help - not an expert - just hate the way banks treat you here.
Good luck
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Old Mar 23rd 2009, 7:35 am
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Default Re: Losing Job and Banks

The bank is seperate from my main bank so they have all the monthly cheques for payments, plus they have 1 cheque for the principle amount of the loan. It just draws from my regular salary account with another bank.
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Old Mar 23rd 2009, 8:07 am
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Default Re: Losing Job and Banks

Okay.
So the important think is not to have you main bank account frozen, as then the other bank will be getting bounced cheques. Car loan I guess - Sell car and hire? Raise money from home to get rid of loan?

The bank won't tell you that they have frozen account until there is a problem, then too late.

Sorry no help at all - We had bank account frozen and credit card too - but did have another job - so after we went in with letter,bank then unfroze account but this did take a few days if I remember rightly. Not fun here with no money or access to money.
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Old Mar 23rd 2009, 8:50 am
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Default Re: Losing Job and Banks

Well the main account shoudl be fine.

Do you think they will try to cash the full amount cheque which will then bounce?

I dont want to have to pay the entire loan right now.... I am happy paying my monthly installments. Just a personal loan not a car loan.
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Old Mar 23rd 2009, 9:01 am
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Default Re: Losing Job and Banks

I'm guessing that if you have no loans with the bank that your salary goes/went into, then they don't need to freeze it - after all, they don't know that there are back-dated cheques floating around, do they? As long as you keep the money going in to cover the repayments, then everyone *should* be happy... surely?!
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Old Mar 23rd 2009, 9:02 am
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Default Re: Losing Job and Banks

Originally Posted by Hello.Kitty View Post
I'm guessing that if you have no loans with the bank that your salary goes/went into, then they don't need to freeze it - after all, they don't know that there are back-dated cheques floating around, do they? As long as you keep the money going in to cover the repayments, then everyone *should* be happy... surely?!
Correct, except the loan bank guy called me today asking if i still work with my company and wants an active office number... What if he's heard "rumours"?

One of the administrators said tell him to call me and ill say everythings ok...
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Old Mar 23rd 2009, 9:07 am
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Default Re: Losing Job and Banks

No don't think they'll try to cash the cheque for full amount - as long as they are getting there regular/monthly payments.

Hope it works out.

just read your last post - heard the banks were checking on people - we had one visit last week - to our house:curse:
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Old Mar 23rd 2009, 9:50 am
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Default Re: Losing Job and Banks

Originally Posted by Poitin View Post
No don't think they'll try to cash the cheque for full amount - as long as they are getting there regular/monthly payments.

Hope it works out.

just read your last post - heard the banks were checking on people - we had one visit last week - to our house:curse:
lol - now, that's personal service! Funny how they can't be that efficient iwhen they're n the office or behind a counter, isn't it?

HSBC has reduced Mr Kitty's CC limit with no warning... do they know something that we don't?!
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Old Mar 23rd 2009, 10:01 am
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Default Re: Losing Job and Banks

Originally Posted by Hello.Kitty View Post
lol - now, that's personal service! Funny how they can't be that efficient iwhen they're n the office or behind a counter, isn't it?

HSBC has reduced Mr Kitty's CC limit with no warning... do they know something that we don't?!
They have just done that to me by 60%
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Old Mar 23rd 2009, 11:19 am
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Default Re: Losing Job and Banks

Originally Posted by rowell View Post
They have just done that to me by 60%
did they inform you or just do it?
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Old Mar 23rd 2009, 11:21 am
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Default Re: Losing Job and Banks

Originally Posted by Blue Cat View Post
did they inform you or just do it?
Informed me by text
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Old Mar 23rd 2009, 11:23 am
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Default Re: Losing Job and Banks

Originally Posted by rowell View Post
Informed me by text
will have to ask the DH if ours has been cut
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Old Mar 23rd 2009, 11:41 am
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Default Re: Losing Job and Banks

Originally Posted by Blue Cat View Post
will have to ask the DH if ours has been cut
Have 2 HSBC cards they cut one and as yet not the other, makes no difference as have only been over the limit they have given me once, cannot understand it as I pay it off in full every month
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Old Mar 23rd 2009, 11:45 am
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Default Re: Losing Job and Banks

Originally Posted by rowell View Post
Have 2 HSBC cards they cut one and as yet not the other, makes no difference as have only been over the limit they have given me once, cannot understand it as I pay it off in full every month
Maybe that is why - they are not making any money off you. Cut limit by 60% then you will reach the new limit quickly, hopefully exceed it and then they charge?

I have a colleague who was called up and told if he clears off his HSBC card by the end of March he will get a 15% reduced off money owed.
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