Repayment plan refused cause I earn too much
I have an unauthorised overdraft with HSBC of £220. I started my own company around 18 months ago and have earnt almost nothing in that time. My wife is in a similar position. We have lived off credit cards, family loans and benefits. Both businesses are now turn a corner and becoming profitable. (My wife's very much so and mine to a lesser degree). Even so our actual take home money is still pretty variable. My wife earnt £5k last month but may earn much less this month. I told HSBC about my situation. I suggested that all DDs be removed from that account to my joint account. And that I essentially freeze the account with the unauthorised overdraft sync set up a payment plan for £30 a month with a view to over paying in months where my income was high. Initially they refused as they said my income couldn't be guaranteed as I was self employed. (They refused to even do the questionnaire to see whether I was eligible). I talked them into doing it if my wife's income was also included. They told me the purpose of the check was to see whether I could afford the repayments (of £30 a month). Given that they wouldn't accept a plan when I may earn nothing I overstated my joint earnings a little (£3k a month). This is actually a very possible scenario but it could also be less I just didn't want them to reject me for wanting too little. Anyway after doing the check they told me my income was too high to accept a payment plan and that I had to pay the full amount in 40 days or I would be considered to have defaulted. I cannot pay the sum now. I may be able to in 40 days but cannot guarantee it.