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Original poster

Did a financial health check with HSBC and it said I’m in the shit!

34 replies

Flashout · 08/07/2025 21:18

But am I?

Quick info they based their opinion on…

Aged 54, employed full time since I was 21 and have company pension scheme which is part DB and part DC. The transfer value is about £400k.
im divorced, my gross income from all sources including CMS is 5400 average my outgoings are about 4900.
paid off the ex so have a loan of £25k and mortgage is £180k. House is worth about £700 even on a bad day. No other debt or finance. Car is worth about £4k and I paid cash.
£2k in shares and savings. Had more savings but divorce was expensive.

out of a possible 100 points HSBC said I only get 18.

Is it really that bad?

OP posts:
AbbieLexie · 08/07/2025 21:22

This just sounds mad! Personally I think you are more than ok - everything under control.

PickAChew · 08/07/2025 21:24

Surely they have a product they want to sell you.

Original poster
Flashout · 08/07/2025 21:26

I thought so too! I wish I didn’t have such a big mortgage but this is the kids’ home and they live with me and might never leave! Got life assurance and income protection through work and already have a critical illness policy. I can’t understand why they’ve marked me so low.

OP posts:

Interested in this thread?

Then you might like threads about this subject:

General money
Haggisfish3 · 08/07/2025 21:29

It’ll be no debt. To score highly you need to have some available credit and show you are capable of managing it well.

Original poster
Flashout · 08/07/2025 21:31

Haggisfish3 · 08/07/2025 21:29

It’ll be no debt. To score highly you need to have some available credit and show you are capable of managing it well.

That was affect my credit rating - but I already have a £25k loan. I have credit cards but settle the balance monthly. It’s weird - what they haven’t said is “you’ve got a problem here, this is what you need to do (buy) to fix it.”

OP posts:
Original poster
Flashout · 08/07/2025 21:32

So I’m doing ok aren’t I?

OP posts:
YourSnugHazelTraybake · 08/07/2025 21:32

How old are the kids? You say your figures include maintenance, but obviously that ends when the kids hit 18, so at that point do you still have a surplus or are you closer to break even. Then taking into account your age your 13 years off state retirement age with £180k mortgage and a £25k loan. I can understand why they scored low. They can't assume that you'd sell and downsize, they'll be basing it on the assumption you'll stay where you are and have that mortgage/bills from your pensions.

Meadowfinch · 08/07/2025 21:34

You have a home, a pension, a regular income, savings every month.. Sounds OK to me.

The only thing their computer might be fretting about is you still have a mortgage of £180k at 54yo.

But if you plan to downsize at some point in the future, then I don't see the issue.

Blushingm · 08/07/2025 21:35

Income £5400 but outgoings £4900? That’s tight

Makingpeace · 08/07/2025 21:36

Could it be your age and the amount outstanding on your mortgage of 180k? Seems a lot to have at this point.

Mum2jenny · 08/07/2025 21:37

Seems you’re good to me too

Original poster
Flashout · 08/07/2025 21:37

YourSnugHazelTraybake · 08/07/2025 21:32

How old are the kids? You say your figures include maintenance, but obviously that ends when the kids hit 18, so at that point do you still have a surplus or are you closer to break even. Then taking into account your age your 13 years off state retirement age with £180k mortgage and a £25k loan. I can understand why they scored low. They can't assume that you'd sell and downsize, they'll be basing it on the assumption you'll stay where you are and have that mortgage/bills from your pensions.

The kids are all teens and maintenance in the consent order is until they end full time education, so at least a few years plus I can apply to extend that due to a disability which means that one will likely be reliant on me for much longer than usual.

OP posts:
Original poster
Flashout · 08/07/2025 21:40

Blushingm · 08/07/2025 21:35

Income £5400 but outgoings £4900? That’s tight

Yes, it is. But that’s after everything.

mortgage has 14 years on it. Zoopla say it’s worth more but £700k is a realistic figure so my mortgage LTV is ok

OP posts:
tillyandmilly · 08/07/2025 21:42

Wow I am 3 years older than you and my company pension is a meesly £35,000! £400K pension is amazing!

Original poster
Flashout · 08/07/2025 21:55

tillyandmilly · 08/07/2025 21:42

Wow I am 3 years older than you and my company pension is a meesly £35,000! £400K pension is amazing!

How long have you been in the scheme though? I joined when I started work pretty much.

OP posts:
Workquestion2 · 08/07/2025 22:02

Haggisfish3 · 08/07/2025 21:29

It’ll be no debt. To score highly you need to have some available credit and show you are capable of managing it well.

I just did it and I have no debt and I got 87/100 so no it can’t be that

FloraBotticelli · 08/07/2025 22:05

Did you read the scoring system?

financialfitness.hsbc.co.uk/howto

GOODCAT · 08/07/2025 22:09

I am the same age as you, significantly lower net assets than you, but just did that test and scored 100. There must be something wrong with it!

Tumbler2121 · 08/07/2025 22:14

Have a look on another system, see if it comes up similar. Maybe there's a typo in your figures somewhere.

Or perhaps there is something daft from way back. Friend of mine nearly lost a job in financial services when it was uncovered that when he was a student back in the day, the people in his houseshare left without paying the water bill. He had no idea.

Original poster
Flashout · 08/07/2025 22:35

Hmm, I think I come unstuck on the safety net/emergency fund. That’s fair enough, I need to focus on that. Or paying off that loan. I could have added it to the mortgage but didn’t. Can’t remember why.

OP posts:
Original poster
Flashout · 08/07/2025 22:36

I’m due my annual bonus next month which is likely to be £2500 so I’ll stick that into savings and see does it make a difference to my score.

OP posts:
Makingpeace · 08/07/2025 22:51

Flashout · 08/07/2025 22:36

I’m due my annual bonus next month which is likely to be £2500 so I’ll stick that into savings and see does it make a difference to my score.

But why does it matter? You've got assets, income, (debt). What's to gain from the score? What's the point of doing it?

Original poster
Flashout · 08/07/2025 22:56

Makingpeace · 08/07/2025 22:51

But why does it matter? You've got assets, income, (debt). What's to gain from the score? What's the point of doing it?

Show quote history

Well I suppose to see if I’m on the right track? The last few years have been a lot of change especially financially and my ex used to taunt me about how crap I am with money.

OP posts:
GreenLeaf25 · 08/07/2025 23:00

Can you check you don’t have any adverse things on your credit report like a CCJ you don’t know about?

Makingpeace · 09/07/2025 00:02

Flashout · 08/07/2025 22:56

Well I suppose to see if I’m on the right track? The last few years have been a lot of change especially financially and my ex used to taunt me about how crap I am with money.

Show quote history

Peace of mind is fair enough. I wondered if you were applying for a product or something.

Have you checked on somewhere like Clear Score, to see if you've got any accounts or store cards open still that you no longer use? Or to check if you are still linked financially to your ex? I was still linked to my old flatmate unbeknownst to either of us - despite the joint account being closed. We had to write to them to get it corrected and then our scores both improved.