direct line

[nicki02]

Hi I was just wondering if anyone could give me any information about this. I was in arrears with direct line regarding a loan the arrears are only £345.00. I rang today to sort a payment out with them but they told me that it has been sent to a debt collection agency. I haven't had any notice that they was going to do this so i didn't know other wise i could of rang them up to sort something out with them earlier. The question is are they allowed to do this without telling me. Any advise please.

[lookinforinfo]

You are best to go back to 1st Direct to find out whether they have sold the debt or are just employing a collector to get your account back into line.
More likely it will be the latter and if that is the case, I suggest you speak to
a supervisor or manager to sort out your revised payments as the DCA has
not contacted you yet, and you would like to get the matter resolved asap.

!st Direct do not need your permission, but they should inform you if they
have assigned the debt. This is usually prefaced by a letter of default
advising you that if you don't pay all the debt within seven days. they will
default you and this leaves them clear to sell on the debt.

[ANDENA]

Originally Posted by lookinforinfo

You are best to go back to 1st Direct to find out whether they have sold the debt or are just employing a collector to get your account back into line.
More likely it will be the latter and if that is the case, I suggest you speak to
a supervisor or manager to sort out your revised payments as the DCA has
not contacted you yet, and you would like to get the matter resolved asap.

!st Direct do not need your permission, but they should inform you if they
have assigned the debt. This is usually prefaced by a letter of default
advising you that if you don't pay all the debt within seven days. they will
default you and this leaves them clear to sell on the debt.

andena i have been approved for £10,000 loan to pay of hsbc managed loan is this advisable

[tomterm8]

Originally Posted by ANDENA

andena i have been approved for £10,000 loan to pay of hsbc managed loan is this advisable

Only you can decide if it's the right thing to do, however, I would generally suggest calling the National debt Line or other debt charity first, and seeing what your options are.

As a general rule, I would advise someone to think very hard before consolidating a unsecured debt into a secured debt, or consolidate a debt with a lower APR into one with a higher APR.

[ANDENA]

[quote=tomterm8;1216597]Only you can decide if it's the right thing to do, however, I would generally suggest calling the National debt Line or other debt charity first, and seeing what your options are.

As a general rule, I would advise someone to think very hard before consolidating a unsecured debt into a secured debt, or consolidate a debt with a lower APR into one with a higher APR.[/quote=andena the loan for hsbc not secured and APR is12.4% variable and also direct line is unsecured and APR is 7.197% fixed. but am going to cab tomorrow.