Hi,

I was just wondering how best to deal with Moorcroft who have been hounding me.

I signed as guarantor for my HSBC Ltd Co. business loan when I started up in 2003/4.

Unfortunately due to a breakdown and ill health caused from stress etc the business had to close in 2007,

following that I did try to keep making what payments I could afford towards the loan (the outstanding balance is around 20k)

but haven't paid anything for about a year/year and a half,

however loan doesn't appear on my credit file.

Have been burying my head abit as going through a horrible divorce at the moment

and not quite able to deal with this as well,

have been ignoring all their threat o grams.

just need to hold them off for a bit until the divorce is finalised I kinda know where I stand financially.

To commit to a financial arrangement with them at the moment whilst everything is still in limbo is going to be hard,

and having been pretty much a stay at home Dad since the business closed,

I will have to rely on tax credits, CB and maintenance payments to provide stability for my kids

until I can get back onto my feet after the divorce is finalised.

Should I treat this loan as I would a personal one and send off a CCA request?

Or would it be worth just offering Moorcroft/HSBC what little I can afford to get them to go away?

As they are threatening me, that if they return the account to HSBC, then HSBC will start legal proceedings?

Always go for a CCA Request.

Ignoe moorcroft they soon get bored when you don't answer security questions. Cca hsbc chances are they wont have the agreement anyway.

I suspect HSBC are moorcrofts client?

if not who is please?

might not be as simple as a CCA or even necessary

dx

Hi, just an update as to this, HSBC finally responded to the CCA request a little while ago and have admitted to not being able to produce the credit agreement at this time, they also acknowledge that they wouldn't necessarily be able to seek recovery through the courts without it, however they did produce a copy of the guarantee I signed, and stated that it still acknowledges my liability for the debt.

So Moorcroft then passed this back to HSBC, then HSBC back to Moorcroft, now it's with Wescot. Wescot have also informed me they have done a check and established who I am and that I am living at the address they are sending their threat o grams to.

My divorce is still dragging through and becoming more acrimonious, until that is sorted out I am going to struggle with this, not to mention I may only end up being liable for half the debt as the business was set up as a family business whilst still married.

I am concerned that the personal guarantee can complicate things, so just wondering if best to set up token repayments? Perhaps when the divorce is finalised and with the house being potentially forced to be sold under a court order, there maybe some equity left to make a full and final offer, or would it be best to just fire off a letter to Wescot saying account in dispute?

At the moment token payments are what I can only realistically afford to pay, if that's in place would it not be more difficult for HSBC/Wescot to take it through the courts if and when they do produce the CCA?

NO CCA - NO PAY

as long as HSBC do not not sell the debt on

then totally ignore any stupid DCA

they have no powers whatsoever.

paying even a token payment, will ruin the SB clock.

until/unless a CCA appears. do nothing

pay nothing

dx

Thanks for all your replies, a bit of an update just received a letter from 1st Credit saying they now own the debt, a copy of the letter from HSBC saying they have sold it to them was included.

Should next best course of action be an account in dispute letter?

why simply invite letter tennis

CCA request time now as outlined earlier

dx

Thanks dx, will update when I get a response from 1st Credit to cca request.

1st Credit have responded saying that they are now aware of a dispute on the account.

A bit weird as no evidence on Royal Mail tracking systems to say recorded CCA request was received.

I never realised that under the Lending Code, HSBC should probably never have sold the debt in the first place if there were mental health concerns.

In fact they should have avoided passing it onto any DCA's at all.

I am wondering if I have a formal complaint against HSBC for selling this debt?

I suffered a major mental breakdown which contributed to the failure of the business and was under psychiatric care for over 2 years,

I was deemed unfit to work and as such had an income replacement insurance policy with HSBC to cover my living costs etc which was claimed against.

I am guessing they should have been aware of my history of mental illness, even though this happened some years ago?

correct

irresponsible lending?

dx

As it has been many months since I last posted on this thread

I just wanted to write a quick update and to ask some opinions as to how to move forward.

HSBC sold this old debt to 1st Credit who have been chasing me

, after a few back and forth letters along with requests for a copy of my original loan agreement,

1st Credit have written to say that " due to the age of the account, the original creditor has informed them they don't hold copies of the facility letters, or any other correspondence between the parties prior to the execution of the Guarantee".

in spite of this,

what could possibly be assumed to be a letter before action has arrived

, even though it doesn't expressly say that,

they have given 21 days for me to get back to them with an offer of repayment.

As I have been away and only recently opened the letter

, the due date to make an offer falls next week.

Even though they have admitted that they can't get the credit agreement

, this is still an unregulated loan secured by way of a personal guarantee and they can prove the amount owed by way of the statements.

I was wondering if now is the time perhaps for a full and final offer, as I am pretty sure they are not going to go away.

The balance they are claiming is just over £20k.

I look forward to hearing your thoughts.

No agreement no payment

Off and bugger 1st crapit

Ignore them

Unless/until they issue a claimforn

Which they can't without a signed agreement