Fredrickson International

[mancini602]

I had a very large personal loan with HSBC which I defaulted on and it still has a huge balance. It was being dealt with my Metropolitan Collection Services.

 

I am currently unemployed and have been paying MCS a nominal amount of £19.23 per month. I know this is a pathetic amount considering how much I owe but at least I'm paying to the best of my ability. I have to say though that MCS have been very reasonable and didn't question my proposals (I used the templates from National Debtline for pro-rata calculations) however on Saturday I got a letter from HSBC and Fredrickson International....HSBC have apparently sold the debt to them. The letter from Fredrickson asked me to call them.

 

I did so...Fredrickson have insisted that they now own the debt and want the balance of £14k paid within 45 months and therefore require payments of £313 per month. I proceeded to outline my circumstances and offered the same as MCS were getting and then offered to up this amount when I had found work. They again insisted on £313 per month. I then said there is no way with a wife, 3 kids and no job that I could pay that amount. I then said perhaps bankruptcy is my best option (expecting them to back down a bit), but they didn't. In fact they said, yes indeed, in our opinion, we would advise you to go bankrupt...they are insistent they get £313 per month....and I don't want to go bankrupt. What now?

[alfwithhair]

Well they must be under the impression that if you go bankcrupt they will get something out of you. Are you a home owner?

 

If your not then telling you to go bankcrupt is cutting their own throats, because they will get nothing if you have nothing, so don't see the logic in what they have told you.

 

My best advise as this is a new DCA trying to collect, is to sent them a CCA request to see if they have a legal right to collect. Without it they cannot enforce the debt by law.

 

Even if they have no court in the land is going to expect you to pay £313 a month out of state benefits, should they try to seek a CCJ. More likely £5 a month and if thats what the judge orders than tough tit on them cos thats all the get, like it or lump it.

 

Try not to worry to much about it. I know this is difficult, but if you haven't got nowt, then they can't have nowt, simple as that.

[mancini602]

Hi and thanks for your reply. We have no assets (except car, but that's on HP) and we live in a Housing Association property. No of this was spoke about in the conversation though.

 

The person I spoke to at Fredrickson did sound very very young and maybe just couldn't be bothered with my proposals?...Not that I'm saying all youngsters can't be bothered!!!

[borisbeaver]

This actually puts you in a stronger position that a person with their own property.

 

Unless you have substantial assets, then these guys are not going to get very far.

 

As previously mentioned, send your CCA request to them. If this is a debt which started some time ago, then the odds are that there is not a consumber credit agreement, signed by yourself, available.

[borisbeaver]

Hi and thanks for your reply. We have no assets (except car, but that's on HP) and we live in a Housing Association property. No of this was spoke about in the conversation though.

 

The person I spoke to at Fredrickson did sound very very young and maybe just couldn't be bothered with my proposals?...Not that I'm saying all youngsters can't be bothered!!!

Don't speak to these people. It only get's them excited!

[mancini602]

Thanks for your replies everyone.

 

I have been reading threads with great interest and I am not sure what do to next...as my circumstances with HSBC seem to be common with alot of people.

 

1. I had loan with HSBC and defaulted in 2006.

2. Nominal payment arranged with Metropolitan Credit Services

3. Payments going OK (although very small ones against a huge debt)

4. Letter received out of the blue the other day from HSBC saying debt sold to Phoenix s.a.r.l

5. Also letter received from Fredickson International (in same envelope as the HSBC one) saying that they are administering this on behalf of new debt owners 'Phoenix' who are acting on compartment with 'Tessera Recoveries.

6. I call Fredrickson and have issues with them wanting payments to be £313 per month. I asked then who owns the debt now and they said they and Phoenix do and the client wants this account cleared within 45 months. (But I thought they just said they owned it, so who's the client?)

7. I post on here and receive replies after Fredrickson advise bankruptcy after I threatened I would do it myself (Please note this was a threat to Fredrickson to re-negotiate lower repayments...I don't really want to go BR)

8. I call Metropolitan Credit Services who say debt was sold to Cabot and they have never heard of Tessera, Phoenix or Fredrickson.

 

Should I just CCA these people?? If so, who do I CCA?? I know I owe the money and I've never denied that. Also the loan was taken out in 2004, but what's the likelihood that they (HSBC, Tessear, Phoenix, Fredrickson) will have a 'true copy of the credit agreement'? Or am I just chancing my arm!!...I'm really worried about all this...........

[elliesnan]

cca fredrickson and don't worry!!