Full and Final Settlement

[hsbc angery customer]

Hi,

 

I have 22,000 pounds debts with HSBC and Halifax. I have been struggling to make the repayments for close to 2 years now, and 1 year ago i went to payplan, with the hope interest could be frozen, and I could start clearing the debt. After a year with Payplan neither HSBC or Halifax will reduce or freeze interest, so i have not made a payment for 3 months, the reason being that whilst i was paying they were never keen to sort out a mutually agreeable repayment plan, just taking all my payments and adding more in interest and charges.

 

This is really ruining my life, my wife and I are finished, and we are only living in the same house for financial reasons, but i sleep on the sofa every night.

 

What I want to know is how to go about a full and final, and get on with my life.

 

I have had my car valued, and I should be able to raise £5,000 if I sell that, but would only be interested in offering that to HSBC and Halifax on a pro rata basis as a full and final settlement.

 

Any tips otr advice - if i go jump off a bridge tomorrow they wouldnt get any back, and i honestly never felt so low.

[Bazooka Boo]

National Debtline England & Wales | Debt Advice | Factsheet 24 Full And Final Settlement Offers

Ooh Halifax, My favourite bank:D

 

The Law – ‘Full and final settlement’ - Voltimum UK - Electrical Installation Products and Contracting

 

The first Link is what I received from the National Debtline.

 

The second link is just for your information:)

 

I've heard a few things about PayPlan and not all of them good:eek:

This is certainly the best place to get accurate helpful advice to put these dogs back in their cages:grin:

[Bazooka Boo]

Have you been to see your local CAB

[joemay]

So sorry to hear of your situation. OH & I are only just starting all the process of dealing with our debt so unfortunately I'm not in a position to give you much advise on my own experience.

 

Have you sent of a CCA request, is you agreement enforceable. If not suggest you get them off asap.

 

One thing to remember, is you may feel low now, but there are so many people on CAG who have been in your position, but have come through the other end, and realised that money really isn't everything. You will get lots of support and advise here.

 

I'm sure someone will be along shortly.

[Bazooka Boo]

I have 22,000 pounds debts with HSBC and Halifax. I have been struggling to make the repayments for close to 2 years now, and 1 year ago i went to payplan, with the hope interest could be frozen, and I could start clearing the debt. After a year with Payplan neither HSBC or Halifax will reduce or freeze interest, so i have not made a payment for 3 months, the reason being that whilst i was paying they were never keen to sort out a mutually agreeable repayment plan, just taking all my payments and adding more in interest and charges.

 

It does make me angry though:mad:

They get themselves in debt, then expect us, the tax payer, to bail them out:eek: and not only that they still have the cheek to continue taking our money because we might be behind one or two payments!

 

What a load of Bankers:mad:

 

How old are the loans?

And I would have had no hesitation in doing what you have done already, and stopped payments to them!

Others will undoubtedley disagree, but I'm certainly more pro active than reactive;)

 

Have you had any bank charges added for late or missed payments?

http://www.consumeractiongroup.co.uk/resources/templates-library/48-bank-templates/111--letter-preliminary-approach-for-repayment

 

Did you have any PPI on either of the loans?

[hsbc angery customer]

Thanks for your advice guys - i have had bank charges etc added, but now all i want to do is offer a full and final settlement, becuase i have been selling things like furniture to make payments, then the interest has been so high i have just been treading water for close to 2 years now. I want this to end more than anything.

 

I know for sure i will never get credit again, i know i am responsible for my actions, I know a bank is a business at the end of the day, but i think i would have been better off borrowing off a loan shark who would have probably had me beaten up a few times by now - but feel its been worse through halifax and HSBC.

 

no no PPI

 

If anyone has succefully made a full and final payment i would love to hear from you.

Edited July 14, 2009 by hsbc angery customer

[rannoch]

As a rule they generally accept 50%. But maybe less maybe more depending on how much they think they can screw out of you. Offer 40% - I think you will get that

[Bazooka Boo]

IMHO I would file a claim to get all of your bank charges back, with interest.

 

If you sit down and work it out, no doubt you will find that all of their bank charges along with the added interest you can claim back off them will more than likely make a hefty dent in the total sum outstanding, or, as has been the case with other Caggers, the bank has had to 'pay them back money they owe'

 

Don't just lie down and opt for the easy life, that is what they want you to do. All that pent up anger and frustration, despair, depression, intimidation and upset, you should use against them, take back the control, grab the bull by the horns and make them feel exactly how they have made you feel.

 

You are in control, not them, it's not nor has it ever been a criminal offence to be in debt, and you don't have to explain how or why you got into debt, the reason why so many people are now seeking to use their rights and exercise them is for the simple fact that these fat greedy bankers have been getting even fatter and greedier by giving us all money they knew full well we could never pay back:mad:

 

It is all too easy to say 'I just want an easy life', stand up for what is morally right, make them work for their money, the fact that we own most of the banks now anyhow, is something they seem to forget very quickly.

Do you think the banks are at all bothered or have a conscience about their actions!:lol:

 

Don't give in, you've made the first step by finding this site, and I guarantee with all of my heart, that what they claim you owe is far removed than what you will have to pay, if anything in the end.

 

There are a number of routes to travel first, one of them being claiming back all of the bank charges along with the interest that they have stuck on top.

 

Are you still banking with them? If so, can you open up another bank account with a separate bank, say Lloyd's?

 

This way then, any earnings/benefits can be paid directly into your new account and Halifax can't touch it.

[lexis200]

I had this posted for me a while ago by Banker_Rhymes_With, and although it was because I was slightly concerned with the moral aspect of not paying (no such issues with that now!), I think it's not a bad idea in respect of finding out a figure to offer for an f+f. I have already done this with several accounts and I'm intending using it as a basis for when I make offers, so offering a percentage of what is left rather than of the whole amount (if that makes sense!).

 

Hello Lexis!

 

Further to Hopeful1's further good advice, another self-help issue that I do think does help, is to sit down with all of your Statements and see if you can outline to yourself what this alleged Debt is actually made up of.

 

A Spreadsheet is handy, or something like Microsoft Money.

 

Go back through your Statements, and start from Day One. Re-Categorise all Charges, Interest and Payments you made, expenditure is less important, so all your own spending can just be called Spending.

 

Every time they added Interest, make a note what that Interest Rate was. Split out Charges into anything Valid, like, say, an Annual Fee, and also split out all the others, especially the Unlawful ones like Over-Limit or Late Penalty Charges. These are all Important, so slot them into their own Sections.

 

That done, this is something I said to someone else on CAG:

 

Quote:

Have a good look at your Card Statements, and start to add up the big numbers:

 

A = Total Purchases (not including Interest, Penalty Charges and Fees).

 

B = Total Interest.

 

C = Total Penalties.

 

D = Total Fees and other Charges like Credit Card Cheque Handling Fees.

 

E = Total Repayments.

 

Take a look at A and E. I bet you have Paid them more than you have Spent. If so, then they have their Money back already.

 

Now add up B+C+D. Add that to A, and then take away E. The figure is the outstanding Debt on your Card.

 

In most people's case, that Debt is made up almost totally of charges.

If you now look at all the Interest Charges, see if you can see when the Rate was Changed, and see if that relates to a new Limit? Many people have seen these bankers raise a Card's Interest Rate, and then a Month or so later, Raise the Card's Limit! Why increase the Rate suggesting you are a bad risk, then give you more money to spend?

 

I would hazard a guess that they raised your Limit a few times?

 

I also bet they raised your Interest Rates a few times?

 

By now you should have a clearer picture of this alleged Debt, and you may be feeling a little annoyed by now to see how they have manipulated the way this Debt has built up.

 

If you have had the Card for a long time, then whilst you may have spent a lot of money, you will now see that you have also Paid back at least as much. Very often, the "Spent" is less than the "Paid Back", thus the Debt you are now faced with may be just the grand total of all of that Interest and all of those Charges.

 

IF they have an Enforceable Agreement, then you will be forced to re-pay those Charges.

 

But, what if they don't?

 

What if, despite their Teams of Lawyers, they were someone too greedy and too arrogant to actually comply with the Law?

 

If they don't have an Agreement, then do you really want to climb into their Debt Hamster Wheel and go back to Paying them lots and lots of Money to top up their Profits?

 

My point is that you must be sure there is a Debt worth Paying. You may find that the Debt you thought you owed, is actually a Debt they have encouraged you to create. It may not be a Debt all of your own making.

 

Once you have looked at the breakdown of the alleged Debt, I suspect that you will find it much easier to deal with these bankers and fight for your Rights.

 

If they have to write off the remaining alleged Debt, no tears will be lost for them, as all they have lost is the charges and interest they had no Right to charge without creating an Enforceable Agreement at the very outset. That was all they had to do right, and the Consumer Cedit Act 1974 was there to remind them what needed to be done, and they had Teams of Lawyers on tap to make sure they got it right.

 

You, on the other hand, did not. It was their Agreement, it was not one you created.

 

The sadly ironic thing is, IF they end up writing off the Debt, they will just set that off againt Tax! It's more or less a Win-Win situation for them, so pity for a banker is seldom ever due.

 

The main point of doing this, is when some banker, DCA, bank-lawyer or hostile Judge says:

 

"Well, do you deny this Debt?...you spent it, so you owe it."

 

You can come back with:

 

"Well, actually, that's not quite the true picture, here are my detailed figures, so let me explain the actual position..."

 

I hope this helps.

 

Cheers,

BRW

[vint1954]

IMHO I would file a claim to get all of your bank charges back, with interest.

 

If you sit down and work it out, no doubt you will find that all of their bank charges along with the added interest you can claim back off them will more than likely make a hefty dent in the total sum outstanding, or, as has been the case with other Caggers, the bank has had to 'pay them back money they owe'

 

Don't just lie down and opt for the easy life, that is what they want you to do. All that pent up anger and frustration, despair, depression, intimidation and upset, you should use against them, take back the control, grab the bull by the horns and make them feel exactly how they have made you feel.

 

You are in control, not them, it's not nor has it ever been a criminal offence to be in debt, and you don't have to explain how or why you got into debt, the reason why so many people are now seeking to use their rights and exercise them is for the simple fact that these fat greedy bankers have been getting even fatter and greedier by giving us all money they knew full well we could never pay back:mad:

 

It is all too easy to say 'I just want an easy life', stand up for what is morally right, make them work for their money, the fact that we own most of the banks now anyhow, is something they seem to forget very quickly.

Do you think the banks are at all bothered or have a conscience about their actions!:lol:

 

Don't give in, you've made the first step by finding this site, and I guarantee with all of my heart, that what they claim you owe is far removed than what you will have to pay, if anything in the end.

 

There are a number of routes to travel first, one of them being claiming back all of the bank charges along with the interest that they have stuck on top.

 

Are you still banking with them? If so, can you open up another bank account with a separate bank, say Lloyd's?

 

This way then, any earnings/benefits can be paid directly into your new account and Halifax can't touch it.

I think Lloyds own HBOS now.

 

may be better to try a diferent bank.

[Bazooka Boo]

I think Lloyds own HBOS now.

may be better to try a diferent bank.

 

Yes you are correct, but as per normal with these big companies, the left hand doesn't know what the right one is doing:lol:

 

I banked with Halifax for almost 15 years, then they took me for a mug, so I promptly moved to Lloyds, leaving Halifax up a creek without a paddle:D

 

Three years down the line, so far so good!