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Please help; HSBC > MCS > CDRU (overdraft debt)


Ysbryd
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Hello all,

I have visited these excellent forums a few times in recent months just to try and gain information on others' experiences with my "creditors" and the problems I have. But now I really need some advice on my own situation.

 

My HSBC Current Account was closed towards the end of last year; this was due to being overdrawn by more than £800 on a £500 overdraft. I had the account for about 14 years (originally opened by my parents as a LiveCash account when I was 13). I never signed anything to open the account nor was anything signed in all the subsequent years with the bank (always avoided Credit Cards/loans like the plague)

 

In due course I received the inevitable relentless phonecalls from MCS. I called them back on a couple of occasions saying I would pay eventually when I was getting some money (I have been selling off things on eBay). However the money I have been making from that has all been going to pay off the more pressing issue of old Council-Tax debts at my former address.

 

In the last couple of months the phonecalls from MCS stopped and everything has been quiet. I have now received a call (not answered) which online searches shows to be from CDRU. I am aware that all of these are just subsidiaries of HSBC.

 

Anyway, I am now considering what I should or shouldn't try and do. As more time has gone by (and from reading these forums) I have more realisation that such debts are not set in stone (not to mention unjust).

 

The reason I am so idignant about this debt is that in the last 18 months of having my Current Account I paid well over £1,000 in charges & interest (maybe closer to £1,500), and as such the only reason this debt exists at all is due to those excessive and exploitative charges. My account with HSBC has already proved hugely profitable to the bank over and above the current "outstanding debt", and yet I still supposedly owe all this extra money.

 

The practical reason I am querying all of this is that realistically they cannot tangibly take anything more from me than I can/choose to give them; I have nothing. I am unemployed, I own no property, no car, no assets (sold/selling what little I have because of the two mentioned debts), no bank account (because they closed it!), and they do not have my current address as I have been forced to move back in with my parents.

 

Despite all of this, I would still like to have this all settled; as no matter what I can and can't pay I know the debt will always be there (and as such the vague worry that it will catch up with me in some form sooner or later). I would be just about able & willing to offer them £200 as a F & F Settlement to satisfy the debt, which is around 23% of the total demanded amount.

 

However, reading all the horror stories on here I am wondering if it is even any use to contact either MCS or CDRU at all, considering the combination of being both incompetent/dishonest and not even willing to truly interact with you - and whether I would still technically be able to settle the debt with HSBC directly?

 

Many thanks in advance for any help anyone can give.

 

This is a great site; please keep up the good work, it is a hugely important service.

 

All the best,

Ysbryd.

Edited by Ysbryd
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