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john23liverpool

Who do I contact about a debt?

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Good afternoon good people,

 

I have got two debts originally with HSBC.

 

I took out a credit card with them when I was in Uni, and subsequently didn't pay my bills. HSBC cancelled my credit card and current account (which was £43 overdrawn) and turned it into a managed loan which was stupid as the payment on the managed loan was almost as much as the credit card itself. These debt got passed onto a collection agency and they demanded £75 per month which I paid for as long as I could, but eventually could afford it no longer so stopped paying.

 

This was in 2006 and since then I have had numerous letters from different debt collection agencies demanding the money and threatening me with bailiffs, but it has all dried up.

 

The original debt(s) defaulted 9/12/2005 (according to experian). Does this debt get wiped from my record six years after this date of default, or is it six years from when I stopped paying the debt collection agency? These debts are listed as two seperate entities on my credit report. One as the credit card debt and the other as the amount my account was overdrawn (£43) when they closed it due to non payment of credit card.

 

I have heard about the CCA request letters but I'm not sure where to send it, would it be to the original creditor (HSBC) or one of the debt collection agencies?

 

Also, would it be worthwhile paying off the £43 for one of the debts just to get the debt settled on my credit report or would this reset the six years on the bigger debt (ie admitting I owe it). The other debt is £3,183.

 

Thankyou very much for your help, I really appreciate people taking time out to help people like me.

 

John.

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sorry, one more thing I forgot to add, if I were to pay offer to make a full and final payment for these debts would it affect my credit score?

 

Is a settled defaulted account much better than an unsettled one?

 

If I were to offer to pay the debt, or request when the debt becomes statute barred, who would I send the letter to? HSBC or

one of the debt collection agencies?

 

Thanks again.

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John

 

Whilst there is a lot of help on this website, it's mainly self-help. To get a better understanding of how things work, and probably find the answers to your questions, you need to look at how other cases have gone before yours.

 

If you have a look around the site, use the search facility at the top of the page to find threads discussing HSBC for example, you will have the knowledge to take the matter in hand and avoid falling into traps like making F&F offers, for example.

 

Also bear in mind that CAG is not about debt evasion, but more to look at the way in which debt recovery companies flaunt the law in trying to make people pay up - or else. Yes, there are ways to get the matter resolved, or at least to stop any hassle of DCA's chasing you, but the debt can still remain on your credit file, even if you show that it is not enforceable in recovery.

 

Reading more and more should help, even if your head hurts! I don't mean to sound negative, empower yourself, that's the best way to move ahead. :yo:


Be good to those who give you advice that helps - click the star to give them your thanks by way of a reputation credit.

 

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Just to offer you a bit of help and it is up to you what you choose to do.

 

A debt is Statuted Barred (no longer enforcable) 6 years (5 in Scotland) after the last payment was made or it was acknowledged by you in writing. According to Equifax, it falls off your credit file 6 years after the default date (but don't quote me on that as CRAs are a law to themselves and I am not sure I trust them), therefore it could still be enforcable even if not shown on your credit file.

 

The credit report probably shows the situation when both debts were defaulted and has not been updated since. If HSBC then consolidated them did you sign a new agreement covering both amounts of money when it became a 'managed loan' or do you know if it is still 2 separate debts? I ask this as if they are 2 separate debts, the bank account would not be covered by a credit agreement requlated by the Consumer Credit Act but the credit card would be. This would mean that there must be an enforcable credit agreement for the creditor to get a court judgement against you (although this would not stop them trying and you would have to defend the action). The bank account probably contains fees and charges that you could try and claim back also so you may not have owed anything on that anyway.

 

You can send a CCA request to the original creditor or the DCA, if one is chasing, for the credit card debt only and there is a letter on CAG to do this. Lack of a credit agreement would only make the debt unenforcable and would not remove it from your credit file. If you were to pay it off - it would show as settled but still defaulted and I am not sure how this would affect your credit rating.

 

When did you receive the last threats of action on this as I am wondering why they are not chasing it? Did they offer any 'reduced payment' for a full and final settlement? Lack of collection activity can mean that they are treating the debt as unenforcable and you can either ignore it until you hear from someone else or work out a suitable full and final offer (if the bank were to sell it on they would only receive a very small proportion of the total anyway)

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Thanks very much for your help, I really do appreciate it.

 

It has been a long time since I recieved any correspondence about this debt, I got a letter offering me a full and final settlement of £1200 at least 18 months ago, probably more like two years and have heard nothing since.

 

I would have paid the settlement then but I was still in university and didnt even have £12 spare never mind 12 hundred.

 

I am in a much better postition now financially and would be prepared to pay that amount to get rid of the debt from my credit file but if it would still be a blot on my credit history it is hardly worth paying since there are only a few months left before the six years.

 

I have spoken to a couple of people who know a little bit more than me about this sort of thing (but not a lot!) and they think it is strange why this debt has been ignored by the collection agencies. Hopefully my file was deleted by mistake haha.

 

Thanks again for the help.

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Guest Cartaphilus
I have spoken to a couple of people who know a little bit more than me about this sort of thing (but not a lot!) and they think it is strange why this debt has been ignored by the collection agencies. Hopefully my file was deleted by mistake haha.
Just reading between the lines here ... but it is not better for them to come to you, under the circumstances not invite any problems if they aren't there ... An allegory: if you poke a hornets nest then expect trouble but if you leave well alone, then don't. I hope that made sense. Edited by Cartaphilus

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Guest Cartaphilus

But, the rest of the advice about how to deal with it is very good. I very often look at problems from a different perspective. ;)

 

they think it is strange why this debt has been ignored by the collection agencies.

 

I keep forgetting to 'widen' the page, so I can edit. Anyway, it won't have gone away, it's just a question of whom it will end up with next, debts can go long periods without any contact, then like the proverbial 'shark fin' swim back into view. It could be any reason why there is this gap. Which is why I suggested waiting until you hear from the next DCA, then proceeding from there.

Edited by Cartaphilus

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Just reading between the lines here ... but it is not better for them to come to you, under the circumstances not invite any problems if they aren't there ... An allegory: if you poke a hornets nest then expect trouble but if you leave well alone, then don't. I hope that made sense.

 

 

Very good advice.

 

sadly a satisfied debt has pretty well the same negative impact as an unsettled debt in the eyes of a potential lender so there isn't much incentive to make an effort to pay once the debt collectors get their teeth into you anyway. Blinded by greed and spite and armed almost solely with dubious powers to register defaults against all and sundry they do seem to miss the bigger picture more times than not.

You could settle a £43 debt on condition that the default is removed, this helps you and helps them realise a likely profit of several hundred percent on the debt and everyones happy. Unfortunately the game to them is to get the money and continue to keep you unhappy so from their twisted viewpoint the default must stay and so there goes the only incentive.

 

suspect the reason they haven't been on your case is because the two very different types of credit were rolled into a single agreement in a way which might not stand up in Court, they'd stand to lose the CC balance for being greedy and consolidating it with the 40 quid bank a/c.

The default will drop off after 6 years from date of default but the account will not become statute barrred until six years have passed from your last acknowledgment in writing or by virtue of a payment.

 

Expect to hear something nearer the SB date as a desperate bottom feeder is sold the account. Put them to proof and CCA them for the agreement, I guess that might cause them some problems. Good luck!!

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As of 03/03/12 please do not under any circumstances wait for my further input or guidance on any current thread or defence of a court claim I might have been involved in on or through Cag.

Jasper1965

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Unfortunately, all the above is true, and as you say, you are so near 'drop off' time that the best you can do is to keep a low profile. Thousands of near sb debts are sold on a couple of months' before that date, and the lowest of the low in DCA Land then come out all guns blazing threatening all sorts of bad things will happen if you do not pay up AT ONCEsHa_biggrin5.gif

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Every journey begins with a single step :):)

 

Please note: I have no qualifications in this area - my advice is learned from the wonderful members of this Forum. Thanks to you all for your help.

 

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The only person entitled to your Personal Finance details is a Judge not a DCA

 

Move all banking activity to another banking group if you have a dispute - your funds can be used to offset debts within the same group.

Be careful with Banking details (card/account numbers) as these can be used to take unauthorised payments.

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Thanks very much all of you, I feel better about this now.

 

I will just wait until somebody contacts me about it and take it from there.

 

Thanks again.

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