HFC revolving credit agreement

[janis6670]

Oh well. just have to be patient and hope that no news is good news. lol

[janis6670]

Oh well, still nothing from FOS except the usual apologies for the delay. I have however received today notification that robinson Way have sold on my account to BCW. What to do now?

[dx100uk]

nothing

 

dx

[janis6670]

OK!!!

[janis6670]

So, some good news.

 

A few weeks ago, I let FOS know about some financial difficulties I was having.

 

They agreed to bump me up their waiting list and upheld my complaint against HFC.

 

Got the letter today confirming that I will receive an offer,

so just need to wait the prescribed 8 weeks to hear the final outcome.

 

Thanks for all the support received on here especially IMS and DX

[dx100uk]

good news then

lets hope HFC dont try their usual trick

of trying to pull a fast one on the calcs

 

dx

[janis6670]

Well as expected its not good news.

 

I have received an offer today from HSBC on behalf of HFC.

 

They want to pay me around £800 but intend deducting from a sum outstanding.

Around£10k.

 

I was under the impression that this debt had been sold on to Robinson Way

and the amount RW have been asking for over the last few years is around £6k.

 

If Hsbc no longer own this debt can they do this?

 

Help!!! (once again)

[ims21]

If they don't own the debt then there is no right of set-off.

 

Have you 100% established who owns this?

[janis6670]

Well I am sure I received paperwork in June from RW re selling it on to BCW. How would I establish who owns it and what should I respond to HSBC

[ims21]

Your credit file will help you establish the owner.

 

Also, if you have a notice of assignment that will confirm the sale from one party to another.

 

Your response to HSBC will depend on who actually owns the debt.

[janis6670]

Thank you IMS for your fast reply. This debt does not appear on any of the CRa files. I will see if I have the letter from June.

[janis6670]

I have the letter dated June 13 that states that RW legally assigned the account to Hoist Portfolio in November 2012. My mistake, BCW are trying to collect on their behalf.

[dx100uk]

right so RW own it

 

its been sold

 

HFC cannot offset.

 

did you ever SAR HFC and get all the statements?

 

my thinking is there is prob a 6yrs gap somewhere in your payments anyhow.

 

so the debt was SB even before you paid RW.?

 

how much is the PPI offer for?

 

dx

[janis6670]

Thanks for that. What can I say in response? The offer is for £800+

[dx100uk]

you need to answer the other questions I posted

 

dx

[janis6670]

Sorry Dx,

Yes RW owned it for a long time, I think.

 

As I understand it, Hoist have taken over RW. Is that correct?

 

I have not sent a SAR off but I did at one point do a CCA. and have that original agreement

 

I don't honestly know about the 6year period for SB.

 

I do know that my last payment to RW was in Sept 2010

 

Is there anything else you need?

[dx100uk]

I think you really should be sar'ing HFC and get all the statements.

 

yes RW are hoist.

 

dx

[janis6670]

Will do. Should I write back to HSBC in the meantime advising I will accept but only if paid direct to me?

[dx100uk]

You no longer own the alleged debt and have no right to withhold monies in respect of it. If XXXX wish to pursue me for any amount they allege I owe them, that is their prerogative.

 

The authority for my views is the case of Edlington Properties v. Fenner & Co. Ltd [2005] EWHC 2158 (QB) which affirms this position, that the assignor has no right of set-off to a third party (assignee) for a damages claim brought against it post-assignment, as any equitable set-off in this regard is personal in nature and the debt sold is not transferred subject to it.

 

Further information on the right of setoff can be found on the Financial Ombudsman’s site which clarifies in layman’s terms the rights of banks to take the action you indicated in your settlement letter. Banking: firms' right of 'set off'.

[janis6670]

OK, so I have sent off these letters today

[janis6670]

Letter was signed for on 8th October and I have had no response. any benefit in contacting FOS or will I write again with a response time required

[dx100uk]

sar is 40days

 

they know what you are now upto so they prob wont reply further yet.

 

dx

[janis6670]

I haven't even had a response re asking for my payment to be made direct to me.

[janis6670]

the adjudicator at FOS tells me that HFC are sticking to their guns by saying that they are entitled to offset this payment

because there is an outstanding amount.

 

This is despite the fact that they no longer own the debt and have even acknowledged that.

 

It is being passed back to an Ombudsman for further information. Help!!!!

[janis6670]

This dispute has now gone back to an adjudicator at FOS.

 

I have been asked to provide evidence of the debt owner and my financial hardship.

 

I am happy to do this but how can HFC even think about disputing who owns it when it was so clearly sold on many years ago