MCS/CL Fianance

[jonesylou]

we had a loan in 2004 with HSBC which got passed to MCS (HSBC in otherwords) and we agreed to pay £20 a month. we've never had any phone calls or letters off them even though we have wrote to them telling them of change of address in 2007 but phone numbers are the same. now it gets trickey lol, in oct 2007 they sell the debt to CL Finanace who again dont contact us saying they own the debt or anything, ive never given them permission to take the money out my account think mcs must have set that up. it no longer shows on our credit file thank god but we are having trouble getting a mortgage, if we dont get one we lose the house we are in:(,

 

looking on the net ive found it was illegal the way CL Finanace have gone about this as they have to by law tell you they own the loan and they never have.

 

how can i go about sorting this out? and what if i stop the £20 a month payment will they chase me for it and stick it back on my credit file?

[Bazooka Boo]

looking on the net ive found it was illegal the way CL Finanace have gone about this as they have to by law tell you they own the loan and they never have.

 

Can you post a link to the site you got that info from please?

 

I assume you had set up a DD with HSBC to pay the £20 mth?

Cancel it NOW!

 

They cannot re-enter it onto your CRF if it has already dropped off. Have you checked your CRF? Has the Mortgage company explained why they won't give you a mortgage?

 

If this has dropped off your file then it will be unlikely it is this. Maybe it is something else??

[jonesylou]

yeah its dropped off the file, it was only showing on my partners but now not, it was on this site that i got told about CL Finance.

im paying the £20 a month standing order to them now not mcs, if i cancel it will they chase me?? not happy paying it but dont want to be stuffed up if i stop paying it.

ill post the bit about CL Fiance now once ive found it.

[jonesylou]

If there was no letter of assignment to you, then it was not legally assigned so the debt can be disputed

 

 

 

that was taken off my last post called old debt, we've had no letter of assignment of CL Finance well no letters at all. only the one after i phoned asking how much we owed and how much to settle, we did this on the advice of a mortgage specialist, i asked them bout owing the loan and got the reply yeah we have since 2007. so i said well its 2011 and we've had nothing from you whats going on and the phone was put down.

 

really need to get this sorted. we passed the credit rating when we went to sort the mortgage out and then when the house details were put it thats when it failed. the lady sorting the mortgage out was stunned as we HAD passed the credit rating we were just finalisng details at that point. so we dont know why they wont give the mortgage now.

[BRIGADIER2JCS]

Post lost

[jonesylou]

no MCS didnt send us anything or phone to say they had sold the loan in 2007, it was only when i phoned them to ask how much we owed on the loan this year did i find out they had sold it.

[BRIGADIER2JCS]

Had a quick look over this, I would suggest

that you make a Subject Access Request to

HSBC to get all the data on the account,

it will show charges, the assignment of the debt

to third parties.

This costs £10.00 the have 40 days to comply,

use the template letter from the CAG library.

[jonesylou]

so that will show them selling the loan to CL Finance? do i need to write to CL Finance asking for a letter of agreement or something too? if they havent got one of them then can i dispute it? i need to sort this asap, i dont think this is whats holding up the mortgage as it has fallen off the crf, we did pass it first off but when the house details where put in thats when it failed which makes me think is there something registered that we dont know about against the house.? we private rent it atm.

 

 

thanx in advance for all ur help

[BRIGADIER2JCS]

Hi the DSAR must have ALL the information

held on the account, but there is no obligation for

them to send an agreement with this, some

creditors may do so others not.

You can as you suggest do a CCA request

to CL, cost is £1 send a postal order and get

proof of posting, they have 12+2 days to comply.

Template in the Library.

 

Brog.

[Bazooka Boo]

i asked them bout owing the loan and got the reply yeah we have since 2007. so i said well its 2011 and we've had nothing from you whats going on and the phone was put down.

 

That to me would ring alarm bells and I would stop paying immediately, then wait for them to send you a letter, NOT A PHONE CALL, detailing why they believe they have the legal right to collect this debt.

 

Have you never had a statement of account? this should have been sent to you annually so that you can see what you have paid what you still owe, and if they are adding interest or charges?

 

STOP the payments, seriously, they are laughing at you and simply using you as a cash cow, if your still not happy with stopping the payments then you MUST reduce it down to £1 a month and then wait for their threatogramme.

[jonesylou]

we've had absolutely nothing off CL Finanace about this debt, am in middle of writing a letter ot both MCS and CL Finance about this then i will stop the payments if i dont get answers, bit worried to stop them atm as we are trying to get a mortgage, checked my credit status on tues and it was showing poor, checked again this mornin and its now in the fine status so hopefully we can get things sorted asap regarding the house then i will be stoppin the payments. thanx for all ur help guys really appreciate it.

[BRIGADIER2JCS]

Just a quick but an important point,,

Please do not rely on the 3 figure ''magical credit score''

it is really meaningless as only the data subject

(you) can see it, lenders do not see and it

does not impact on credit decisions, lenders base

there decisions on the residential info, credit account management

defaults/late payments, CCJ's, GAIN, and CEFS,

together wit their own unique rating system.

It is always best to check check at least 2 of the CRAs

as data can vary.

 

Brog.

[jonesylou]

ive checked 2 and they are pretty much the same saying my credit is fine, no longer showing a default on my partners credit as its well over 6 yrs ago now,

got the letter here offering us the mortgage, it was when she put the house details in that it failed? not sure whats gone on all we know is we passed the credit score etc etc and they offereed us the mortgage only for them to back out of it, am seeing the bank tomoz to sort this out as we are now at risk of losing the house as we are buying the one we live in currently.

[BRIGADIER2JCS]

Sounds odd, addresses are certainly

''NOT BLACK LISTED'' in any way.

The only thing I can think of is there

is perhaps a problem with the Land

Registry entry.

I take it there are no CCJs on either

of you that have dropped off credit files?

 

Brig.

[jonesylou]

no no ccj's or anything only a default on my other halfs credit but thats now gone as its well over 6 years, cant see what the prob is cause how would of our landlords got a mortgage on it themselves, surely if there was a prob it would have shown up for them unless they have done something and put the house up for it as security??

[BRIGADIER2JCS]

Have you checked out the Land Registry

for any charging orders or notices of interest

in the property, any security being registered.

 

Brig.

[stormski]

Have you checked out the Land Registry

for any charging orders or notices of interest

in the property, any security being registered.

 

Brig.

 

Hi,

 

That was exactly what i was going to say..When my girlfriend bought this house there was a restriction on it...and the solicitors were really iffy about it.

 

( we paid cash though )

 

Regards,

Stormski

[jonesylou]

Have you checked out the Land Registry

for any charging orders or notices of interest

in the property, any security being registered.

 

Brig.

 

we havent checked this no as we were told the solicitor would when we got to that stage, it failed us for the mortgage when the house details were put in after we had PASSED the credit score etc and we were sorting out the paperwork and was going to pay for the valuation etc, glad i didnt pay the £300 now as the mortgage was turned down, seeing the bank tomorrow with proof our credit ratings etc are fine we have no defaults or ccj's so whats the problem?

[BRIGADIER2JCS]

Has to be Land Registry by the

sound of, I am surprised the

bank officer did nor explain why

the app failed on the property details,

a firm approach is need when you see

them again.

Brig.

[jonesylou]

all sorted out today thank god, all gone through fine no probs, they cant explain why it failed last time but its gone through now so not worried, for now lol. am still going to sort out MCS and CL Finance etc etc so that can be stopped and sorted out.

[BRIGADIER2JCS]

Well done I'm glad that's sorted

for you.

[Bazooka Boo]

Good glad it's done...

[jonesylou]

thanx guys glad its sorted, its defo a pass so just gotta sort out the next stage of solicitors etc now and paperwork, still on mcs and cl finances trail lol i will get that sorted too and then hopefully can draw a line under the whole thing and finally own our own house :)

 

thanx for all the advice over the last few days, will still pop on here if i have more questions (most prob will lol) and will keep u updated too.