Hsbc, debt and ppi

[Pick]

Hi was wondering if anyone could offer some advice,

I took a loan out with hsbc in 2005 just before i started work (was a student prior to this) and i already had an existing credit card with them. Over subsequent years i found it increasingly difficult to meet both repayments and coupled with up to £175 a month bank charges this soon hit crisis point. Anyway to cut a long story short i opened a new account and stopped paying hsbc. On my credit report it states i owe them £4500 on my credit card account and £8500 on my loan account. This debt has been passed to MKPD LLP who send letters occasionally which i am continuing to ignore so to my questions, i think i had ppi on both of these accounts but i don't have any of the original paperwork account numbers etc, can i try to reclaim it even though the account has not been settled and also are this new company likely to take me to court for repayment of the debt? Am i being silly to keep ignoring them in the hope this will all go away?

Many thanks for any help you can give

[dorishaslop]

Sounds exactly the same as the situation I am in with HSBC even down to the MKPD letters, I am paying MKPD and DG solicitors at the rate of two pounds per month just to keep them off my back but I would also like to know how to go about getting my PPI back so will await replies to this thread with bated breath. Thanks for starting the thread

[42man]

You can see from these forums that they do take people to court, if it was me in your position then I would be sending a SAR to HSBC to find out exactly how any charges / PPI is made up. I would also send a CCA request to MKPD. SAR costs £10 (to HSBC - send postal orders recorded delivery) and CCA request goes to whoever owns rthe debt now (so have HSBC sold the debt to MKDP ?) The CCA request should also be sent recorded delivery with a £1 postal order..

[Pick]

Thank you for the advice, i have taken it and sent a SAR request to HSBC and am currently waiting to receive any info back. I just have a few questions that i would be grateful if anyone could answer in the interim.

After digging around in some old paperwork i have found a copy of the original loan agreement( the loan was arranged over the phone and i was meant to sign and send back but obviously never got around to it) which states that the PPI with interest was nearly £2800 on a £9000 loan. Even after paying the correct monthly figure for over half the term of the loan i still owe £8500 as i have worked out that they have added my flexi loan and od to this debt too. What i'd like to know is should i go ahead with trying to reclaim this before the SAR info arrives or would it be better to wait until i have more info available? As yet i haven't sent a CCA request will doing so mean that i am aknowledging this full debt?. Raven recoveries are now sending me letters asking me to call them to arrange repayment, i haven't paid anything or contacted the dca for over 3 1/2 years but no mention of court action yet so don't want to upset them until i'm in a position to sort it all out ie pay them only what i owe minus any charges etc. MKDL own the debt now according to my credit report.

Many thanks

[Pick]

Hi just after yet more advice sorry! I've had info back re ppi from hscb. If I go ahead and reclaim will this reset the time limits for statute barred as only another 15 months left until it is and have worked out the refund won't clear all the debt. Really don't want to open a hornets nest here. Thanks

[Pick]

Hi thought I'd update for anyone in similar situation. I have managed to reclaim the ppi on my loan, tho hsbc have repurchased the debt so the refund will be offset and the debt will be significantly reduced and no more letters from mkdp . I've just got to send the acceptance form off. I have just checked my credit report and the default has also disappeared which is a bonus but I'm thinking it will be put back on once I've had the refund finalised. Bit confused about that, anyone know if that's what normally happens?

[dx100uk]

reclaiming ppi does not reset sb.

 

once a default disappears so should the account

 

dx