HSBC 'managed loan' now OD - sold to CL Finance/Hoist/Lowell - paid until late 2018 - help

[Bandit127]

1. SAR (£10 fee, I believe) to hsbc. Can someone clarify the current correct address for hsbc current accounts.

I sent mine to:

Group Data Protection Manager

HSBC Bank Plc

8 Canada Square

London

E14 5HQ

 

Surely if HPH bought an old debt for "pennies in the £" the amount they say is owing, isn't really the amount owed ???

If one offers a settlement I understand dcas have the ability to write only partially settled on your CRA file. But if the debt was sold at a really low level and I clear (evenutally when I get more £s) it at that level, then surely the debt would be settled in full, not partially ???

 

The purchaser just buys the rights and duties to the debt under the Law of Property Act 1922. They do not buy the debt itself. Therefore, what they paid and what you owe are separate things in law.

 

I actually got a copy of part of the deed of assignment in one of my requests (I think this was a mistake on their part. I knew the difference and asked for a copy of the Notice). All it stated was that my account was part of a bundle covered by the legal agreement. No figures were mentioned.

[Old Cogger]

canada square is best as you will get to the department (if you are lucky), AS OTHERS FROM EXPERIANCE PLAY PASS THE PARCEL.

[citizenB]

I always send SAR to HSBC's Head office, at least it gets to the department it should !

[HP Mum]

Can someone please advise the situation when hsbc sends back the Postal Order

- saying the signature on my letter does not match the one they have on their files?

 

I seem to remember that this was an issue - ie that they could "manipulate" documents.

 

We seem to always be advised not to sign, just scribble or digitally sign letters - so how do I respond to this request?

 

They sat on my SAR request for more than a month.

 

And have sent several sheets asking me to go in to a bank to verify who I am....

 

Seems huge time wasting exercise given my address is the same as it has been for many years....

 

And I am who I am....

 

And have returned the PO

[dx100uk]

have you moved since you took the credit out?

 

you should ALWAYS sign an sar properly.

 

there has never been and need to not do so with an sar to the OC

 

dx

[HP Mum]

Update:

I resent the SAR request in Mid May, got a response mid June saying hsbc will provide all info by mid July

So I wait to see what they produce.

 

 

In the meantime I continue to make my monthly payments.....

[HP Mum]

An update:

I have received a letter regarding this account.

 

The company 'owning' the debt - apx £20k - has offered a large discount if I settle.

If I pay £4; they'll discount £16... What is their financial rationale behind such a statement????

 

They say my credit file will be updated to show 'partially settled'

BUT this debt is not currently showing on my CRA file....

 

I don't have the funds to make such a settlement now but..

..if I do enter into correspondence with the dca and eventually agree a settlement amount

(maybe later this year if my finances improve)

can they update my CRA to show the account is partially settled when currently this account does not even show?

(It fell off my file ages ago as the debt is so old)....

[dx100uk]

once its gone its gone

its not hurting you

 

 

and if they are offering a discount

as we already know 90% of these managed loan debts are bogus anyway

because of the unlawful way the OC 'managed' them.

 

 

pers id totally ignore them

unless they are stupid enough to issue a claimform.

[HP Mum]

thanks dx

 

 

im currently paying a nominal amount every month. it would be good to get rid of the debt. But I cant offer anything yet....

[dx100uk]

pers I would of stopped paying years ago

all yo are doing in lining their pockets and delaying the SB date.

[HP Mum]

update

I have received another letter from the dca: CL.

They are again offering the opportunity for me to pay £4k against what they say is a £20k debt.

I have paid about 6k to CL since the debt was assigned to them, 50/m.

Its not secured and its not a managed loan - just a regular old debt.

Its also not on my CRA file. Even though they suggest they will add it to my records as being 'partially settled'. No-one would see their recording.

I don't have the 4k or anywhere near that to be able to pay them anyway.

But I do wonder what would happen if I stopped paying the 50/m - as someone last suggested on here....???

[dx100uk]

You should have stopped 13 yrs ago

It is the managed loan that HSBC dumped into the OD

[HP Mum]

Hsbc TRIED to put it into a managed Loan. I never agreed.

So it is just an OD debt that i am paying 50/m against to the dca - CL

 

If I stopped paying

- I know I will get threatening letters from Rob Way

- cos that is what has happened before.

Are they just empty threats?

 

I thought that because I had been paying monthly that it isn't SB.

 

Could they take it to court as an unpaid debt- even after all these years?

 

I just don't need the hassle of threatening letters at the moment....

[dx100uk]

Sorry but they did

Look at it this way

That OD

You never asked to borrow or have that vast figure

And they'd never give it you

 

So look thru the sar and look at what they did

 

You should have stopped paying 13 yrs ago

But you let yourself get cash cowed

 

Let them goto court and prove you asked for £10k's OD

They can't

[HP Mum]

Sorry. It's been a long day... and it was many many years ago.

 

they did "give" me that amount of money.

It was a business account (sole trader/unsecured) and they allowed me a huge overdraft because my biz had historically been very successful and my t/o was large; my profits good.

 

things changed and they asked me to repay the od. And I couldn't.

 

So, tbh, I did have the benefit of that amount.

I just couldn't repay it.

And it was unsecured.

 

they passed the debt to a dca.

And I've been paying 50/m ever since.

 

I guess because it was unsecured I should have stopped paying the 50/m??

I had so many other battles to fight that I did not want to run the risk of them getting a CCJ or CO.

It didn't seem such a big deal to pay this amount to "buy" my "freedom".

 

It is just cos time has passed and they have again said I can pay a tiny % in the £ that I now think that they are chancing it;

that the balance has already been repaid by the apx 6k I've already paid over the years in my monthly payments.

 

I'm really struggling with the 50/m at the moment.

Whenever Im late Rob Way is so fast with a threat letter.

And then they offer 16k off the debt....

So what to do??

Stop and just see what they do?

[dx100uk]

yes

£16k discount!!

 

ive said this so many times

why do you think a world wide bank sold such a large debt and didn't crush you in court

because its a lemon an unenforceable

[dx100uk]

open

 

dx

 

[HP Mum]

just re-visiting this after a few years

 

I've received letters from Hoist this year: "do I need help to manage my account?".

 

So much time passed I'd pretty much forgotten who Hoist are and what debt they're chasing!

A bit of file searching and I now realise that its an old hsbc personal overdraft debt - from 2006.

 

The thread title here is a bit misleading as hsbc tried to put the o/d into a managed loan - and failed.   I refused to sign any of their consolidation docs.  The personal debt remained unsecured.   I regularly paid a small monthly amount to dca - CL.   I stopped paying a few years ago - as advised here.   Its not on my crf.  Its not long ago enough to be sb.

 

Back in 2017 the 'alleged' debt was apx 20k and they offered a £16k discount.   in 2021 the 'alleged' debt is quoted as 20k.

Is it ok to just continue to ignore hoist? 

 

 

 

 

Edited February 19, 2021 by HP Mum

[dx100uk]

Ignore then

until or unless you get a letter of claim

[HP Mum]

thanks dx.  Will do.

Will keep this thread updated - if I hear further.

 

[AndyOrch]

Topic open

[HP Mum]

Had another couple letters from the new dca for this old overdraft - Hoist.

 

**Just as a reminder it isn't a 'managed loan' - it's just an unsecured overdraft.

 

Hoist wrote in Sept - asking me to set up a payment plan !

 

Hoist wrote start Nov  - asking if I need help managing my account.  They state the debt as £20k.   

The last dca was CL and I stopped paying them a nominal monthly amount years ago - but not long enough ago for it to be SB

 

Shall I just file and ignore?

[dx100uk]

[HP Mum]

Assuming that means ignore !!  Which I will then...

Thanks DX

[AndyOrch]

Topic open