Old HSBC Debt that we have been paying off monthly

[Never trust banks again]

Hi Everyone

 

My wife and I hit difficult times in 2008 like most people and we eventually faced the Grimm truth that we could not afford our debts in 2009.

 

Two of these debts were with HSBC, credit cards, that we agreed a zero percent interest rate and a fixed monthly fee to pay them off.

Our combined debt equated to nearly £14k.

 

In 2010 we signed with Payment services Bureau so that we could avoid paying interest.

We signed standing order mandates to 2018 for my wife and 2020 for me.

 

Over the last few years we have never missed a payment

and the standing orders continue to go out of our bank account every month without fail.

 

I have never received any official letters from HSBC stating any re-assignment

and the fact that the standing orders keep going out have made me suspicious of recent claims by Cabot that they can hassle me for the balance.

 

Tonight I have returned home to see two letters from Reston Solicitors stating that they have been instructed to seek immediate payment of the outstanding monies.

They have given me two weeks from the date of the letter to settle - is this legal??

 

First of all I've never signed anything with them.

 

Second, I have never had a re-assignment letter on official HSBC paper.

 

Third, I received the letter today (November 16th),

how can they demand a response in just over a week?

 

Fourth, the balance they have demanded between us is just under £6,500

so why the high pressure when we've already paid off over half the outstanding amount from 5 years ago?

 

I am working away for a few days and this really limits my capacity to research these parasites.

Could somebody help me please?

 

I have attached the three letters

- HSBC to confirm deal and freezing of interest

 

Payment Bureau to agree repayment schedule and Reston threatening us

 

We have almost two sets of identical documents, the names, dates and values are the only differences.

 

Can somebody help me with the next steps I must take please?

[fkofilee]

Yes its legal to sell the debt, but it must have been sold to a DCA nonetheless.

You are paying what yuou can afford i suppose? The arrangement you had MUST remain.

 

If this did go to court, then they would have quite a few problems anyhow!

Have you been paying to HSBC over the last year? If so this is why MArlins have got Restons involved.

 

LEt the site team advise... Could be an interesting one...

 

FYI, they have offered a settlement figure... They wouldnt do that if they knew they could go for the full amount. Have you ever sent a CCA request?

[AndyOrch]

Responding to reported post.

 

If I may ask how much are you already paying them monthly ?

 

Regards

 

Andy

[Never trust banks again]

Hi. We've been paying just under £125 per month between us.

 

They haven't offered us a settlement figure but have included this - "Furthermore,, our client has asked us to draw to your attention an opportunity for you to clear the account at a specially discounted settlement figure, if you are interested you should call the number above."

 

I've just written the 2 CCA's.

 

As Restons have asked for all comms to go to them, am I correct in writing the following at the top of the CCA Request:

 

"In accordance with your letter dated 12 November 2015 and received 16 November 2015 re the above reference, I comply with your request to send all communication to the above address."

[AndyOrch]

Okay thanks...well reading between the lines it looks like Pestons are not aware of your payment plan...or Marlin either...I assume you are still making payment to HSBC?

[Never trust banks again]

Oh yes, regular as clockwork and I have the bank records to prove it.

 

Does this mean that if I keep up the payment agreement I had then they cannot touch me?

 

Should I refute their claim and tell them I'm still paying HSBC

- surely it's none of their business as I've never had a reassignment letter from HSBC

- I had a dodgy photocopied letter some time ago but no way was it a genuine HSBC letter!

[AndyOrch]

Nothing to refute yet ...until they issue a court claim.....So you have had a Notice of Assignment...don't worry all NoA are dodgy and I fully understand you disregarding it and continuing your payments to the Original Creditor.

 

I bet you didn't get a letter from HSBC refusing and returning your payments and have happily accepted them even though this debt was sold in 2014 ?

 

This is what I would do...CCA to Marlin......DSAR to HSBC...phone call to Pestons advising them same and that HSBC are currently accepting monthly payment plan which exceeds their offer of monthly payment...that you would gladly except their much reduced monthly payment once their Client has responded to your section 77/78 requests (CCA).

 

Once you get your data back on the DSAR check where all your payments are going...if they are not reflected in the statement ..cease payment immediately.

 

Regards

 

Andy

[dx100uk]

CCA request

SAR

 

 

read the full threads first.

 

 

FWIW: Payment servs are metropolitan cols servs which are HSBC's own internal DCA.

 

 

I would very much guess a lot of these debts are mainly PENALTY fees and PPI.

all reclaimable too.

[Never trust banks again]

Thanks Andy.

 

No - funnily enough, never got that letter from HSBC refusing my payments.

 

I'll do as you suggest and see how we get on. Do I CCA Marlin via Restons or direct to Marlin?

[dx100uk]

see post 8

 

 

regards

dx

[citizenB]

I would just respond by advising Restons that there is an agreement in place with HSBC (or whomever), in writing for you to pay the amount you are already paying. That your circumstances do not permit you to increase your payment.

[Never trust banks again]

So I sent off the four letters to the appropriate companies.

 

Within 24 hours Restons have written back saying they had:

 

"received a draft letter which purports to come from you but is unsigned. You will appreciate that we must ensure we are corresponding with the correct person and that anyone requesting information is entitled to receive it. Please ensure that all documentation is signed failing which we will not acknowledge receipt nor provide any response."

 

Funny they didn't return the exact same letter send in my wife's name.....?

 

I also tried to call them to say I had an existing agreement in place which I had fully honoured and was concerned they were chasing me for a payment but it seems that when you call the solicitors office, they are merely interested in receiving payments as they would not take calls for speaking with 'Account Managers'. Luckily have it all recorded.

 

I propose writing back to them but do I sign a letter stating that letters do not need to be signed for any legal reasons or do I just sign it and be done?

[dx100uk]

no ofcourse not

they know full well they don't need to be signed

 

 

they prob don't even know what your sig looks like anyway

[AndyOrch]

Why did you write to Pestons?...a phone call would have sufficed...you wont get any sense out of them ..that's why I didn't advise that.

 

The only English they understand is.......C H A R G I N G O R D E R S

 

Andy

[Never trust banks again]

Hi Andy

 

The letter said all correspondence was to go through them and I didn't want them to take it any further as I have never communicated with Marlin.

 

I tried calling Restons and recorded the conversation but you cannot get through to anyone unless you want to pay

 

- so I left a message and am in the process of sending a follow up letter

 

. I have sent the letter back to Restons with the attached info

 

What do you recommend I do?

 

I can stop the letter as it is being sent tomorrow morning.

 

I have been working away all week and was only home on Monday evening and this afternoon so I've had virtually no time to do anything.

 

NTBA

[AndyOrch]

CCA goes to Marlin ...not the Solicitor...DSAR to HSBC...with regards the letter its pointless and they will file it it in the bin ..I can assure you.The debt has been assigned now to Marlin you will have to accept that and decide if you wish to to transfer your payment to them...once you resolve what HSBC are doing with your current payments...I assume they are transferring thm to Marlin ...but that's what the DSAR is for ....to clarify.

 

Ignore Pestons for now ..you don't require anything from them...and the only thing they want from you is your money.

 

Regards

 

Andy

[Never trust banks again]

Cheers Andy

 

I sent the DSAR's to HSBC last week and I will write to Marlin today.

 

Why would they only return my letter and not the one for my wife? Her agreement ends 2 years earlier in 2018 - would that make a difference?

 

Where do we stand if we had an agreement with HSBC to pay back the debt over a fixed period of time at zero percent interest and then they sold the debt, without consultation, to a 3rd party?

 

Are we liable for interest even though our original agreement negated any further interest and we didn't break the contract?

 

Can they foreclose on the debt for immediate full payment when the agreement was for repayment plan over a number of years?

 

We didn't sign up to either of the two conditions above - so what are our rights? Some of the stuff I've read on here in other threads is totally logical but some of it just doesn't make any sense whatsoever.

 

Thank you to those who have assisted thus far.

[AndyOrch]

"Where do we stand if we had an agreement with HSBC to pay back the debt over a fixed period of time at zero percent interest and then they sold the debt, without consultation, to a 3rd party? "

 

The agreement continues and passes to the assignee...if interest was frozen then also stands...In reality unless you have it all in writing as an agreement...once a debt is assigned the new owner can basically do as they wish...but the account is terminated so there should be no charges or interest added...but they should still preserve the amended agreement to T&Cs.

 

They shouldn't foreclose as you are making payments ( unless Marlin are not aware but that's were the DSAR will come in and were your payments are going)

 

Regards

 

Andy

[Never trust banks again]

Cheers Andy

 

I cannot tell you how relieved I now feel. Thank you so much.

 

NTBA