Been paying 'managed loan' Merged debts since 2006 - is this a dn?

[coly coly]

Also, can anyone help me on the Formal Default / default issue? Should this merged loan still be on my credit files after 10 years or not? Help, please?

[AndyOrch]

Normally once a debt has been assigned (sold on) there is usually something wrong with it or its simply not financially viable to litigate it.If a DCA failed to comply with your CCA request then as Imp states you would be fully entitled to withhold payment until compliance.

 

As stated your debt remains with the OC until such time it is assigned then that option can be risky..even though technically correct...however if the case is that the agreements cant be provided..this puts you on the higher ground and adds leverage to possible make a discounted F&FS or drop your payment to what you can comfortably afford.

[havinastella]

Send the SAR as advised. Nothing more, nothing less.

 

When you have the SAR, you can address everything else.

[coly coly]

If a DCA failed to comply with your CCA request then as Imp states you would be fully entitled to withhold payment until compliance.

 

My reading of that post was to stop paying. Period.

 

The debt is still owned by HSBC as I made clear from post #1.

 

I got the impression from posts that that this being a "merged loan" made it somehow illegal or unenforceable?

 

Is that only the case then if a loan, credit card and current account overdraft are lumped together and then sold on to a DCA?

 

One of the reasons I asked about the Default/default issue was because I am already on low repayments

but am tiring of it being on my credit files when I defaulted over 10 years ago.

 

Sorry, I mean "Managed Loan" not merged loan.

[dx100uk]

there are certainly lots of issues if you go read the managed loan threads here.

[coly coly]

I've trawled those threads 3 times now and there's nothing that appears to correlate with my issues on this managed loan.

 

 

If you could highlight one that would be great.

 

 

However, Citizen B In a thread on the managed loans posted this a few years ago:

 

"managed loans, hateful things and very cleverly used by HSBC.

You automatically lost the protection of the CCA1974 when they rolled that up

and any errors on the agreement in respect of the loan that was rolled up alongside it,

would also be lost in the mists of time."

 

Is that correct? It backs up the response I got on my own CCA request in 2010.

 

If so, presumably there's nothing more can be done.

I will report back on the SAR although I'm not sure how that will assist regardless (?).

 

I still have the question about the CRA reporting and i'm wondering if anyone has an answer to this question?

If not, can cag point in the right direction?

[dx100uk]

So now you know

I,d complain anyway

See what they say

 

As for the cra file

So you were never defaulted?

 

I wonder if you were and it was never reported??

 

Await the sar for now

[coly coly]

I wasn't formally Defaulted in the sense they didn't record a Default on my credit files in 2006.

 

It reappeared as an AP last year.

 

I did default though, as they merged all defaulted debts (loan, cc and overdraft into the managed loan).

 

I vaguely recall reading somewhere that if they should have recorded a Default

(minimum payments / frozen interest repayments)

then the can be told to remove data from credit files.

Is this the case?

Edited July 20, 2016 by coly coly

[dx100uk]

there have been several good results whereby the AP should have had a default registered correctly at the time of the third missed payment.

 

 

pers , once you have the info from the sar in your hand and we can confirm things

pers i'd be complaining to HSBC that there should have been a default registered at the third AP marker [lets say]

 

 

then the debt atleast would not now be harming your file....

[coly coly]

That's right. Although they didn't file the AP at all until recently, so the sequence of events were:

 

2000 took out overdraft and credit card

2003 took out personal loan

2006 defaulted and then put on Managed Loan merging the 3 types of debt

2010 CCA'd them but told it was all merged and therefore the CCA did not apply

2015 AP account filed on my CRFs

 

I have sent the SAR so will see what that comes back with (hopefully they will send lots of microfiche documents going back past 6 years).

[renegadeimp]

Edit

[coly coly]

Edit

 

It doesn't surprise that your remarks were edited.

 

Post #24 sensibly highlighted the danger of simply withholding payments in these circumstances. Great care is needed and calling people "cash cows" and encouraging them to stop paying and potentially making matters worse is reckless.

 

You also expressed surprise that the debts were merged. Yet that was been clear from the outset.

 

I have requested my SAR and have also revisited the CCA request.

 

 

For the present that is all I am being advised to do by more knowledgeable contributors on this forum and I will report back when I have more information in which to base a viable dispute with HSBC.

[coly coly]

I attach a letter just received from HSBC and a copy document enclosed with it which they sent to me in 2012 called a "Final Demand."

 

 

Firstly, does anyone know if they SHOULD have formally Defaulted my accounts (there were 3 in total, a credit card, personal loan and overdraft) in 2006 when I first defaulted on my repayments?

 

 

Secondly, is the Final Demand a formal Default Notice then? They appear t be saying that it is and that it doesn't matter if I defaulted 10 years ago, what matters is me receiving the Final Demand in 2012 for the purposes of CRA reporting of a Default. Seems grossly unfair to me. Any thoughts?

 

 

Thirdly, HSBC deny that amalgamated accounts are unlawful and put to me to proof / legal authority. They state that consolidating the 3 types of debt was "merely an administrative step."

 

 

Finally, if I have inadvertently left anything personal on the attachments on this thread do let me know (!) as I have tried hard to conceal all but the necessary dates and vital info.

fd..pdf

[dx100uk]

nasty buggers.

 

 

what always urgh's me about these managed loans is they merge them under the bank account number

not the Card nor the Loan

so they know full well theres nothing you can do about it, to put it bluntly.

as its then not covered by the consumer credit act..

 

 

however in this instance I see light at the end of the tunnel....

 

 

I totally disagree with the statement...

the amalgamation of three three accounts was merely an administrative step to facilitate the transfer of the accounts for debt recovery purposes.

 

 

the word merely being their attempt to lighten the issue.and get away with it

no that's wrong.

 

 

the individual accounts should be reported separately to the CRA providers

thus atleast one of them would not not be showing.

 

 

they should have defaulted all three account when you paid your third short payment

and stepchange should have sorted out that that happened then too.

 

 

today there has been another good win whereby old defaults were not registered in a time ly fashion etc etc

and it went to the FOS

 

 

the fos awarded compensation and the wiping of the credit files.

and although not the same bank

all the interest back etc etc,

 

 

it is worthy do get all the info and keep pushing.

 

 

dx

[coly coly]

they should have defaulted all three account when you paid your third short payment

and stepchange should have sorted out that that happened then too.dx

 

 

Back in 2006? That's what I think, but do they have any mileage arguing that it only matters if the account is passed to collection? Between 2006-12 it was managed by First Direct on the managed loan.

 

 

 

it is worthy do get all the info and keep pushing. dx

 

 

I have sent a SAR and will hang fire on escalating to the FOS until that info arrives, although HSBC may try and pull the 6 year DPA excuse. I do have old CCCS DMP statements from 2008-ish though which refer to the First Direct managed loan. First Direct refused to accept the CCCS DMP but the CCCS budgeted the managed loan into my repayment schedule (as mentioned I came off the CCCS DMP).

 

 

Is the Final Demand a Default Notice?

[dx100uk]

I believe on a bank account that there is no DN so it might well be the final demand yes

 

 

but IMHO that's all immaterial

the individual debts would have been defaulted I bet for them to have need to merge them.

so that's unfair too.

 

 

it shouldn't be showing and CCCS are to blame on that too.

 

 

dx