HSBC loan want to F&F - **Settled**

[billywhizzm]

Hi All,

 

I have a personal loan debt with HSBC which on passed on to Metropolitan Collection Services Ltd.

 

I have received a full and final settlement offer of almost 20% of the total debt which I am happy to pay.

 

Just wondering is this some trick from them or genuine offer. Please advise what measures I need to take before pay them?

 

Thanks in advance.

 

Billy

[impecunious]

20% isn't such a great discount. If they're offering a Full and Final Settlement Offer might suggest lack of an enforceable agreement, or its nearly statue barred.

 

Have you requested your CCA yet? I'd do that first, have it checked on here for enforceability and, depending on the result, you can then decide your best course of action. You'll find appropriate template above - it will only cost you a £1 - postal order.

 

When looking at F&F settlement offers, I'd suggest you start really low -- say 10% of total debt (e.g. 90% discount) - then you can slowly work your way up. Remember if Metropolitan have bought the debt (I'm not sure what their relationship is with HSBC) they probably bought it for pennies in the pound.

 

Don't rush to accept their current offer.

 

You'll get lots more advice.

 

Impecunious!

[harrassed senior]

If you are happy to pay this sum, then you must get a very carefully worded offer from them before payment. As such, it is, IMHO not a trick, but, they will in all probabiity sell the balance left unpaid to another DCA who will still come after you for that balance. It may well be full and final to THEM, but the balance is still outstanding!

 

You need to think about this carefully, and if one of your major concerns is your CRA file, then being marked partially settled will make no difference to how your report is perceived.

[PGH7447]

MCS in house hsbc dca, be very wary of these; get it in writing that this is full and final and that if any attempts are made in future by ANY dca to collect the remainder will result in legal action against MCS and HSBC

[firstship]

Metropolitan,is the in house nastie,of Hsbc..............

How long ago did you take out the loan????????????????

 

Repeat question from IMPECUNIOUS

have you CCAd Hsbc?????????????

 

I have doubts about this offer it has all the hallmarks of no agreement,

also was PPI involved,

 

just step back for a moment and think about it 20% not very much so why the offer???????????........FS

[billywhizzm]

Thanks for the response.

 

Below is the wording in the settlement letter.

 

"

We confirm we are prepared to accept £****** in settlement of this account.

 

 

Remember to take advantage of this settlement proposal you must ensure this amount reaches us as follows.

 

£****** by the 00/00/00

 

Failure to to make this payment is likely to result in the offer of settlement being withdrawn.

 

When your payment is cleared, we will notify the relevant Credit Referenc Agencies to mark as satisfied any default registration relation to this debt.

 

 

Yours Sincerely

 

MCS

[Bazooka Boo]

Please read first, http://www.voltimum.co.uk/news/2312/cm/the-law----full-and-final-settlement-.html

[PGH7447]

that is not a full and final offer

[billywhizzm]

Just and update I have settled the amount by paying almost 18% of the total amount.

 

1 question though I had a HSBCcredit card debt last year. What HSBC did was took the money directly from my other account and settled it off for full amount.

 

It was my mistake that I left that money in my HSBC account. Can i go back to them and give this recent example and claim my money back?

 

 

Thanks

[billywhizzm]

Just thought to post the link for the for HSBC credit card debt

 

forum/showthread.php?213104-DSG-Solicitors-(HSBC)&highlight=

 

cant post the full link.