1st Credit - please help

[chumbers]

Re: 1st Credit - please help

Hi Elsa,

That's not actually anything to do with my account number - I checked it out.... it's some reference of theirs. I've blocked them out anyway as it's best to be safe.

[chumbers]

Re: 1st Credit - please help

Hi All,

Are there any ideas in terms of where I stand with this? Any thoughts greatly appreciated....

Many thanks

S

[nightwatch]

Re: 1st Credit - please help

Hi Chumbers
sorry for the delay in replying but I am a bit stumped on this, if I have understood this,you say the overdraft and other accounts were bundled up as a loan? if so then how can they say it is an overdraft for such a large amount?
, my only suggestion at the moment is that you write back and insist that you never had an overdraft facility for such a large sum of monies. so need clarification of when, where and how the overdraft was agreed.

[julian]

Re: 1st Credit - please help

Hi,Chumbers.

Not sure how much you want to hide, but the detailed account details and the reference numbers will identify you to anybody in the companies you are dealing with. Personally I would take them down, and just send the info by PM to any of the site leaders requesting them.

With regard to the initial info the DCAs receive when they buy a 'debt', they are lucky if they get a single line with the details of the debt, e.g. Joseph P Bloggs; 12/03/45;£15,421;06/07/08 where name, date of birth, amount and date of default are all the details passed on a spreadsheet covering the portfolio that has been bought. So it could be 1 entry, in over 10,000 lines.

The classification of loan, overdraft, credit card can be lost as the accounts are passed between departments and companies, but the DCAs do not always have enough information to identify what they are dealing with, and sometimes invent, or even produce somebody else's account details.

The details you posted are confusing. This may be the next step, to SAR to the bank so that you can identify all the accounts you have had. With this information, you may be able to see what has been consolidated and where it has been sold onto or managed by a 3rd party. However, you could wait until Niddy has had a chance to catch up with the thread, as he moves in mysterious ways where 1st Credit are concerned.

[julian]

Re: 1st Credit - please help

You could claim excessive charges, but may end up with nothing as they will probably just knock the sum off any outstanding debts.

[chumbers]

Re: 1st Credit - please help

Nightwatch: Thanks for this - I am tempted to send them a letter requesting hold on any actions until the confusion about overdraft vs loan facility has been cleared up. I have never had an OD more than £2K...

Julian: If I was to send an SAR - would that be for each account i.e. personal and business?? or just one under my name which should deal with everything? This has always been unclear to me.

If I claim excessive charges and they clear the log that's fine, but as long as it clears... (which is not ideal as it has disappeared from my credit file). I worked out approx. £12K.... without the full amount of any interest.

If there is still info on the attachments that I should remove, please advise me as I am a novice at this....


Many thanks

Chumbers

[IF]

Re: 1st Credit - please help

Hi,Chumbers.

Not sure how much you want to hide, but the detailed account details and the reference numbers will identify you to anybody in the companies you are dealing with. Personally I would take them down, and just send the info by PM to any of the site leaders requesting them.

Thank you Julian, I have removed the attachments
If you see this again please could you press the report post icon and we will remove attachments straight away, thank you again.

[IF]

Re: 1st Credit - please help

If there is still info on the attachments that I should remove, please advise me as I am a novice at this....


Many thanks

Chumbers

I've removed your second post of attachments, as Julian was right, ref numbers were showing

Best wishes
IF

[Never-In-Doubt]

Re: 1st Credit - please help

They are saying in their letters that this relates to an overdraft - no, the documents above relate to a Managed Loan (unique to HSBC) where they usually amalgamated several debts into one - usually a managed loan which means you can still use banking etc (with no OD) and not get hit with loads of charges etc - they usually amalgamate loans, cards and OD's into one single payment.

There is no way is this an Overdraft - it simply cannot be, otherwise why is it detailed as a Managed Loan - as such s.77 kicks in and you are entitled to see the agreement - however we all know they didn't often give an agreement, it was something the branch did to combine debts as explained above.

So can you please clarify what you understand this debt to originate from and also if you signed to accept the managed loan?

[chumbers]

Re: 1st Credit - please help

Hi All,

After many months of waiting - I have had a response from 1st. Attached is their response.

I also did an SAR and received an A4 box full of information.

My query is actually now whether they have the right to collect. On the SAR statement - there is some text that identifies this account and is states "Debt written off by debt collection agent" on 4/11/2014 - that was Metropolitan Collection Services who randomly stopped collecting and notified me that someone else would now deal with this. From then, I heard nothing until 1st wrote to me.

Does this make any sense? If it's written off surely it's not collectible or enforceable..??

[Pixie]

Re: 1st Credit - please help

Hi, I'm not sure if the numbers on the bottom of the page that says "Page 2/7 Restricted" (the actual agreement) could identify you.

I don't think that the debt would be written off as such, maybe just that Metropolitan had decided not to continue trying to collect it.

So can you please clarify what you understand this debt to originate from and also if you signed to accept the managed loan?

From the documents it seems that you did sign but could you answer Niddy's first question?

[SXGuy]

Re: 1st Credit - please help

Not quite. The debt was passed the 1st credit at which point it's written off by the original creditor. Metropolitan are the same people

[Pixie]

Re: 1st Credit - please help

Thanks SXGuy.

[chumbers]

Re: 1st Credit - please help

Hi, I'm not sure if the numbers on the bottom of the page that says "Page 2/7 Restricted" (the actual agreement) could identify you.

I don't think that the debt would be written off as such, maybe just that Metropolitan had decided not to continue trying to collect it.



From the documents it seems that you did sign but could you answer Niddy's first question?

Hi Pixie,

I don't think they can as it's just the page numbers and the date..... and yes, I did sign the paperwork! The account disappeared off my credit file early this year and has not re-appeared.

In terms of Niddy's question, the original loan agreement came from a personal loan (which was used for business and they knew it - to purchase a van), business account overdraft facility, personal overdraft facility, and master card balance. They amalgamated all these in approx. 2005 into a single managed loan of approx. £20K when I struggled and called it a day with that particular business.

I used to pay an amount towards that but was struggling financially and missed a couple of payments. In 2007, they re-packaged a much smaller O/D and the rest of the managed loan on a monthly plan (without hardly any interest) after managed debt advisors took me down the road of defaulting on everything. From this point, it went over to the debt collection agencies.

Hence, there is a mixture of sources by which this is made up - which is business and personal.

Any advice would be most grateful - not looking to avoid what's reasonable and if it means coming to some agreement, then so be it. I am just not sure if they can enforce the agreement, whether it's legal and whether it's possible for me to default again on the same debt as I don't want to risk more credit punishment than I have had previously. If I come to an agreement, will it show on my file?

Many thanks

[Pixie]

Re: 1st Credit - please help

Hi Pixie,

I don't think they can as it's just the page numbers and the date..... and yes, I did sign the paperwork! The account disappeared off my credit file early this year and has not re-appeared.

Sorry if I wasn't clear. I meant the numbers on the original where it says "Page 4 of 5". There's a 10 figure number on the left and an 8 character code on the right.

In terms of Niddy's question, the original loan agreement came from a personal loan (which was used for business and they knew it - to purchase a van), business account overdraft facility, personal overdraft facility, and master card balance. They amalgamated all these in approx. 2005 into a single managed loan of approx. £20K when I struggled and called it a day with that particular business.

I used to pay an amount towards that but was struggling financially and missed a couple of payments. In 2007, they re-packaged a much smaller O/D and the rest of the managed loan on a monthly plan (without hardly any interest) after managed debt advisors took me down the road of defaulting on everything. From this point, it went over to the debt collection agencies.

Hence, there is a mixture of sources by which this is made up - which is business and personal.

Sorry I don't have any knowledge about this type of loan so I can't help but someone should be able to.

Any advice would be most grateful - not looking to avoid what's reasonable and if it means coming to some agreement, then so be it. I am just not sure if they can enforce the agreement, whether it's legal and whether it's possible for me to default again on the same debt as I don't want to risk more credit punishment than I have had previously. If I come to an agreement, will it show on my file?

Many thanks

It's one default per debt.

I'm not certain but I don't think an arrangement will show on your credit file once the debt's been defaulted.