HSBC combined debt

[Rascaljesse]

Re: HSBC combined debt

Can I ask all you amalgamated or combined debt folks a question please?....when the loan element of your debt was terminated early, was the amount the full amount outstanding(ie) amount borrowed plus interest?....or at the point of termination did the amount represent a balance that had been paid off early ( ie) minus the interest that would have been due if the loan had run its course?
does it have any significance ?

[PriorityOne]

Re: HSBC combined debt

Hiya P1. That's very interesting
CO OP amalgamated my loan and overdraft a few years ago and recently sold it to CABOT.
No paperwork for the loan CO OP say it was destroyed as it was over 6years old. Loan was off 1999/2000.
I CCA'd CABOT they said it was a current account overdraft. Pay up. I'am ignoring them
So if CABOT have absolute assignment and no paperwork are they up the creek.

If you have a letter stating that paperwork was destroyed, then you could send that to Cabot if they start to get heavy. If the paperwork has been destroyed, then I'd be interested to know how Cabot maintain it's an overdraft and even if it was an overdraft, they still have an obligation to comply with a CCA request; just not sec. 77/78 of it.

Can I ask all you amalgamated or combined debt folks a question please?....when the loan element of your debt was terminated early, was the amount the full amount outstanding(ie) amount borrowed plus interest?....or at the point of termination did the amount represent a balance that had been paid off early ( ie) minus the interest that would have been due if the loan had run its course?
does it have any significance ?

Mine was an amalgamation of 3 accounts; credit card, loan account and overdraft.... but because I had a copy of the final bank statement before the account was closed showing a completely different figure, they were fecked.

Payments made at the beginning of a loan agreement are normally interest payments, so it takes some time before the actual balance of what you've borrowed gets reduced. When I had a loan terminated by a different creditor, the balance they were chasing did not allow for any deduction of interest for this reason. They just terminated and chased me for the balance on their books.

As they had no enforceable paperwork, I had no intention of paying them..... so didn't really care.

[Rascaljesse]

Re: HSBC combined debt

.....my scenario is that the loan was terminated and a figure that represented the loan as if it had been settled early (with the interest knocked off) was added to a overdraft given a new reference number and sold on, I'm just trying to figure out if this counts as being amalgamated, .....because it does seem a bit odd that the amount reflects an early settlement figure?

[PriorityOne]

Re: HSBC combined debt

.....my scenario is that the loan was terminated and a figure that represented the loan as if it had been settled early (with the interest knocked off) was added to a overdraft given a new reference number and sold on, I'm just trying to figure out if this counts as being amalgamated, .....because it does seem a bit odd that the amount reflects an early settlement figure?

Yep.... amalgamated and sold. Whatever they've done or not done in the past, they've still amalgamated two accounts in the future.

[Oldandblue]

Re: HSBC combined debt

Can I ask all you amalgamated or combined debt folks a question please?....when the loan element of your debt was terminated early, was the amount the full amount outstanding(ie) amount borrowed plus interest?....or at the point of termination did the amount represent a balance that had been paid off early ( ie) minus the interest that would have been due if the loan had run its course?
does it have any significance ?

Hiya Rascaljesse

With my loan the interest was added every 6 months, so it was the balance outstanding plus 6months interest when the loan was closed and transferred into my current account and made me K9+ overdrawn, then charged interest on the o/d balance along with service charges and daily excess charges every month. This went on for months until I finally got them to freeze it. So they were going to get the money one way or another.

Can't give you advice as I'am new myself, but I can say the people here are wonderful and thank them for their help and advice, I'am now beginning to see the light at the end of the tunnel

[Rascaljesse]

Re: HSBC combined debt

Things are hotting up here!!!
Would P1 recommend that I send them a copy of my closing bank statement??

[PlanB]

Re: HSBC combined debt

Things are hotting up here!!

In what way are they hotting up Rascal?

[Rascaljesse]

Re: HSBC combined debt

My accounts been passed to MC!!

[PlanB]

Re: HSBC combined debt

Do you mean Mortimer Clarke solicitors? Tell us what the letter says please.

[Rascaljesse]

Re: HSBC combined debt

Yep it's Mortimer Clarke.
The big fish just announced that their passing it to their "agent" have not had the hello from them yet , but am guessing its gonna have the same content as my 14 day lba for my other account that's with shoosmith!
Bugger!!

[Rascaljesse]

Re: HSBC combined debt

"14 day lba for my other account that's with shoosmith!"
Which nids has just had a look at and thinks is enforceable, so will be speaking to em pronto!!

[PlanB]

Re: HSBC combined debt

Yep it's Mortimer Clarke.
The big fish just announced that their passing it to their "agent" have not had the hello from them yet , but am guessing its gonna have the same content as my 14 day lba for my other account that's with shoosmith!

I won't interfere because I can see Priority1 has been handling your situation.

To make things clear though what do you mean when you say MC solicitors say they'll be handing it to their "agent"? Did they name names in their letter? And who do you mean when you say "the big fish"?

[Rascaljesse]

Re: HSBC combined debt

Hi, sorry for for not being clearer.
I've had a letter from marlin saying that they've handed recovery to shoosmith solicitors and then a letter from shoosmith saying that I've got 14 days to sort something out with them.
And I've had a letter from marlin saying that they have appointed Mortimer clarke( but not had the pay up or else letter from MC yet).

[PlanB]

Re: HSBC combined debt

I've had a letter from marlin saying that they've handed recovery to shoosmith solicitors and then a letter from shoosmith saying that I've got 14 days to sort something out with them.
And I've had a letter from marlin saying that they have appointed Mortimer clarke( but not had the pay up or else letter from MC yet).

Okay. Sorry to be so dumb, have I got this right now:

Marlin have passed your HSBC current account to Shoosmiths solicitors who have sent a LBA (have you replied?)

and

Marlin have sent you a letter saying that they're passing your HSBC personal loan to Mortimer Clarke solicitors who haven't written to you yet.

[Rascaljesse]

Re: HSBC combined debt

Ha, sorry to confuse plan B
I really should have started a diary,
I've got two accounts with marlin,
One with shoosmith and one now with mc .
One is a credit card and one is a combined/amalgamated debt (loan and overdraft)
Any ideas how to go about making a monthly offer that will avoid a charging order?!