HSBC combined debt

[Never-In-Doubt]

Re: HSBC combined debt

Yea just update/refresh as they're 5 years old

Dusty.... Get that foreign thing to women out. I think it's called polish

Thanks

[Rascaljesse]

Re: HSBC combined debt

Could anyone offer an opinion on this,
in laymans terms does this mean that if two accounts are terminated and amalgamated before being sold to a dca, should it require the debtor to enter into a new agreement or can the oc or the dca simply rely on the previous agreements to enforce?
Thanks

[PriorityOne]

Re: HSBC combined debt

Wrong person to get clever with. As they learned, you know your stuff so argue at their peril ()

Was yours HBOS or HSBC?

It was neither of those actually. The OC in my case got taken over by Santander some time ago....

[PriorityOne]

Re: HSBC combined debt

Could anyone offer an opinion on this,
in laymans terms does this mean that if two accounts are terminated and amalgamated before being sold to a dca, should it require the debtor to enter into a new agreement or can the oc or the dca simply rely on the previous agreements to enforce?
Thanks

A debtor would need to sign fresh paperwork to amalgamate; often called a consolidation loan. Can you remember ever signing new paperwork to consolidate these debts?

[Rascaljesse]

Re: HSBC combined debt

Definitely not, I'm thinking that if I wasn't party to a new agreement then it might be that they can revert back the old ones?
I soooo hope not

[PriorityOne]

Re: HSBC combined debt

Definitely not, I'm thinking that if I wasn't party to a new agreement then it might be that they can revert back the old ones?
I soooo hope not

Not if it's been sold under one account ref. no. This is why you need the SAR info because it should tell you what they've done.

Meanwhile, the DCA needs to respond to your CCA request. An overdraft is still covered by a different part of the Consumer Credit Act. Are they implying that the whole debt is an overdraft? the more you can get them to cough up in writing, the easier it gets to tie them up in knots.

Let me re-read what you said they told you in the beginning of this thread....

[PlanB]

Re: HSBC combined debt

Action plan -

1. Get SAR
2. Speak to p1 and follow suit
3. Relax

How hard is that?

Simples

[PriorityOne]

Re: HSBC combined debt

The loan is post 2007 8k
Overdraft , regular account 2k
I received a hello letter from dca, saying they have bought 10k account, with a different account number .
Goodbye and assignment letter from HSBC (for the combined amount) obviously from the dca.
I have cca'd the dca ,
They have responded by saying the account is not regulated.

I know that HSBC do this quite a lot, and I am just wondering if the dca decides on litigation do they simply return to the details of the original accounts. Or could it be that they are stuck with the new ( hopefully unenforceable account)

Ok.... so it does look like this one's been sold by Absolute Assignment. This means that HSBC have no further interest in it but do have to respond to a SAR request from you regardless because it is a legal request with a specific timeframe for compliance.

If you could scan up your reply from the DCA (blanking out all personal details) or, type up precisely what they've written, this would help me/us to point you in the right direction with this.

[Rascaljesse]

Re: HSBC combined debt

In response to my cca request the dca have replied with
"There is no agreement for the above as it relates to a current account which provides no credit and is not regulated under the consumer credit act 1974.
We have requested a statement or account from the original creditor and will forward..."

[Never-In-Doubt]

Re: HSBC combined debt

A debtor would need to sign fresh paperwork to amalgamate; often called a consolidation loan. Can you remember ever signing new paperwork to consolidate these debts?

HSBC call them Managed Loans. Ring any bells?

A managed loan restructuring deal? No...?

[Never-In-Doubt]

Re: HSBC combined debt

Ok.... so it does look like this one's been sold by Absolute Assignment. This means that HSBC have no further interest in it but do have to respond to a SAR request from you regardless because it is a legal request with a specific timeframe for compliance.

If you could scan up your reply from the DCA (blanking out all personal details) or, type up precisely what they've written, this would help me/us to point you in the right direction with this.

Sorry just to clarify. All dca's purchase toxic debts with a specific term whereby they have right to recourse (return to OC for a refund) if a serious complaint arises.

Hence be careful with the attitude of absolute means "final" as it rarely does. Some will just sell it on again. But usually it'll go back to the OC who will split them and resell as individual accounts again.

Confusing but standard process.

[Rascaljesse]

Re: HSBC combined debt

I've had one of those many many years ago, I've not actually spoken or entered into anything since the original regulated loan!

[Never-In-Doubt]

Re: HSBC combined debt

In response to my cca request the dca have replied with
"There is no agreement for the above as it relates to a current account which provides no credit and is not regulated under the consumer credit act 1974.
We have requested a statement or account from the original creditor and will forward..."

Ok I would simply write back saying

This was NOT a current account so I suggest you seek clarity from HSBC. I can categorically confirm there was several accounts and if they've been amalgamated into one then I suggest you speak to HSBC as the original creditor.

I have submitted a s.7 (DPA1998) Subject Access Request from HSBC which should clarify matters. However, in the meantime and in line with OFT Guidelines on debt collection, I suggest you place collection activity on hold until at least HSBC have complied with my SAR.

Regards

Sign

[Rascaljesse]

Re: HSBC combined debt

Sorry just to clarify. All dca's purchase toxic debts with a specific term whereby they have right to recourse (return to OC for a refund) if a serious complaint arises.

Hence be careful with the attitude of absolute means "final" as it rarely does. Some will just sell it on again. But usually it'll go back to the OC who will split them and resell as individual accounts again.

Confusing but standard process.

.......I'd best put the shampers back in the fridge then

[PriorityOne]

Re: HSBC combined debt

Sorry just to clarify. All dca's purchase toxic debts with a specific term whereby they have right to recourse (return to OC for a refund) if a serious complaint arises.

Hence be careful with the attitude of absolute means "final" as it rarely does. Some will just sell it on again. But usually it'll go back to the OC who will split them and resell as individual accounts again.

Confusing but standard process.

Yes... I have experienced this as well but once the account was returned, all that's ever been sent out since are Notice of Sums in Arrears sheets every 6 months or so. This has been going on for about 3-4 years now on one of my other accounts. I've yet to experience an account being returned post-challnege and then being enforced once more by the OC but I'm sure some do try it on.