HSBC combined debt

[Never-In-Doubt]

Re: HSBC combined debt

If it was a loan (regulated) they will not be able to enforce citing it was an OD if you've evidence of the contrary.

[Oldandblue]

Re: HSBC combined debt

If there's an amalgamated balance sold by Absolute Assignment, then the DCA is fecked.

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.

[Never-In-Doubt]

Re: HSBC combined debt

If there's an amalgamated balance sold by Absolute Assignment, then the DCA is fecked.

Thats the layman version, yes

[PlanB]

Re: HSBC combined debt

If there's an amalgamated balance sold by Absolute Assignment, then the DCA is fecked.

I like your explanation best

[PriorityOne]

Re: HSBC combined debt

If there's an amalgamated balance sold by Absolute Assignment, then the DCA is fecked.

[Never-In-Doubt]

Re: HSBC combined debt

Nooooo - recourse means (in this context) that they purchase a cd full of accounts and not all the paperwork/history. So if the debtor ever raises a dispute then the purchaser can recourse back to the OC to request the info to manage your complaint.

Think of it like the purchaser SARing the OC as part of the sale contract.

This usually occurs without full assignment ever having taken place, it's partially assigned. If the purchaser does buy full assignment they get the history of the account at time of purchase.

To answer your question there's been no additional assignment so you'd not get notified, but the purchaser (dca) will reply to your query telling you they're locating the info requested.

[PlanB]

Re: HSBC combined debt

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.

. . . . 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

Sorry to be a pain with another question but I want to fully understand this oddity. If the debt purchaser sells or returns my account back to the OC would I expect to get a new NOA from debt purchaser so I know that's what happened? In my case once I raised the query (albeit several times) I've heard nothing from Marlin for a year but it was still in their name on my Equifax file a few months ago.

[PlanB]

Re: HSBC combined debt

Ok HSBC are known for doing this. It's not merged which is the main thing. In your case you have s.77 & s.74 (A&B). As you correctly stated only the latter is in fact regulated so if Marlin were to issue a claim they would split both accounts on the N1 - like....

"1. the claimant claims £x in respect of a regulated agreement pursuant to the CCA1974 under account number x, y & z which was a personal loan....."

"2. the claimant claims £x in respect of a bank account overdraft under account number x, y & z....."

"3. the claimant claims £(1+2) plus £(extras) and interest at....."

get the idea?

I'm afraid I do. Let's hope Marlin don't

[Never-In-Doubt]

Re: HSBC combined debt

Ok HSBC are known for doing this. It's not merged which is the main thing. In your case you have s.77 & s.74 (A&B). As you correctly stated only the latter is in fact regulated so if Marlin were to issue a claim they would split both accounts on the N1 - like....

"1. the claimant claims £x in respect of a regulated agreement pursuant to the CCA1974 under account number x, y & z which was a personal loan....."

"2. the claimant claims £x in respect of a bank account overdraft under account number x, y & z....."

"3. the claimant claims £(1+2) plus £(extras) and interest at....."

get the idea?

[PlanB]

Re: HSBC combined debt

Thank you for that explanation. I'll get my head around it in due course.

In my case (and possibly the OP's too) HSBC combined my debts which were an O/D + personal loan (regulated by the CCA because I have the agreement to prove that and they don't ) into one when I went into a DMP still with HSBC four years ago. I paid them one sum of money (via my DMP) under one new account number for a year. Then when I dumped my DMP the combined debt was sold to Marlin two years ago. I challenged it and it's gone very quiet after a lot of letter writing.

According to my latest CRA file it's still owned by Marlin so I don't know whether they have sent it back to HSBC. I'm keeping my head down for now..

[Never-In-Doubt]

Re: HSBC combined debt

Well if they've bundled debts - clarify which and I'll sort you a letter....

[Rascaljesse]

Re: HSBC combined debt

Hmm, as usual I'm goosed Cheers nids, so if it were possible, how could you push/ encourage em into sending it back to the OC???

[Never-In-Doubt]

Re: HSBC combined debt

.....it would be nice if, when the OC sold the accounts, the dca were stuck with the amalgamated amount, ... Does the OC have to seperate the accounts or can the dca chase them wholly before separating them themselves for enforcement ???
....anybody ??? Thanks again

Ok to my knowledge accounts usually get amalgamated at point of "package sale" or for simple accounting by a firm. Usually a creditor will bundle a persons liabilities and sell the combined debt as one account. However usually there's a buyers caveat that allows recourse to the seller at point of query. 1st Credit do this. Basically what happens is you argue the debt and the buyer (a DCA) requests recourse from the OC (the seller). The OC would then split the debts and provide full details to the creditor.

They CANNOT merge several debts into one and then enforce under one claimed amount as they'd have to state the debt was a regulated agreement and provide the type of credit & original account number. If this was a bank account, card & loan then it'd be a loss for the idiotic claimant each time. What agreement & terms would they send at CPR time? Lol

So what can (and does) happen is they bundle debts into one overall account but on any claim form it'd split the debts in the POC showing each type of debt & a/c ref etc with one overall claimed amount.

[PlanB]

Re: HSBC combined debt

Does the OC have to seperate the accounts or can the dca chase them wholly before separating them themselves for enforcement

I'm also looking for legal clarification on this point.

This is a HSBC O/D and a HSBC personal loan which was amalgamated by the bank before they sold it to Marlin. Is that right?

(Marlin are a debt purchaser not a DCA BTW)

[Rascaljesse]

Re: HSBC combined debt

.....it would be nice if, when the OC sold the accounts, the dca were stuck with the amalgamated amount, ... Does the OC have to seperate the accounts or can the dca chase them wholly before separating them themselves for enforcement ???
....anybody ??? Thanks again