Confused help please

[Oldandblue]

Hiya new to this so start off with one thing at a time
Had a bank loan in Jan 2000 Then got into difficulties Arrangement made for token payment for 6 months
THEN unaware's to me Bank TRANSFERRED LOAN TO MY CURRENT ACCOUNT AND PUT ME IN 9K OVERDRAFT and CHARGED ME FOR THE PLEASURE

CAN SOMEONE TELL ME IF THEY CAN DO THIS PLEASE

[fluffystuff]

Re: Confused help please

Good morning Oldandblue, welcome to the forum.

I am pretty sure that the bank shouldn't have done this, someone will have a firm answer for you soon.

[Oldandblue]

Re: Confused help please

Hiya Fluffystuff and Thank you for replying so quickly,
I do hope that someone can help The problem here is so complicated well to me it is it's jut gone on and on and now I've got CABOT on my back demanding payment within 14 days or they will escalate it. I'm worried sick and could do without this at the moment as I have major health concerns

[fluffystuff]

Re: Confused help please

Have you read this thread?

HSBC combined debt - allaboutFORUMS


Has the account been sold to Cabot or are they just acting on behalf of the bank?
You definitely didn't agree to this transfer?

I know it's hard, but try not to worry, you will have the answers you need soon. X



Actually, having thought a bit more about this, It appears that they may have used their 'right of set-off'. This is where a bank can take monies from an account that's in credit to repay another that's either overdrawn or where one has failed to keep up repayments. e.g a loan account.
BUT, as far as I know, they are not allowed to overdraw or further overdraw an account in doing so.


Do you think this is what they have done?
Did you have an agreed overdraft on your current account?

[Never-In-Doubt]

Re: Confused help please

Hiya new to this so start off with one thing at a time
Had a bank loan in Jan 2000 Then got into difficulties Arrangement made for token payment for 6 months
THEN unaware's to me Bank TRANSFERRED LOAN TO MY CURRENT ACCOUNT AND PUT ME IN 9K OVERDRAFT and CHARGED ME FOR THE PLEASURE

CAN SOMEONE TELL ME IF THEY CAN DO THIS PLEASE

No they cannot. An overdraft is unregulated per se, a loan is regulated so no - they cannot do it.

If they have, once the accounts have defaulted then fine, they can amalgamate them to sell on or for accounting but they cannot merge a regulated product into an unregulated one.

HSBC seem to do it all the time. Ooops, that's their error

[Oldandblue]

Re: Confused help please

Hiya Fluffystuff,
Thanks I'll read that
No I definitely did not agree to the transfer I only agreed to a payment plan with them that was in 2002/3 I didn't find out what they had done till dec 2010 after it was pass to DCA . FREDRICKSON'S I was a bit more informed then so sent a CCA request that's how I found out it showed up on the statements. I disputed the balance but no reply then in March this year I was informed that CABOT had bought the debt but my payment arrangement with the bank was still in place so to continue payments to FREDRICKSON I sent CCA again via FREDRICKSON replied a few days later returning Your £1 file now closed returned to our clients. so on 1st July 13 sent it to CABOT replied back on 8th July don't have to give me this as it comes under PART V section 74(1)b and as for the NoA it was posted out on 27th Feb 13 and as far S they were concerned that's that?

[fluffystuff]

Re: Confused help please

Thanks for confirmation Niddy.

[garlok]

Re: Confused help please

From memory you are right Fluffy, it is part of the OFT guidelines to which the bank must have signed up to hold a credit licence, that in effect they cannot put you further into debt anywhere else to pay towards an existing debt, i.e they cannot cause an OD on another account nor can they increase an existing OD even exercising their "right to set-off". But remember we are dealing with banks here who always consider themselves above the law.

There must have been an agreement in the first place which must have been ostensibly under the CCA1974. This appears to be pre April 2007, hence it may just be possible that the whole thing is UE anyway. A s78 request might be the starting point in all this.

However I am sure someone with more knowledge than me will be along shortly. First thing O&B is not to worry there is always something that can be done.

regards
G

[garlok]

Re: Confused help please

Blimey that was quick guys! I must improve my typing speed

[Oldandblue]

Re: Confused help please

Hiya everyone and thanks for you replies Please bear with me cos I'm a bit slow
Looking at the stuff they sent me in DEC 2010 they have sent me 3loan agreements which a illegible but can just make out they are for 3 prior loans I had and paid off but none for this one. They transferred the loan in MARCH 01 when the token payment was set up for £1 for 6 months and defaulted me at the same time The DEFAULT came off CRA file only to be put back on again in 2009 Finally had it removed by bank in Jan 2011 only now to find CABOTS have put the thing back on again
I was raving so I phone the bank and asked what was going on they agreed to tell CABOT to remove this but it's still on
Also asked if my account had been sold replied its now with CABOT. But no further details to hand. I also asked why they didn't reply to my dispute (twice i sent in) replied cant find your letters but its logged on our system can you write in again so I have sent a SAR to them But I don't know what to do about CABOT

[Never-In-Doubt]

Re: Confused help please

Actually, having thought a bit more about this, It appears that they may have used their 'right of set-off'. This is where a bank can take monies from an account that's in credit to repay another that's either overdrawn or where one has failed to keep up repayments. e.g a loan account.
BUT, as far as I know, they are not allowed to overdraw or further overdraw an account in doing so.

Ok fair point, and possibly right however the norm for HSBC is that they basically merge accounts together at the point of sale - it does not necessarily mean that they were merged at the time you were a customer.

Oldandblue - Easiest way of describing it, if you wrote to the DCA that hassles you and ask for a CCA they will need to comply. They would send one CCA per account (so long as you ask for them per account) - this is all you're really bothered about. The fact it's lumped into one amalgamated account doesn't matter at this stage - the accounts are different in entirety so you ought to have one cca for the loan and one for the overdraft.

I would stop worrying, stop paying (if you are) and consider a CCA to the DCA for the bank account --> Overdrafts - CCA Information - allaboutFORUMS

& another for the original loan --> CCA Request - allaboutDEBT UK

* you will need to put the correct account numbers on each.

[Never-In-Doubt]

Re: Confused help please

Regards Cabot, I think you might need to play it slightly different - do you know the account numbers of the loan and bank account?

I will do you a specific letter to send Cabot shortly, if you can clarify whether you know the original account numbers and also, if you can confirm are you paying into this in any shape or form?

Obviously, as a result do not send the templates as mentioned in my last post - not yet (I missed that you were dealing with Cabot)

Thanks

[Oldandblue]

Re: Confused help please

Hiya Never-In-Doubt
Sorry but still confused, sent CCA to CABOT' S they say I have no loan the account numbers are for current account and overdraft therefore I am NOT entitled to the information As per PART V of the CCA. Section 74(1)(b) You have a balance of £6859 contact us within fourteen days to settle account So to me they are not going to play ball. They originally said my existing payment arrangement would continue but now the are reneging so from now there'll be no more payments until I get this sorted

[Never-In-Doubt]

Re: Confused help please

Ahh that helps. Can you mail me a copy of their last letter as you described - then I'll sort you a suitable response.

You are entitled to the info, and you'll get it. Just email me a scan of their letter first please.

[Never-In-Doubt]

Re: Confused help please

Hiya everyone and thanks for you replies Please bear with me cos I'm a bit slow
Looking at the stuff they sent me in DEC 2010 they have sent me 3loan agreements which a illegible but can just make out they are for 3 prior loans I had and paid off but none for this one. They transferred the loan in MARCH 01 when the token payment was set up for £1 for 6 months and defaulted me at the same time The DEFAULT came off CRA file only to be put back on again in 2009 Finally had it removed by bank in Jan 2011 only now to find CABOTS have put the thing back on again
I was raving so I phone the bank and asked what was going on they agreed to tell CABOT to remove this but it's still on
Also asked if my account had been sold replied its now with CABOT. But no further details to hand. I also asked why they didn't reply to my dispute (twice i sent in) replied cant find your letters but its logged on our system can you write in again so I have sent a SAR to them But I don't know what to do about CABOT

Ok let's try and sort all this for you in one go. A SAR to HSBC is spot on. Good. Await that - that's all you need from HSBC at the moment.

It's the historical elements I'm interested in. Please answer the following;

1. When did you open the bank account (approx year);
2. Did it have an authorised overdraft? If so, how much?
3. What was your approx balance at the time you stopped using the bank account?;
4. When did the loan commence?;
5. When was the last full loan payment made?;
6. Have you been paying a dca monthly? If so who and dates from - to.

Thanks