Help with HSBC loan enforceability please

[lloydjones]

I took out a loan in 2003 with HSBC for £15000 over a period of 8 years. In January 2009 Eastleys Solicitors in Paignton, Devon started to challenge the enforceability of the loan. I sent them a copy of my agreement and they claimed that there were major breaches and that the loan was unenforceable. Eastleys decided they would start things by sending for a copy of my loan agreement, however, this did not arrive within the 12 day prescribed period. I was advised by Eastleys that I should stop paying the loan and that HSBC could not take me to court as they had no agreement. I started to receive letters from DG Solicitors threatening action, I also got letters from Metropolitan Collection Sevices (I believe both of these are part of HSBC bank). I told both parties that my loan had been deemed unenforceable by my solicitor, however, I was told that a copy of the original agreement had been sent to Eastleys after the prescribed period and therefore the loan was now enforceable, I was also supplied with a copy of this letter. I have sinced stopped paying Eastleys but need help with this as I am now being threatened with court action from Moorcroft Debt Receovery Limited. Can you please check my agreement to see if there are breaches as stated by Eastleys and that my loan is actually unenforceable. Thanks.

[Never-In-Doubt]

Re: Help with HSBC loan enforceeability please

Hiya, email me.

never-in-doubt@live.co.uk

Put your username in subject field. I'll check it before end of week and update this thread.

[lloydjones]

Re: Help with HSBC loan enforceability please

HSBC letter to Eastleys and Loan Agreement sent via email. Thanks.

[Never-In-Doubt]

Re: Help with HSBC loan enforceability please

I'll check now - hold fire.....

[Never-In-Doubt]

Re: Help with HSBC loan enforceability please

Hiya

The agreement is actually enforceable - sorry. Have a read here: ---> Prescribed Terms

That shows that for a "fixed Sum Credit Agreement", terms A & B apply - these are the amount of credit and the repayments, both of which do show on the agreement.

What i'd like you to do it look closely at the agreement and check if that signature is really yours or whether it could have been cut/pasted from another document...... You have the original, look for small errors like slight mis-alignments etc - we're looking for a cut/paste job....

Let me know.... :xmas9

[lloydjones]

Re: Help with HSBC loan enforceability please

Signature is definitely mine! Gutted. I am furious that Eastleys had told me otherwise and now have a default on my credit record! Is there anything I can do???

Obviously I have to now repay my loan. I did get on offer of a 30% discount if I paid it all in full, no chance of that. Is there any way I can negotiate a 'deal' with Moorcorft?

I paid Eastley a large sum of money on a 'no win no fee' basis. I have obviously 'lost' so should therefore be entitled to my money back, right?

[Never-In-Doubt]

Re: Help with HSBC loan enforceability please

Not much you can do about the CMC you used, bear in mind part of UE means that it only remains UE until the lender finds an agreement....... it's the risk you take.

See here; regards to making an offer to settle early: ---> viewtopic.php?f=60&t=350

[lloydjones]

Re: Help with HSBC loan enforceability please

Any agreement to reduce the debt would have to be paid over a fixed period, do creditors/DCAs go for this?

Is there any way of getting rid of the default?

[Never-In-Doubt]

Re: Help with HSBC loan enforceability please

Default drops off after 6yrs from date of default, regardless if paid or outstanding..... monthly agremeents are usually fine, but that is between you and the lender......

sorry, not the best news but unfortunately that is a pitfall of using a CMC....