HSBC Loan......or not??

[Gemby]

Hi All,

Its been a while since I have been on here as things have been going ok for me lately.

I recently took out a loan from HSBC for £3000

Following their "Safeguarding" procedures, they closed my business bank accounts because I (apparently) didn't give them required information in time.
This was after 9 years of banking with them.

I had a business credit card with an outstanding balance of £3000, so after many complaints back and forth, they agreed a small business loan of £3000 to repay the credit card.

This was back in June 2018.

Today, the manager from my local branch has sent me a credit agreement to sign.
He called yesterday saying that he needed me to sign a form which had not been signed at the time of the loan. He said that there was new legislation to comply with.

The form he has sent is a fixed sum loan agreement regulated by CCA 1974

I have already received the loan amount and made 2 monthly payments.

Obviously the loan isnt enforceable if I haven't signed the correct paperwork, but my question is, does the loan actually exist?

Can they report to credit agencies on this?

After the way HSBC have treated me I would love to get one over on them.

Gemby

[Roger]

Bankers have a right of set off between Accounts that they hold.
This is not a matter of CCA compliance or not. For instance PPI refunds could be set against an outstanding debt.

The CCA is another matter. UE in Law but a debt remains a debt. My understanding with the Credit Reference Agencies is that they are not concerned with CCA but rather with and Debit. I say this because they are not looking at the CCA EN or UE position sic after 6 years the default entry falls off! However that Debt may well be EN under CCA

If you mean refusing to pay the Loan then you should move or remove any other accounts from HSBC to another Bank so preventing Bankers set off and ensuring that you have Banking facilities.

Personally I wouldn't sign BUT I would consider what my Credit position might be if I stopped paying. Think it through.

[Gemby]

Hi Roger,

Thanks for your input.

Its not my intention to refuse to pay the loan if it is going to affect my credit rating at all.
I am just very bitter about the way HSBC treated me and thought this may be a way to get back at them.
I still don't think I will sign the document though. Let them sweat!!

[Roger]

Hi Roger,

Thanks for your input.

Its not my intention to refuse to pay the loan if it is going to affect my credit rating at all.
I am just very bitter about the way HSBC treated me and thought this may be a way to get back at them.
I still don't think I will sign the document though. Let them sweat!!

NO DON'T SIGN THE AGREEMENT!

And you do have the whip hand here because if at any point you run into credit problems how will they enforce that debt?
The right of set off would be an option open to them if you had credit monies floating around.. But if you carry on paying each month what can they do?

The converse is of course if you don't pay it will almost certainly impact on your credit rating!

[jamespeter2296]

Hi, I think if you don't sign the agreement they might send you a legal notice because still, they have your identity with them. But don't stop making the payments on time because it might impact your credit score.