any help on the statute barred rule please. HSBC debt

[nalv]

Hi

Im new to this so still trying to find my way around.

 

I have an hsbc loan which when I lost my job I had to default on it in jan 2009,

 

 

I did go with a debt management company in 2010 which made a few small payments to hsbc,

 

 

would the statute barred law go from then or from my default in jan 2009 ?

 

 

any help would be much appreciated as I have just had a letter off hsbc telling me it is going to a recovery agency?

 

Kind Regards

Neil

[fkofilee]

Stat barred rule would go from your last payment made through the DMC...

When the DCA come aknocking, send a CCA request... See what they have...

[Bazooka Boo]

From the date of last payment or acknowledgement you owe the debt.

 

Who is the DMC? And why did they make a 'few' payments? Have the stopped?

 

How much is this for?

[nalv]

The debt management company no longer exist as they went bust with every body's money,

 

 

I lost about £1000.

 

 

I stopped paying them when they refused to pay a debt at 50% off the amount.

 

 

But the hsbc was actually 2 loans and a current account which now has become 1 debt of £7200.

 

thank you for the responses

 

the DMC was Bournes debt solutions.

[fkofilee]

Did they actually pay anything to hsbc??

[nalv]

They told me they did but I never actually checked, I signed a form allowing hsbc to deal with bournes

[citizenB]

You need to obtain information from HSBC - you can do this by way of a subject access request. It will cost you £10.00 and entitles you to pretty much all the information HSBC have in respect of these accounts. Use the draft request from the CAG library, linked below.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?387306-Full-Subject-Access-Request

 

Are there any charges or payment protection insurance on any of the accounts that you could reclaim ? This is what you should be looking for when you receive the Data - they have 40 calendar days to comply with the request.

 

How did HSBC treat you when Bournes went down the toilet ?

[Bandit127]

Do a subject access request (SAR) to HSBC. This will get the payment history of the account and show you whether any of the payments to Bournes actually made it to your account. If not, the default date is normally the start of the 6 year clock.

 

Looks like you have the same arrangement as I do with an HSBC account (mine is now with DLC debt collectors). A debt covered by the CCA S.77-79 (loan, credit card etc) set off to your overdraft, which is not covered by those sections. In my mind that makes a CCA request for this account legitimate.

 

I sent DLC a CCA request for my account (an overdraft which contained the whole of a bank loan) a couple of years ago and they still haven't got back to me with anything meaningful.

[nalv]

thanks guys,

if I ask for a subject access request will that then mean I lose the statute barred law by acknowledging the debt ?

[dx100uk]

ah so a managed loan then.????

 

 

debts under the CCA merged with debts not covered by the CCA.

 

 

this could be interesting

 

 

dx

[fkofilee]

Dx is right... There are scores of these that I've heard off and HSBC are notorious for setting these up....

[nalv]

managed loan ?

sorry but don't understand ?

[nalv]

I had a flexi loan of £4000 but every time I made a payment of £160 I transferred the £140 available back,

so wasn't getting anywhere,

 

 

I went into the bank and asked for a personal loan with fixed repayment to pay off my flexi,

 

 

they gave it me but forgot to close my flexi down.

 

 

6 months later I phoned for an overdraft and they said no, but you have a flexi loan with no balance.

 

 

I said have I .

 

 

so started transferring money across again.

 

 

and spent the lot.

[nalv]

ive just checked my noddle credit file and hsbc has now gone ?

[fkofilee]

Uhohhhhh... Wonder if its been sold to MKDP....

[dx100uk]

I'd be sending a CCA request

 

 

dx

[Bazooka Boo]

Excellent, two loans and a current account which have been rolled into one debt!! Ha ha like to see them explain that in front of a judge.

 

The loans and current account will have completely different T&C's and interest rates, fees charges etc, so cannot be rolled into 'one' unless you have signed a new contract

allowing them to do this?

 

Doubt you have. Fun fun fun.

[nalv]

oh great, so they should not do this. if I sent a CCA request would that be acknowledging the debt, so no longer statute barred.

Many thanks guy's

[Bazooka Boo]

No requesting the agreement does not acknowledge the debt, use the letter template off here and it will have all the correct wording in it so you don't fall foul and reset the clock.

 

Use whatever account number they're stating on their threat letters.

[citizenB]

managed loan ?

sorry but don't understand ?

 

HSBC had this really great plan - anyone who had either a current account overdraft that was struggling or a credit card they were at the top limit of was "persuaded" to take out one of their Managed loans.

 

These loans rolled up any debt owed to HSBC into one loan without the need to follow the correct procedure for closing these down.. eg final demand on the current account or default notice on the Credit card. Current account not covered by CCA - credit card covered by CCA. Managed loan definitely covered by the CCA.

 

They would generally fudge the Income and Expenditure (or means and needs sheets) to show enough disposable income to repay the ML.. usually this was so badly calculated that the first payment could never be met by some borrowers who were then left in a worse state than they had already been in because they had lost the protection of the CCA by entering into the new agreement.

 

Also HSBC thought it would be fun to add Payment Protection Insurance to these loans, making them more expensive than their previous debt.

 

Hope that helps you understand !

[dx100uk]

CCA request

 

 

don't sign anything blank £1PO

 

 

dx

[Bandit127]

This isn't necessarily a "managed loan".

 

 

I was put forward for one of those by my branch when I was struggling and was turned down for it.

The inevitable happened a few months later.

 

They still set off my loan (about £17k) to my current account and defaulted the current account on the same day.

 

A SAR and a CCA request for that account hasn't turned up any more than that.

No managed loan was recorded in the account history. Just the set off and the default and the terminal words "sent to recovery".

[nalv]

Thanks for all the help.

 

1 more thing,

I am paying 2 DCA's at the moment for old credit cards Lowell and DLC ,

 

 

I am going to send a CCA request to both tomorrow and

 

 

was wondering if they don't comply within the time is there a template letter (cant find one)

sort of saying I will offer a full and final settlement at a reduced amount, or along them lines.

 

Kind Regard

 

 

Also how do I donate to this brilliant site ?

[renegadeimp]

No CCA then don't pay them a single penny. Only f&f IF they agree to a specific worded letter

[nalv]

Ok great, but is there a worded letter on here, I have read about asking them to mark your file as settled rather than satisfied but cant find a template and I am sure if I was to write it my self I would make a mess of it. If they don't comply with the CCA is it then unenforceable ?