GM CARD/HSBC Finance in Default - will it help to pay this off to get a loan?

[shiblets]

Hi All,

 

I have a HSBC finance credit card,

I was hoping to take a loan out but i havent paid this credit card of £2800 since it was defaulted in Feb 2012.

 

I am being rejected for any application but this is the only default on my account.

I was wondering if I make an payment arrangement or settle the account will it make any difference

in applying for a 25k loan which is very much needed at the moment?

 

I understand a default is on your credit score for 6 years

however, as I have not paid anything at all on this HSBC credit card since 2012

so if i start paying something or offer a full and final settlement will this help me now

or will it make no difference whatsoever.

 

 

is there anything I can do with this account to improve my chances of a loan

or is it best not to chase them if they are not chasing me.

 

As usual all your help and time is very much appreciated!

[dx100uk]

not a lot you can do sadly.

[shiblets]

not a lot you can do sadly.

 

Regardless of the loan is it worth calling them or sending a letter to settle the account at a low rate? And I don't remember them sending a default letter is there a way to chase or question this?

[dx100uk]

HFC GM cards date back to the 80's and 90's

have you actually sent HFC and sar to get all the statements.

 

 

why cant you prove an earlier defaulted date?

[shiblets]

I havent sent SAR, to be honest I had forgotten about this account because they stopped chasing me

and its been sitting there for two years whilst Ive made no payments,

 

 

its only when I checked my credit information that it shows a default on my account

[dx100uk]

sar time

[stephen2005]

I wonder if the bank charged you a percentage " Collection Charge" of 16.4 %.

 

 

If so you might be interested that this charge is illegal.

 

 

You might find details if you search [removed].

 

 

I would post the link but because I'm new to this site,I am not permitted to do so.

[dx100uk]

and that's why we don't allow newbie's the permission to post links.

bank charges are unlawful not illegal [criminal]

 

 

dx

[stephen2005]

and that's why we don't allow newbie's the permission to post links.

bank charges are unlawful not illegal [criminal]

 

 

dx

 

I'm talking about "Collection Charges" not bank charges

[dx100uk]

same still

 

 

not illegal [criminal]

but unlawful [civil]

 

 

dx

[stephen2005]

So far, there has not been a conviction but my understanding is that some of the demands for the payment of collection fees is criminal.