2010 HSBC overdraft i wasn't aware of now with arrow global

[stevegsxr]

hi, without going into too much detail in 2010 i helped set up a friend as a small (sort of under my flag as we had worked together at my premises, but not for me) plumbers merchant by supplying stock (never paid for) and what i thought was being signatory on the bank account. after some time of running (was not going so well, a lot of my customers complaining never open) i was informed by our (same as my account) bank manager that the other business had nearly 5k on overdraft and what should they do, apparently i wasn't a signatory but joint account! so i said stop the overdraft. conversations were had there after and it was apparently being dealt with. last time it was mentioned by my bank manager (couple of years ago i would think) not a lot had changed but my name was still attached which it shouldn't have been and the other party was trying to amend. i have not heard anything since and assumed dealt with until a couple of weeks ago i received a letter from arrow global, which i ignored after research as i have a perfect credit score and no debts as far as i was aware.now it appears HSBC sold the debt (now £6433) to arrow on 28th march 2014, who have now sent me a 'notice of assignment' to westcot credit services. this is the first correspondence i have ever had regarding this, nothing from the bank. can any one advise next steps? i will try and contact other party tomorrow to confirm if this was just left as was and never paid. thanks in advance for any helpful advice.

[stevemLS]

Re: 2010 HSBC overdraft i wasn't aware of now with arrow global

I'm afraid if it was a joint account both account holders are jointly and severally liable for any debt meaning either can be pursued for the full balance.

I would request a copy of the account application form, you must have signed it for it to have been opened in both your names.

[stevegsxr]

Re: 2010 HSBC overdraft i wasn't aware of now with arrow global

that's pretty much what i thought, will get on a paperwork trail, also, if the business was partnership (will need to check) and run as a debt could any of that be offset against my business?tax?vat?

[stevemLS]

Re: 2010 HSBC overdraft i wasn't aware of now with arrow global

Afraid I am clueless on tax Steve!

[stevegsxr]

Re: 2010 HSBC overdraft i wasn't aware of now with arrow global

ok,thanks,thats one for my accountant i think.who should i contact for copy?bank?not their debt anymore?westcot?

[FlamingParrot]

Re: 2010 HSBC overdraft i wasn't aware of now with arrow global

hi, without going into too much detail in 2010 i helped set up a friend as a small (sort of under my flag as we had worked together at my premises, but not for me) plumbers merchant by supplying stock (never paid for) and what i thought was being signatory on the bank account. after some time of running (was not going so well, a lot of my customers complaining never open) i was informed by our (same as my account) bank manager that the other business had nearly 5k on overdraft and what should they do, apparently i wasn't a signatory but joint account!

so i said stop the overdraft. conversations were had there after and it was apparently being dealt with. last time it was mentioned by my bank manager (couple of years ago i would think) not a lot had changed but my name was still attached which it shouldn't have been and the other party was trying to amend.

Although the standard CCA request does not apply to overdrafts, there's a letter you can send requesting information about the account. You'll find it here: http://www.legalbeagles.info/forums/...781#post376781

More info can be found on this thread, also about an HSBC business O/D: http://www.legalbeagles.info/forums/...144#post312144 :nerd:

i have not heard anything since and assumed dealt with until a couple of weeks ago i received a letter from arrow global, which i ignored after research as i have a perfect credit score and no debts as far as i was aware.now it appears HSBC sold the debt (now £6433) to arrow on 28th march 2014, who have now sent me a 'notice of assignment' to westcot credit services. this is the first correspondence i have ever had regarding this, nothing from the bank. can any one advise next steps? i will try and contact other party tomorrow to confirm if this was just left as was and never paid. thanks in advance for any helpful advice.

You could also send a SAR to HSBC to get all your statements.

[stevegsxr]

Re: 2010 HSBC overdraft i wasn't aware of now with arrow global

thanks.sorry SAR?

[stevemLS]

Re: 2010 HSBC overdraft i wasn't aware of now with arrow global

Subject Access Request under the Data Protection Act 1998. If you google it there will be template letters somewhere. Usually carries a fee of £10.