Hello. HSBC sold debt to Cabot, need advice please

[MIKE770]

Amethyst

[Amethyst]

Keep on at HSBC to get the SAR info - you asked Cabot to put the account on hold so possibly they are making their own enquiries of HSBC - be nice if they kept you informed but I'd just wait for them to come back to you and use the breathing space to mither HSBC

[Amethyst]

Btw you really want a letter from HSBC saying there's nothing on you as an individual only a business account .... if you see what I mean xx. Business accounts wouldn't come under the SAR request so it's a way to evidence the debt was business not personal - and as the business liquidated they've missed the boat.

[Austindp]

Thanks Amethyst

I now have the account details for the dissolved business, is it worth me sending that to Cabot too, as it may enable them to marry the 2 pieces of information together?

[Amethyst]

You don't really WANT Cabot to find the right info and locate the personal guarantee. At the moment they are still making enquiries of HSBC as they believe it was a personal overdraft, and haven't mentioned a PG at all - you've told them it was a business debt, so I'd let them work it out and decide if they want to carry on chasing you for it - while you wait for the info on the SAR from HSBC.

[Austindp]

Hi Amethyst

Update on my situation as I've finally received a reply from Cabot 3 months after my last letter you helped me with.

Cabot state that they have contacted HSBC who have confirmed the account is in fact a business account for a limited company but they also say that HSBC have told them I signed as a guarantor, therefore they say I am
liable.

However, the only evidence Cabot have provided in this regard is a copy of my driving licence, which was my proof of I.D when I opened the account. They therefore believe I am liable because of this. They have not provided any evidence of me signing as a guarantor for any finance through the company (loan, over draft etc) so my thoughts are they don't have this and the I.D I provided is not sufficient evidence of a guarantee on the overdraft?

I think I therefore need to send them another letter but as usual don't want to draft anything that might not be correctly worded etx, would you please be able to help again?

Thank you

[Amethyst]

Ok - no, that you provided ID to open an account is in no way evidence that you signed a personal guarantee. So likely yes we should respond to them saying so.

Anything from your SAR to HSBC yet ? ( chase them !)

[Austindp]

Thanks Amethyst just as I thought.

Yes ,the information has been sent to me by HSBC and here's the confusing part...

..in the paperwork they sent there is also the guarantee for this account (not necessarily good news I know) but why would they have not supplied this information to Cabot?

What do you think my next move should be? If I have no where else to go then am I better off agreeing a deal to lower the balance for payment in full BUT....ONLY if they agree to remove the default on my personal credit file as soon as I do?? Or...do I still try to see if I can get them to drop everything assuming HSBC wi not supply the guarantee?

Thanks again

[Austindp]

Amethyst

[Amethyst]

Hmmm very odd - any chance you can send a copy ? Anonymised of course.

Run the court case on what the claimant provides - the sar stuff from hsbc is for your knowledge and to look at what might come up - you know now that something guarantee wise does exist so whether you use the claimants failings now to try get a settlement out of court or wait it out until / if hsbc provide it to them depends on the end goal ( not getting a ccj and getting it off the credit file ?)

the default is is only entered on the file by Cabot isn't it ? They have admitted it's a business debt and haven't provided anything evidencing the pg so I do think it is reasonable to ask for default removal in return for a reduced f&f settlement - and of course doing that before they do get anything off hsbc is a good idea.

[Austindp]

Thanks Amethyst

I'd prefer to try and move as quickly as possible to get a resolution, more so now in the light of Cabots reply.

As you've more than likely deduced, I have no knowledge about this kind of thing and how to proceed.

I can probably scan and send the guarantee over to you, perhaps as a private message?

All I want is for Cabot to remove the default from my personal credit file as it's ruined my once near perfect credit score and the Wife and I intend to but our first property next year.

From what you've said do I now need to issue proceedings against Cabot in this regard? If so, please can you advise how I go about this?

If you think a more direct approach to Cabot is the way forward then please would you be able to advise in this regard?

I understand you must be extremely busy, not just with posts on here but also with your personal life. So grateful for your continued help.

Thank you

[Austindp]

Amethyst