HSBC refuse to take defaulted loan back from moorcrof!!

[Guest]

Hi, I have two defaulted loans which have been passed on to moorcroft. I was homeless when defaulted and notice was sent to old address. When I called HSBC they said debt has been written off as bad debt. I didn’t know about defaults then. So thought they had done me a favour, that’s what lady made it sound like. They told me to get back to them if my situation got better. But before I knew it, it was eventually in the hands of moorcroft. I complained and informed HSBC about my situation and how I had told them about my situation but they refused to help or listen.

i accepted my predicament and asked “begged” them to take back the loan so I can liase with them directly but they completely refuce to talk to me about the debt and insist I contact moorcroft. They say debt isn’t sold though. But they just won’t talk to me about it. I asked if moorcroft can return the debt, they said yes in some cases, but they may pass it on to another collector!

mean while I have another debt which I am liasing with HSBC about. So why not the others?

what is going on please? I don’t want to enter an agreement with moorcroft or even talk to them, Cos I’ve heard not to deal with them. All I want is for hsbc to take loan back and il enter agreement with HSBC.

plesse help!

[MIKE770]

Moorcroft are only hopeful collectors for owners on commissions

[MIKE770]

Amethyst

[Sortthis]

“Moorcroft are only hopeful collectors for owners on commissions”

Thanks for your reply. any idea deal how to handle them? HSBC is bent on getting me to call moorcroft. But is it possible to get HSBC to deal with me directly? That’s all I want! I got the debt from them and I want to settle it with them, no moorcroft. What to do if creditor won’t listen?

[MIKE770]

see what Ame has to say, HSBC farmed it out for collection, leaving themselves to get on with others at this stage? HSBC ahhhhhhhhhh my opinion

[Amethyst]

Okay, what do you want to do with the debts, just set them up as an installment arrangement ? or make a full & final settlement?

The debt is still owned by HSBC so it would be an idea to put your offer in writing direct to HSBC, or have you already done this ? From your post I'm not sure if comms have been on the phone or in writing to date?

How long ago did the loans default ?

[Sortthis]

I want to start by doing instalment / direct debit. With the other one which they haven’t given to an external collections yet, they were happy to set up instalments.

but with the other ones they say talk to moorcroft. My plan would have been to then gradually save and pay the balance off with any extra income in one go. So I would start by going instalments.

I contacted them through letter reminding them of the situation when I had defaulted back then. Begging them to take the Loan from moorcroft so I can start paying direct to them.

they apparently replied when I moved houses again. And old landlord chucked all letters!

[Sortthis]

Loans defaulted in 2016 mid year

[Sortthis]

I don’t know if il loose anything contacting moorcroft and setting up a payments. Or better yet asking to to agree to remove defaults after payments. I hear people have had success with that. Just cos mine is so recent it would mean a debt for buying a home in near future. Three defaults in total. One I am dealing with hsbc and the other two moorcroft have.

[Amethyst]

I don't have an issue dealing direct with Moorcroft rather than HSBC tbh, they're just the company they're using to collect the debts. You won't get the defaults moved from your credit file though so if you are considering buying a house your best bet is to try and do your full and final settlements as soon as possible. A settled default, even partially settled, doesn't have as poor an effect on the credit file after a year or two from settlement as a live default, and of course then you wouldn't have to put down the debt as an expenditure on your mortgage app.

If you leave it alone with moorcroft it may escalate and get sold on to another company - that could take a few months/years - during which time you have the defaults sitting on your file. They will fall off in 2022 regardless though, so you're then trying to ensure that you don't get a CCJ before then, or after, which would scupper you for another 6 years.

If you want to sort out affordable payments now with a view to settling once things improve then just contact Moorcroft. You've gotten yourself in a tizwas about the wrong issue in my view ( sorry ) - you want to be looking to buy a house so your credit file, and preventing a CCJ, becomes your priority. Not who the payments are made to.

Anyway, as always, just my thoughts xx

[Sortthis]

oh wow. thanks for the information and breaking that down. i dont know much about this area, but if i open an arrangement with moorcroft, will it show as collection on my report or hsbc in the end? or like you said it all doesnt matter or affect the score or out look anyways? trying to make sure which ever agreement i enter into to pay, it wont have any more of an adverse effect that i already have. i seem to have heard people say its not good for collections to show up on an account. or so

[Amethyst]

What's your credit file look like now ?

HSBC own the debt still, so they are still reporting it ? ( just as a D every month with a balance? ) There's a default date showing ?

( do an anonymised screenshot of the expanded view of it from your Noddle file if you like ( or wherever you're keeping an eye on things through) )

[Sortthis]

it shows as just D up until may 2017 and thats it. on equifax. theyve not updated since. default date was may 2017 actually, not 2016. i can only check equifax at the minute.

[Amethyst]

If it shows as D before May 2017 then it defaulted earlier - are you on Clearscore ( that's Equifax free report access ) - they seem to only have the last updated date - can you check Noddle ( free callcredit version ) and MSE Credit club ( free Experian version)

I think knowing the facts and right dates is important before you decide what to do.

[Sortthis]

thank you! i will do just that and get back