HSBC/Moorcroft/ panic and tears!

[Aks]

Re: HSBC/Moorcroft/ panic and tears!

in relation to that letter flaming parrot, would that be to moorcroft and what may it achieve please? At the moment have more going out than in...it may change in the future, if I were to pay minimum amount per month say £10 that would take forever to pay and would that show as negative on my credit record until it was fully cleared? would it be worth say 2k loan and offer full settlement...however form link you sent it says it may not be legally binding and they may well sell rest of debt to someone else???? Thanks for the assistance, appreciated! :tinysmile_hmm_t2:

[FlamingParrot]

Re: HSBC/Moorcroft/ panic and tears!

the debt charity checked...nothing showing on credit file at the moment flaming parrot!

This is good news in the short term, if you're looking to remortgage. :whoo:

However, looking at the longer-term, it's important to get defaulted early rather than late, otherwise your credit file will be shattered for years to come! HSBC seem to be one of the worst offenders, I heard on another site that they defaulted someone in 2011 when they should have done so in 2006 or thereabouts! :scared:

Also a friend of mine who has an M&S card run by HSBC, he says there's no default on his file even though he hasn't paid since May 2012. :noidea: The problem will be if a default appears 5 years later.

[Aks]

Re: HSBC/Moorcroft/ panic and tears!

so shall i send the letter you suggest to moor croft re terms and conditions..what happens if they dont have them or what happens if they send them? Sorry if sounding bit thick!!

[FlamingParrot]

Re: HSBC/Moorcroft/ panic and tears!

in relation to that letter flaming parrot, would that be to moorcroft and what may it achieve please?

As it's Moorcroft we're talking about, it could well get them off your back! :thumb: Although O/D are not subject to the CCA in the same way as accounts that fall under s.77-79 and you can't argue non-compliance in the same way, with low-end DCAs like Moorcrap, people have managed to see them off by sending that letter.

At the moment have more going out than in...it may change in the future,

That being the case, you could offer tokens of £1 a month. Even people with CCJs pay just tokens if that's all they can afford. As for the future, that's a bridge to be crossed when you come to it.

if I were to pay minimum amount per month say £10 that would take forever to pay and would that show as negative on my credit record until it was fully cleared?

No, a default only appears on your credit file for 6 years after being recorded, regardless of whether the debt is cleared or not, whether any payments are made or not. The main issue is *when* the default will be recorded in the first place, as HSBC seem very inconsistent, see above. :noidea:

would it be worth say 2k loan and offer full settlement...however form link you sent it says it may not be legally binding and they may well sell rest of debt to someone else???? Thanks for the assistance, appreciated! :tinysmile_hmm_t2:

You could offer a F&F, yes, but now wouldn't be the time. If you make low/token payments for a while, they may sell the debt to a debt purchaser who would have paid 10% or thereabouts. They are more likely to accept a low F&F than the original lender.

As for my link, it referred to a settlement agreed over the phone, something that should never be done. :nono: If you were to make a F&F offer you'd do it in writing, sending a properly worded letter and making payment via a 3rd party.

[Aks]

Re: HSBC/Moorcroft/ panic and tears!

thanks will send the letter and let you know how I go on, thanks for the assistance!

[Aks]

Re: HSBC/Moorcroft/ panic and tears!

last think flaming parrot - do moorcroft have to send me this and what happens if they don't please?

[Aks]

Re: HSBC/Moorcroft/ panic and tears!

the original letter form moorcroft is


"we have been instructed by HSBC bank old to collect your overdue debt of £5375.18.

To prevent our recommending to our client that further debt recovery action be undertaken, it is essential that you settle this debt without delay. we would therefore ask you to settle your account within the next 7 days. Alternatively please call us on 0161 475 2874 to discuss alternative repayment options. Both our client and we do not wish to take this action but if agreement cannot be reached by 16/11/13 we may have no alternative.
We would draw to your attention that it is likely that our client has registered a default against your credit file in relation to this account. The default may affect your ability to obtain credit in the future.
Please contact us today as we will be happy to discuss a repayment programme that you can afford and maintain. All payments must be made [payable to "moorcroft debt recovery let" and forwarded with this letter to the above address.
Please do not ignore this letter"

They keep mentioning their client (HSBC) however Metropolitan (HSBC internal debt recovery) said they had sold debt to Moorcroft and I could only deal with them!??? Do Moorcroft still correspond with HSBC re this at the moment?

[Aks]

Re: HSBC/Moorcroft/ panic and tears!

15/11/13






Dear Sirs,

Moorcroft Reference

Under the provisions of The Consumer Credit (EU Directive) Regulations 2010 and also c.39 (s.74 (A&B) (VA)) CCA(1974) I wish to formally request a copy of the original overdraft agreement and relevant paperwork that you should be sending me annually for this account.

As I held what can only be regarded as an 'Agreed Overdraft', which has now reverted to an 'Unauthorised Overdraft' then the lending becomes regulated in line with c.39 Part VA (s.74) (s.1(b)) CCA1974 meaning the normal rules and CCA(1974) protection applies to this account.

You should be sending an annual reminder to me regards the overdraft, as well as copies of the original agreement made and an annual renewal form that contains the relevant prescribed terms that are clearly outlined in s.74(A)2(a,b,c,d,e). I highlight this provision for your perusal;
s.74A(2) The current account agreement must include the following information at the time it is made:
(a)the rate of interest charged on the amount by which an account-holder overdraws on the current account or exceeds the pre-arranged overdraft limit,
(b)any conditions applicable to that rate,
(c)any reference rate on which that rate is based,
(d)information on any changes to the rate of interest (including the periods that the rate applies and any conditions or procedure applicable to changing that rate), and
(e)any other charges payable by the debtor under the agreement (and the conditions under which those charges may be varied).
You should also be paying attention to s.74(B)(2) which reads, I quote;
s.74B(2) The matters referred to in subsection (1) are:
(a)the fact that the current account is overdrawn or the overdraft limit has been exceeded,
(b)the amount of that overdraft or excess,
(c)the rate of interest charged on it, and
(d)any other charges payable by the debtor in relation to it (including any penalties and any interest on those charges).
Therefore in line with the above, could you please send me the required documents. I trust that I have set out the position clearly and I await your response.

Please note I wish all correspondence in relation to this matter to be in writing and not by telephone, email or in person.

Yours sincerely

(typed signed not own signature)

is this ok?

[FlamingParrot]

Re: HSBC/Moorcroft/ panic and tears!

is this ok?

Yes, that should do the trick! :thumb:

last think flaming parrot - do moorcroft have to send me this and what happens if they don't please?

Let's see what they respond with, they may well fly off... and move on to easier prey.

[FlamingParrot]

Re: HSBC/Moorcroft/ panic and tears!

the original letter form moorcroft is

"we have been instructed by HSBC bank old to collect your overdue debt of £5375.18.

To prevent our recommending to our client that further debt recovery action be undertaken, it is essential that you settle this debt without delay. we would therefore ask you to settle your account within the next 7 days. Alternatively please call us on 0161 475 2874 to discuss alternative repayment options. Both our client and we do not wish to take this action but if agreement cannot be reached by 16/11/13 we may have no alternative.
We would draw to your attention that it is likely that our client has registered a default against your credit file in relation to this account. The default may affect your ability to obtain credit in the future.
Please contact us today as we will be happy to discuss a repayment programme that you can afford and maintain. All payments must be made [payable to "moorcroft debt recovery let" and forwarded with this letter to the above address.
Please do not ignore this letter"

They keep mentioning their client (HSBC) however Metropolitan (HSBC internal debt recovery) said they had sold debt to Moorcroft and I could only deal with them!??? Do Moorcroft still correspond with HSBC re this at the moment?

The above is a bog standard DCA template letter which they churn out by the dozen.

Moorcroft are both debt collectors and debt purchasers. If they account was sold to them, you should have received a notice of assignment. Did you get such a letter? If they keep referring to their "client", it means they are just acting on their behalf and, if they fail to get anywhere, may well return the account to their client, who will then have to find another DCA to act for them.

[Aks]

Re: HSBC/Moorcroft/ panic and tears!

all I had from metropolitan collection services is a letter saying that my account is being transferred to morcroft and i should hear from them in 14 days...but when i asked the tel person yesterday at metropolitan if they had sold the debt to moorcroft they said they had. I asked how much for and she couldn't / wouldnt say!

[wales01man]

Re: HSBC/Moorcroft/ panic and tears!

Why would they tell you?
don't think anyone is ever told how much a debt was sold for

[Aks]

Re: HSBC/Moorcroft/ panic and tears!

just rang metropolitan and asked them to clarify, they ummed and aHHHHhed then did it some more and said in some circumstances it can be transferred back to hsbc such as PPI! she went off to check, left me with some music...came back and said...at the moment debt not sold to moorcroft they are just an agency helping hsbc customers repay debt..so hasnt been sold contrary to what i was told yesterday!
does this make any difference?

[Aks]

Re: HSBC/Moorcroft/ panic and tears!

hi wales01man, wasnt expecting them too...just thought would ask the question..seems now they havent though as as its my first experience of this didnt think it hurt to ask the question!!

[FlamingParrot]

Re: HSBC/Moorcroft/ panic and tears!

all I had from metropolitan collection services is a letter saying that my account is being transferred to morcroft and i should hear from them in 14 days...but when i asked the tel person yesterday at metropolitan if they had sold the debt to moorcroft they said they had. I asked how much for and she couldn't / wouldnt say!

First of all, you should avoid speaking to anyone on the telephone, keep everything in writing. :typing:

The person on the phone was probably just a low paid call centre operator who wouldn't have that information. Whatever they may have said, the only legal way to prove a debt has been sold is a WRITTEN notice of assignment.

They wouldn't tell you how much a debt was sold for, that's commercial information between two parties that does not concern you as the debtor, therefore they have no reason to disclose it, :tape2: not that I think a call centre operator would have access to such details in the first place.

just rang metropolitan and asked them to clarify, they ummed and aHHHHhed then did it some more and said in some circumstances it can be transferred back to hsbc such as PPI! she went off to check, left me with some music...came back and said...at the moment debt not sold to moorcroft they are just an agency helping hsbc customers repay debt..so hasnt been sold contrary to what i was told yesterday!

As above, keep it all in writing!

does this make any difference?

Not at this stage, no.