HSBC and Restons

[Pugz]

Firstly hello and any help or advice will be gratefully received.

Short back story, took out a loan with HFC / Beneficial in August 2007 and got into difficulties later on.

In 2009 this was passed to Restons and I have been paying £30 monthly to clear the balance. I receive yearly statements from HSBC who I believe took over HFC / Beneficial, the statements show the original loan of £3000 with the current balance being £13.03. No interest or fees are showing just £30 payments gradually bringing the balance down.

Restons claim the account balance is £550, and advised me to contact HSBC to get an explanation. HSBC were less than helpful while confirming the balance is£13.03, saying they no longer deal with the account despite sending out statements and speak to Restons.

Restons tell me they don't have a breakdown of the original debt just that it's still £550 owing and that the difference will be interest added in a lump sum at the time of the default prior being passed to them.

So I am at the stage where nobody can tell me exactly why my statement from HSBC is £13.03 and Restons say it's £550. Surely if HSBC are sending statements it should give the true figure owed.
HSBC guy said Restons " bought" the debt while Restons deny they do this and just collect on behalf of their client.
i did find this.
http://nicholaswilson.com/update-on-prosecution/
and wondered if this may go some way to explaining it and what my next move might be.

Thankyou in advance
Pugz.

[warwick65]

Re: HSBC and Restons

I think a SAR to HSBC would be in order to find out the balance and if the debt had been sold.

Once that is sorted and you have the evidence, you could make a formal complaint to HSBC ( assuming they still own the debt)

Sometimes what seems to happen is that even when it is agreed to stop interest , on one system the interest is still added

Do you still have all the old paperwork such as the default notice and all the statements

[Kafka]

Re: HSBC and Restons

SAR definitely needed, but the credit file should show you who is reporting the data, so owns it.
Was the account defaulted?
What was the arrangement about interest when you started paying the £30?

[Pugz]

Re: HSBC and Restons

Thankyou for the quick reply, I'm sure I have the original paperwork, although not so sure on the default notice, also the last 4 years statements showing a monthly £30 payment.
But I will SAR HSBC in the first instance and see where we go from there. I've just spent the best part of the morning going round in circles between the two without any answers.

Is there anything I can send to Restons to get access to all they hold about the default and subsequent payments?

Thanks again.

[Pugz]

Re: HSBC and Restons

Kafka,
Nothing is showing on my credit file in respect of this, I did default on the account and when it was passed to Restons it was agreed no interest would be payable on the outstanding amount while I continued to pay the £30.