HBOS Credit Card - Very Old! No Record with Credit Agencies.

Wicked_Lester · 7 December 2009 at 5:19PM

First post on the site so hello all!

I have a Bank of Scotland Credit Card which I took out in 1988 when I worked for them briefly.

This card has a £15k limit and I have £10k on it, fortunately at a low 'rate for life' balance transfer. Now, this card shows up on NO credit reports - I have checked my Experian, Equifax and Callcreditcheck. No record.

I was thinking of challenging the credit card agreement, something which I am reading up on just now. I have a very good credit score and so I won't be doing anything till I have all the facts. Assuming the agreement was unenforceable does anyone know if a default could be lodged with a Credit Agency, given they have no current records of the debt?

Secondly, I currently have a mortgage with Halifax, obviously part of the HBOS group. I guess it is likely they wouldn't be keen on giving me another mortgage but could they offset the CC debt against it while I still have the mortgage with them?

Any advice anyone could give before I start more in depth research would be great.

fabforty · 7 December 2009 at 5:36PM

On what grounds are you thinking of challenging the credit agreement? You were working for BoS when you took out this credit card - which suggests that you knew exactly what you were doing. Why don't you just pay what you owe, instead of trying to worm your way out of repaying a legitimate debt? Unfair bank charges I can understand, but everytime somebody does what you are thinking of doing, i.e. spend a wad of cash and then avoid paying it back, it's the other customers that ultimately pay for it.

Wicked_Lester · 7 December 2009 at 5:38PM

fabforty wrote: »

On what grounds are you thinking of challenging the credit agreement? You were working for BoS when you took out this credit card - which suggests that you knew exactly what you were doing. Why don't you just pay what you owe, instead of trying to worm your way out of repaying a legitimate debt? Unfair bank charges I can understand, but everytime somebody does what you are thinking of doing, i.e. spend a wad of cash and then avoid paying it back, it's the other customers that ultimately pay for it.

I didn't mention anything about worming out of the debt, I spoke about challenging the credit agreement, taken out when I had just turned 18. Please don't assume to know my circumstances, I have asked very specific questions.

Thanks for your kind welcome to the forum.

seeya23 · 7 December 2009 at 5:50PM

take a look here mate and welcome to the forum
http://forums.moneysavingexpert.com/showthread.html?t=2060575

Wicked_Lester · 7 December 2009 at 5:59PM

fabforty wrote: »

On what grounds are you thinking of challenging the credit agreement? You were working for BoS when you took out this credit card - which suggests that you knew exactly what you were doing. Why don't you just pay what you owe, instead of trying to worm your way out of repaying a legitimate debt? Unfair bank charges I can understand, but everytime somebody does what you are thinking of doing, i.e. spend a wad of cash and then avoid paying it back, it's the other customers that ultimately pay for it.

Fabforty, as you are making assumption and judgements of me, can I refer you to an earlier post of yours.
"Try not to generalise. Yes there are people who have been reckless, stupid, and greedy and have no-one to blame but themselves. But there are also some who have been unlucky. Who have suddenly found themselves on hard times through no fault of their own (e.g. my cousin whose husband walked out on her and her two kids, after emptying their joint bank account, savings accounts etc - he even emptied the kids money jar)".

eschaton · 7 December 2009 at 7:16PM

Wicked_Lester wrote: »

I didn't mention anything about worming out of the debt, I spoke about challenging the credit agreement, taken out when I had just turned 18. Please don't assume to know my circumstances, I have asked very specific questions.

Another loser hits MSE.

Just pay it.

Wicked_Lester · 7 December 2009 at 7:41PM

eschaton wrote: »

Another loser hits MSE.

Just pay it.

Another loser like yourself who basically, as I can see from your other posts, likes to argue with complete strangers on the net. Interesting.

marksoton · 7 December 2009 at 7:49PM

Wicked_Lester wrote: »

I didn't mention anything about worming out of the debt, I spoke about challenging the credit agreement, taken out when I had just turned 18. Please don't assume to know my circumstances, I have asked very specific questions.

Thanks for your kind welcome to the forum.

Pretty much the same thing aren't they ?

Does the fact you had only just turned 18 make a difference then ? Maybe they should let you off because you were only a young lad.:rolleyes:

Even if you could prove it was unenforceable your credit report would more than likely get trashed.

The best advice for you is to pay up. At least you have a low rate for the life.

fabforty · 7 December 2009 at 7:54PM

Wicked_Lester wrote: »

I didn't mention anything about worming out of the debt, I spoke about challenging the credit agreement, taken out when I had just turned 18. Please don't assume to know my circumstances, I have asked very specific questions.

Your absolutely right - I don't know your circumstances - so apologies if I misunderstood. My assumptions were based on the information provided in your post. The whole 'challenging credit agreement' issue has one outcome (if the challenge succeeds) - to wipe out the debt and make it unenforceable. I'm not aware of any other purpose. You asked if a default would be registered against you. I also assumed that as you had worked in a bank and have held and used the card for 20 years, that you knew what you were doing and had no issues with it - otherwise you wouldn't have used it

If you are now saying that my assumptions are completely wrong and that you have every intention of paying the £10k that you spent on the card, then in answer to your questions...

a) challenging the credit agreement serves no real purpose (apart from making the debt unenforceable) - and as you intend to pay, you would be wasting your time.

b) of course a default will not be registered against you - that can only happen if you don't pay what you owe.

However, if I was right and you are simply trying to find a way out of paying what you owe, then I stand by my original reply.

never-in-doubt · 7 December 2009 at 7:57PM

Now Now - leave the OP alone! Unenforceability is a right and occurs when the lender does not issue a compliant agreement. Feelings aside, the OP isn't worming out of anything, merely utilising their rights!

Let it go - self richeous do-gooders!

OP, read here for how to deal with this or post here and i'll help you out

Unenforceability & Template Letters II

ricardovich · 7 December 2009 at 8:11PM

Hey Wicked Lester

Jump over to Never-In-Doubt's link. He/She's helping hundreds/thousands of people out with this.

You'll get a warmer welcome there;)

HBOS Credit Card - Very Old! No Record with Credit Agencies.

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