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  • FIRST POST
    • anto135
    • By anto135 2nd Dec 17, 4:54 PM
    • 8Posts
    • 1Thanks
    anto135
    Paying an old debt that hasnít contacted you
    • #1
    • 2nd Dec 17, 4:54 PM
    Paying an old debt that hasnít contacted you 2nd Dec 17 at 4:54 PM
    Hi, so basically Iím trying to repay old debts that are listed on my credit report. Iím repaying other debts on my file that have contacted me to repay, but thereís an old HSBC debt of around £70 listed on the closed accounts. Now HSBC have never got in contact with me to settle this debt, how would I go about contacting them to repay it so they donít sell the debt on and it gets higher than it is at the moment.

    Thanks.
Page 1
    • Arleen
    • By Arleen 2nd Dec 17, 5:22 PM
    • 1,025 Posts
    • 747 Thanks
    Arleen
    • #2
    • 2nd Dec 17, 5:22 PM
    • #2
    • 2nd Dec 17, 5:22 PM
    Call them tomorrow and sort it out, make the payment over the phone and that's it. If they can't find it, write to the CRA's to have the account removed.
    • fatbelly
    • By fatbelly 2nd Dec 17, 7:20 PM
    • 11,638 Posts
    • 8,774 Thanks
    fatbelly
    • #3
    • 2nd Dec 17, 7:20 PM
    • #3
    • 2nd Dec 17, 7:20 PM
    Hi, so basically Iím trying to repay old debts that are listed on my credit report. Iím repaying other debts on my file that have contacted me to repay, but thereís an old HSBC debt of around £70 listed on the closed accounts. Now HSBC have never got in contact with me to settle this debt, how would I go about contacting them to repay it so they donít sell the debt on and it gets higher than it is at the moment.

    Thanks.
    Originally posted by anto135
    It shouldn't get higher . When did they last update that record?
    • anto135
    • By anto135 3rd Dec 17, 11:36 PM
    • 8 Posts
    • 1 Thanks
    anto135
    • #4
    • 3rd Dec 17, 11:36 PM
    • #4
    • 3rd Dec 17, 11:36 PM
    Iíll have to give them a call when I get time to do so.
    Iím unsure what you mean by when they last updated the record? Itís just listed under my closed accounts on my credit report, Iím of the understanding when someone sells a debt on to a company to retrieve it they then add an expense onto the debt.
    • sourcrates
    • By sourcrates 3rd Dec 17, 11:46 PM
    • 12,670 Posts
    • 12,001 Thanks
    sourcrates
    • #5
    • 3rd Dec 17, 11:46 PM
    • #5
    • 3rd Dec 17, 11:46 PM
    Iíll have to give them a call when I get time to do so.
    Iím unsure what you mean by when they last updated the record? Itís just listed under my closed accounts on my credit report, Iím of the understanding when someone sells a debt on to a company to retrieve it they then add an expense onto the debt.
    Originally posted by anto135
    What expense do you believe they can add ?

    Once an account defaults the balance on that account is frozen in time.
    No one can add further charges or interest to the debt, unless the original agreement allows them to do so.

    The majority of consumer credit account agreements do not allow for this, if the debt has historically been £70, nothing will now change this.

    Your options :

    You could contact HSBC but if the account has been closed a while, it may no longer be on their systems.

    Let sleeping dogs lie, they obviously donít regard it worth chasing for such a small amount, and as itís a closed account, it wonít be sold on.

    Eventually it will drop off your file and become statute barred.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • fatbelly
    • By fatbelly 4th Dec 17, 7:45 AM
    • 11,638 Posts
    • 8,774 Thanks
    fatbelly
    • #6
    • 4th Dec 17, 7:45 AM
    • #6
    • 4th Dec 17, 7:45 AM
    Iíll have to give them a call when I get time to do so.
    Iím unsure what you mean by when they last updated the record? Itís just listed under my closed accounts on my credit report, Iím of the understanding when someone sells a debt on to a company to retrieve it they then add an expense onto the debt.
    Originally posted by anto135
    If you look on your Experian report there is a line 'last updated (date)', If you got your report in November 2017 and that entry is dated Oct or Nov 2017 then it's current.

    If they haven't updated for longer than that, then they've walked away from it and you should ignore it unless anyone writes to you.
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