credit card turmoil

rocketscience_2

In 2003 I borrowed £500 from my HSBC credit card, I started paying this off immediately in small monthly amounts which my bank was taking from my current account. This lasted for around six months, however I was then unemployed for around a year with no money in my account so the repayments obviously stoppped. In 2005 when I went back to work I expected the repayments to start again automatically as they had in the first place. However when I checked my online banking account there was no mention of the credit card or any debt where there once had been. I'm wasn't stupid enough to assume the debt had been forgotten about by the bank, however I was stupid enough to assume that maybe they'd 'frozen' it and decided it was nothing to worry about and that I'd get round to paying them back eventually.... I should mention that the bank has actually had the wrong address for me since 2003 also, I have however told them this over the phone but they've always insisted I must change my address in person, which I could never be bothered to do...

Anyway, last week I recieved a letter form 'Tower Investigations' who appear to be a debt recovery company. They want me to phone them to help 'assist with an enquiry on behalf of our client'. I can only assume this is HSBC. I feel like an idiot for not sorting this out earlier but can anyone tell me how much I'll owe on a five hundred quid loan after five years? I think HSBC's interest on a cash advancement is 20%, which I've worked out to be around £1500 (I can just about pay that amount off) is that wishful thinking? A friend reckons it'll be twice that amount at least? Also, does anyone know how 'negotiable' these companies are? Assuming they've bought the debt for a fraction of what it's worth, is it worth me trying to barter with them? I know I've been stupid but I do feel a bit let down by the bank for removing the debt from my online banking account and it's not like I've been in hiding, I've had telephone contact with them several times over the past five years, and my account has had a regular and healthy cashflow since 2005... But still, any advice would be much appreciated...Thanks!

methusala_2

I've been googling Tower Investigations. Don't be eager to give them any information. Make them write to you with full details of any money they claim that you owe. If your really keen to phone them, its an 0800 number and free so use a public call box and play things by ear.

Right now you don't know this is about the HSBC loan, why not contact HSBC about this loan and try to settle things with them?? If they have sold the debt on then let them tell you about it as with hand on heart you can currently claim that no one has contacted you about this money. And sort out your address issue with the bank