Liz reclaiming PPI on old loan

melorablack

Ok, first of all I think when loans are passed on to debt collection agencies a big lump of interest is added on which may explain why your balance jumped up within 3 days (but someone will need to clarify this because I don't know for certain, I just heard that it could happen).

Or...was your original loan £13k and the addition of the PPI as a single premium made it £16k?

As for the letter you got back from them saying that due to the length of time since the account was sold on they no longer have the information...that looks like it is a reply to your question about the mysterious extra 3k not about the PPI being mis sold.

I'd give them a call/write to them chasing up the mis sale if I were you.

di3004

Thanks Mel I know you would come along to say something useful :T:T.

I was gonna look for you otherwise lol :rotfl::rotfl:;)X

Frith

Well, I'm writing again enclosing photocopies of the statement.

Frith

Melorablack - the original loan was quite small but was increased as the ex got into more debt and had an overdraft added to it as well.

Don't know what the £3000 was, the original loan was only £4000 so a £3000 charge seems really high.

Waiting for them to reply!

L

melorablack

ACEY wrote: »

Melorablack - the original loan was quite small but was increased as the ex got into more debt and had an overdraft added to it as well.

Don't know what the £3000 was, the original loan was only £4000 so a £3000 charge seems really high.

Waiting for them to reply!

L

When a bank says they can "increase" your loan or add something else to it, this nearly always means you have to take out a new loan because the terms an conditions of the original agreement are changing. Just thought I would point this out because I know the banks don't make it clear to customers when they do this sort of thing.

If as you said they added the balance of the overdraft onto the original £4000 it looks like you had a new loan, in which case the mystery £3,000 wasn't added to the £4000 it was added to the balance of the new loan.

If anyones confused don't worry I am too lol

Frith

Have had a letter from HSBC! Now this one IS interesting and I'd welcome any comments about it.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

.... after reviewing the information you have provided to HSBC and speaking to MCS, I can confirm that no error has been made in the amount passed over to MCS.

They have confirmed that the highest balance passed to the when your debts were written off was £13,290.08. Therefore I am unsure as to who advised to you the balance of £16,548.92 was passed to them initially. This information is incorrect and I would like to apologise for any inconvenience this may have caused you...

I trust matters have now been resolved etc etc

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Well, no, nothing has been resolved!! There is an HBSC statement which says one figure then a statement from MCS with a figure £3000 higher!

What on earth do I do now?!

L

melorablack

HSBC may be right in that a balance of £13290.08 was passed to MCS, but MCS may have added their own charges after this which have increased the amount. Ask MCS how much you owe them.

Frith

I've just phoned MCS and they confirmed the debt passed to them was £13,290.08. They confirmed that when they took over the debt, they added over £3,200 of interest!

Does that sound feasible???!

L

Frith

Also, have had no reply at all concerning the PPI on the original HSBC loan.

melorablack

ACEY wrote: »

I've just phoned MCS and they confirmed the debt passed to them was £13,290.08. They confirmed that when they took over the debt, they added over £3,200 of interest!

Does that sound feasible???!

L

It's what they all do, the interest is to ensure they try and make a profit.