HBOS Debts

mart3ndo

Hi,

I have three seperate debts with HBOS (Three different accounts, an overdrawn cardcash account, an overdrawn overdraft account and a credit card.)

The total for all three of these debts is £1462.44

My questions are these:

• What would be the best way about repaying these, as they are in the hands of what seem incompetent debt collection agency's?
• I could probably afford about £30 - £50 a month, would the bank accept a figure as low as this?
• I owe roughly £600 on the CC, almost half of this is late payment fee's. Is there anything I can do to lower this*
• I read something somewhere about being able to impose a condition that they must update my credit report to show that the debt is being repaid. Could anyone clarify this.

Also, what are the easiest ways to start repairing my credit file. Could someone clarify the Cashplus Credit Builder. Any other tips would be helpful as well.

I think that is everything I need to know. If it helps, I am a university student with a part time job.

In advance, I thank you for any advice you can give.

*I know the late payment fee's are my own fault, but it's worth a try.

Tixy

Hi Mart

With regards to the credit card fees you should be able to reclaim some of them
http://forums.moneysavingexpert.com/forumdisplay.html?f=102
- if you look on this section of the board there is a step by step guide.
http://www.moneysavingexpert.com/reclaim/credit-card-charges

Were these charges mostly £12 charges or more can you remember?

What debt collectors are now chasing you for these debts? You ask if the bank will accept a figure of £30-50, well if the debts have been sold it will be the DCA you need to negoitate with rather than the bank.

If you can demonstrate that the monthly payment offer is all you can afford (by showing an income & expenditure account) then thats what you should pay. They will try to bully and harrass you for more but they can't have what you don't have.

Basically to start repairing your credit file the first thing is to start paying off these debts. There is no magic fix to improving your credit file, and never pay any company a fee to try and do this.

Once your debts are paid you have to go through a process of proving you are now repsonsible with credit and can act within the terms set to you. Peopl usually do this with a subprime credit card which they pay off in full each month (as the interest is hideous on these cards) and perhaps with a mobile phone account.

But whatever you do the defaults that are presumably on your file will stay there for 6years from the date they were entered. Once the debts are paid they will show as satisfied defaults which are preferable to unsatisfied defaults.

Have you requested a copy of your credit file? What dates were these debts defaulted?
See this article - http://www.moneysavingexpert.com/loans/credit-rating-credit-score

mart3ndo

Yeah, the late payment fee's were £12, there is about £250 worth of these, and some £28.75 letter fee's.

Am I able to claim them back if I havent paid them, or would I have to pay them then claim them back?

The problem with paying the DCA instead of the bank is that the debt seems to be in the hands of three different agencies at the same time. How do I know which one to deal with?

Also, is there a template anywhere for the Income and Expenditure account?

Thanks in advance.

SuziQ

Normally when a DCA takes over one of your debts they would write to you. Have you had those letters? Other than that contact your original lender as they can tell you who they sold the debt onto.

mart3ndo

I've had letters from iQOR, Blair, Oliver and Scott and Wescot all claiming to be the DCA handling it, all around the same time.

Another question, would my cc debt be with HBOS or mastercard?

Oneday77

Blair Oliver & SCot are HBOS inhouse dbt collectors, so technically still with the HBOS, that one is not a true DCA if you like. 3 Accounts 3 DCAs by the looks of it.
CC debt is with HBOS or relevant DCA.
I think you need to sit down with all your latest paperwork and see which account is with who.