HBOS's "best offer" grrr these people make me mad

smilely

I'm still arranging my DMP at the moment, but got a call from HBOS today offering to lump the 2 credit cards and the loan i have with them into one loan over 5 years at £200 per month (most of the surplus income) but wanted to secure this on my property (mortgage also with HBOS).

Told them where to go that i wouldn't have enough money left if i took it to pay my other creditor etc, but most of all i didn't want to secure the debt on the house. They then said that it is unlikely they will accept the DMP and this was the best option, but then went on to say that he doesn't know what the collections department will accept so guessing he said that to try and close the sale.

The only worry i have now and forgive me if i'm being really stupid here, but they can't add this to my mortgage o get it secured on the house without my consent or going to court or something? I don't trust them have had a lot of bad experiences with them and i'm worry they will just do it anyway.

pure_dead_dopey

I really feel for you, I don't think they can do anything without telling you and these are unsecured debts, they can't just turn them into secured debts with a magic wand!!! And surely they were piling on sky high interest as they were unsecured!!! Hope someone can come along and clarify. and again, do we not own these eejits?

DGJsaver

smilely wrote: »

I'm still arranging my DMP at the moment, but got a call from HBOS today offering to lump the 2 credit cards and the loan i have with them into one loan over 5 years at £200 per month (most of the surplus income) but wanted to secure this on my property (mortgage also with HBOS).

Told them where to go that i wouldn't have enough money left if i took it to pay my other creditor etc, but most of all i didn't want to secure the debt on the house. They then said that it is unlikely they will accept the DMP and this was the best option, but then went on to say that he doesn't know what the collections department will accept so guessing he said that to try and close the sale.

The only worry i have now and forgive me if i'm being really stupid here, but they can't add this to my mortgage o get it secured on the house without my consent or going to court or something? I don't trust them have had a lot of bad experiences with them and i'm worry they will just do it anyway.

Isnt this against OFT guidelines , offering to lend more to cover debts ?

smilely

DGJsaver wrote: »

Isnt this against OFT guidelines , offering to lend more to cover debts ?

I don't know. They guy on the phone was horrible and was trying to push me into it, but i said no. I'm not trying to get out of paying them i will give them back every penny over time through my DMP i just don't want any more debt on the property other than my mortgage. I don't even know how they can offer me a secured loan as i only have about 3k equity on the valuation and they were offering me £10k :mad:

niccatw

Hi Smilely

I wouldn't worry about it, I've had similar conversations with HBOS in the past. Once I fell for it and I'm still paying for that naivety now! (Thank God I found this site to help me along!)

Even if you had a greed to anythinig on the phone, which you didn't, they'd have to send it to you in writing and you'd have to sign it. If it was a new loan agreement, you'd have a 14 day cooling off period to change your mind.

So they can't do anything without your consent and you'd have a real case against them if they were to try. I reckon you're right, the person who contacted you was just an average joe trying to get a sale. The collections department negotiate repayments. Sometime's they are helpful, sometimes not!

The good thing about HBOS is, when you've paid everything off, you just need to print off a form from their website to close your account. I just cloesd mine last week - it feels good! Fingers crossed you can do that sooner rather than later! Good luck