HSBC not honouring CapQuests statements - please help!

billybobba

Could anyone please offer some advise.......
My HSBC cc debt was taken over by Capquest a couple of years ago. The balance was around £11k (£10k of spend, £1k of fees from HSBC). Each month I made the payments to Capquest, and last October I was send a statement saying the balance was c. £7k and if I wanted to pay it off (which sadly I couldnt afford) the one off payment would be £6.5k. Then a month later without any notice from HSBC, the account was taken back into HSBCs control and I was told the balance was back up to £11500 as they were not taking into account the agreement with Capquest.

Several letters later and I am still no further on. The HSBC debt is one of a few I have, and the thought of it being some £5k higher than it was in October is awful. I have told HSBC that I will refer the matter to the Financial Ombudsman, but they are saying that my balance remains at the original amount, as they have applied interest to it.

I have sent all the statements from Capquest, but they are not budging. Help!!!

Tixy

Have HSBC sent a statement to you breaking down the new balance (ie £11k less the payments you made to capquest plus the interest)?
If so what period have they calculated the interest based on? from when capquest took over to now?

billybobba

I requested copies of all my statements. It seems like I have two sets. One from Capquest showing the payments to them and the balance decreasing, then another set from HSBC. These show the amount I was paying to Capquest going into the HSBC account. It then shows interest being charged at 20.9% on the full balance over this period of time (in which I was told Capquest held the account).

Capquest were telling me the balance was decreasing by the full £185 per month I was paying (which is why the balance dropped to £7k ish) and now I've looked at these HSBC statements, they are saying that the £185 was just pretty much covering the interest and the balance was dropping by £1 per month.

If I had of had the funds to pay off £6.5k with Capquest when they requested a final settlement -how would this have worked with HSBC?

saltnvinegar

I would also look at sending them both a SAR (subject access request) asking for all documentation relating to your account.

It will cost you £10 but may be worth it depending on what info you get back, you need to see if there is anything in writing stating that interest would continue (or not) to be charged. You should also then have copies of any notice of assignment (where HSBC handed the debt to Capquest).

I think at the very least a complaint to the OFT and Trading Standards is in order that you have been misled as to the balance of your debt.

If Capquest have been sending you statements showing the debt has been reducing for HSBC to suddenly take it back and slap a load of interest on this is very naughty and misleading.

When did you first take this credit card out?

As HSBC are not playing nice you may want to look at the unenforceability route (good places to start are here and here)

This may then give you some leverage......

SnV

billybobba

thank you