Very Confusing Situation With Halifax/BoS Loan Repayment

redrooster75

OK, this is my situation, back in late 2009 I had 2 missed payments on a Joint loan with Halifax for £12,000, I had standard default letters and then switched to Albion in house collections, by the time it switched I had got back into better financial straits and able to make the agreed loan repayment of £160 per month again. So Albion agreed a repayment schedule and sent me out a repayment book for the full term of the loan for that amount, I paid this since then (Jan 2010) until now - I also moved house in August 2010.

This morning had a standard Arrears letter listing £2900 of defaulted payments since June 2010, and demand for payment.

Erm......

Rang Halifax who told me my loan defaulted last summer and has since been shipped out to 2 debt collectors, told the girl on the phone I had been making regular payments onto it, gave her roll number of payment book - sorry no record of that, but it may be in a holding account - if we find it we will credit your loan but you must go to branch where you paid in and get them to ring us and confirm this is true.

Luckily - I had both the stamped payment book and the counterfoil receipts.

Went into branch and got very helpful Lady who checked all my payments on their system, yes they had all gone through, she could not understand why they had not been credited, rang through to recoveries - they said leave it with us?!

Now where do I stand here, as far as I can see I have done all they have asked and they have cocked up their side of an agreement.

The girl said if the money (when!) the money is found it will be credited to the current balance of my loan, but surely if it has been sold out to Debt Collectors then there no longer is a loan, and the amount would only be credited against a loan where interest of £90 a month has been added due to a balance that should have been lower if not due to their uselessness.

Should I demand the money back in cash? I am out by over £2000 Where do I stand with the loan? And where do I stand with Debt Collectors?

Tixy

I'd guess that the loan probably was never sold to an external debt collector - just the account was perhaps sent to a DCA to recover the money on behalf of halifax.

If this is the case then they'll probably credit the money to your loan account and correct the account.

redrooster75

Are they likely to rebalance the interest and any charges they have added?

The girl I spoke to mentioned Westcott I think and somene else, are they employed to chase down debts on behalf of bank rather than for themselves? Thanks

Tixy

Hi

Most debt collection agencies do both, certainly westcot do collect on behalf of the original creditor. Assuming this is what has happened they should correct the interest & charges etc themselves.

Obviously do check it out with them once they have allocated the payments etc - might be worth trying to get halifax to send a statement of account out so you can check they have treated them all correctly.

redrooster75

They can't be very effective debt collectors I have only moved house once!

I'm just hoping Halifax will take it back in house and I won't have to deal with any Debt Collectors as I have gone along with what they said in the first instance.

Culex

HBOS and Wescot seem most remarkably suited to each other, as neither gives one the impression that its staff could find their own backsides in broad daylight, even using both hands and with the aid of a diagram and a training video.

GeorgeUK

If you hear nothing within a week, write a letter (sent recorded delivery) to the head office to see what is happening. Explain what has happened (including that you went to a branch with thall the receipts) and how it has been left.

Hopefully that will light a fire under them and give you some peace of mind.