settling with hsbc

run_rabbit55

hi, ive come to an agreement with hsbc to pay a lower settlement figure for my personal loan, credit card and overdraft. i requested a letter from them stating the figure theyve accepted with prove they will not chase the remainder of the debt.
the letter only relates to my loan account.
http://s546.photobucket.com/albums/hh416/run_rabbit55/?action=view&current=LastScan.jpg
should i accept this or ask for every account to be included in the letter?

Culex

It does not appear to preclude the partially settled account being sold to a third party, who would doubtless then chase you for the balance as well as whatever further charges he/she/they has been pleased to invent.

fatbelly

It's the entry with the CRA that is to be marked 'partially settled', which is correct according to the ICO.

The actual account is to be regarded as settled and the balance cleared. If the £5575 is a deal you're happy with (and we don't know the original balance so can't comment) then go for it.

You'll have to deal with the credit card separately and the overdraft too, if it's not included here.

run_rabbit55

thanks guys. the £5575 is covering my personal loan, credit card and overdraft. overall i owe just over £7500. my loan is only £3500 so have they just made a mistake or should i insist that the credit card and overdraft account is written on the letter to

chanz4

if you havent yet got a default go for it.

Conan_the_librarian

Try and knock them down a bit, do some bartering. Offer £3000 and work your way up a bit if they start to budge (stressing what a push it will be to just about raise that much money).

You've got nothing to lose by trying. Once they've agreed ask them to send you the offer by letter making sure they include all your accounts on the letter.

Triggles

Make sure that if it's to cover all 3 debts, that all 3 debts are listed as covered in the letter.

fermi

The letter needs include clearly in writing all the accounts it is settling.

If that letter is supposed to cover all 3, then I would ask for a new letter saying that.

It seems to only have one account number mentioned?

run_rabbit55

thought that was the case. im just concerned over paragraph 3 in the letter. where they say that they will clear the remainding balance of the accounts. is that prove they are claiming the account will be settled and no further action will be taken in the future? i here that they make u belive the accounts are settled and then try and get the rest of the money or sell the rest on to a dca

Conan_the_librarian

If they agree to a partial settlement they won't chase you up for the rest later. Infact their wording of "we will clear the remaining balance" is confirmation that you won't be chased up for it later.

Again, I'll reiterate that you want to haggle them down, then get that lower sum in writing and to state that it covers all your accounts (it doubtless does, but just playing it safe).