question about bank account

wayne2786

Hi There,

Quick question (ish) if any one could possibly help.

So i used to have an overdraft with HSBC for £600, when my business went down the drain that was maxed out and then went over to like £880 in total because of charges etc, i also had another account with the same bank that i managed to clear with them despite being out of work right before christmas.

now to cut a long story short after countless emails, complaints, phone call, setting up payment plans and HSBC refusing to take my payment over the phone, me physically going in to branch to make cash payments they passed me over to a debt collectors called metropolitan.

on a letter i received the said this had been marked on my credit file and that once i had paid it all off it would be marked as satisfied, can anyone tell me what this means? and what it will mean to my credit score? its not the best anyway.

I missed loads of payments on my capital one card and went over my limit and they were fine helping me out setting up a payment plan, i have now cleared this, and applied with vanquis for a card, they gave me one and im happily doing my weekly shopping with it then paying back in full to try help my score.

Also in regards to a default or something on my score regarding HSBC, i got the financial ombudsman involved and now waiting for the out come, can a default be reversed?

sorry if this whole thing sounds confusing, i wil be about today if any one neds nore info to the questions.


Thanks

wayne2786

no one have any ideas about the credit file thingy?

Jalapee

Im not sure about reversing the default, but i believe this will stay on your credit file, have you tried calling the debt collectors to set up a payment plan?

wayne2786

Jalapee wrote: »

Im not sure about reversing the default, but i believe this will stay on your credit file, have you tried calling the debt collectors to set up a payment plan?

yeah im paying this of no problem with them and a letter i got from them said the thing on my credit file will be marked satisfied once i have paid, providing i wont miss any payments (which i wont as im back in full time employment now)

im just wondering what they have actually put on my file and what it means.

Thanks

drewwhonumba2

Hi Wayne,

Satisfied simply means that the amount, or reduced amount, has now been recovered. Essentially it means that the debt is not longer outstanding however still indicates that you were unable to stick to the credit agreement as it remains defaulted.

A default, satisfied or not will stay on your credit file for 6 years. There are methods you can look at to remove defaults which is in your interest as a default is often regarded as bad as a ccj...often a satisfied default is no better than one that isnt satisfied however the damage is reduced year on year.

dtsazza

wayne2786 wrote: »

im just wondering what they have actually put on my file and what it means.

In reference to this bit in particular, you can check by getting your credit reports from the various companies, which will show you exactly what's on there.

This is good practice to do every now and then anyway, just to ensure everything's in order. Given the question you've just asked, this would be a perfect time to start seeing exactly what you look like to a bank.


In terms of what impact it has - it's probably not good, as a default is a sign that you broke the terms of a credit agreement. It's impossible to give the exact impact, since at the end of the day all banks get is the facts (as contained in your report) and decide for themselves whether it's a Yes or a No based on these. There's no such thing as the mythical universal "credit score"; certain banks may take an extremely dim view of defaults while some may be willing to look past one if the rest of the history and application form is solid.

wayne2786

Thanks for your replys everyone, it helps a lot.

do you think it may be worth taking HSBC to court over this to have it reveresed (can it be reversed?) I have recorded calls on my phone (i informed HSBC at the beginning of every call i would be recording) stating that it was HSBC's fault for giving me the wrong information, i also have letters from there complaints department stating that yes i was given conflicting information each time i spoke to them. I also made payments into my account on the agreement which they set me up on (and then said that shouldnt have happened and thats mwhy i ended up with a mark on my score)

All in all i dont think its fair to have had a ccj put on my account for something i think was out of my control as they told me to make one payment then ended up saying i shouldnt have done that but it was there call centres fault for giving me wrong information (as i said i have letters and calls proving this.)

Any advice on the court and reversals part would be greatly appreciated.

Thank you.

wayne2786

also, wouldnt i have to be taken to court to get a CCJ? a county court judgement? this wasnt the case.

Thanks

agrinnall

wayne2786 wrote: »

also, wouldnt i have to be taken to court to get a CCJ? a county court judgement? this wasnt the case.

Thanks

Wayne, I think you need to calm down a bit and read properly what others have posted. Nobody has said your credit record contains a CCJ, what was said is "as a default is often regarded as bad as a ccj".

If you feel you have not been treated properly by HSBC then you need to go through their complaints process. If at the end of that you are not satisfied you may then be able to go to the ombudsman, I certainly wouldn't be thinking of taking them to court at this stage.

wayne2786

ok, so checked my report online and everything looks ok, it just says settled on my hsbc account and balance as zero? but there is nothing on there from the debt collectors? any ideas? thank you

wayne2786

agrinnall wrote: »

Wayne, I think you need to calm down a bit and read properly what others have posted. Nobody has said your credit record contains a CCJ, what was said is "as a default is often regarded as bad as a ccj".

If you feel you have not been treated properly by HSBC then you need to go through their complaints process. If at the end of that you are not satisfied you may then be able to go to the ombudsman, I certainly wouldn't be thinking of taking them to court at this stage.

Sorry, just worries me things like this, HSBC refused to help me so im already at the ombudsman stage, i am waiting there reply now, i think i have up to another 4 weeks to wait.