Has anyone had a managed loan by HSBC passesd to debt collectors?

lisaburton

Hi I was just wondering if anyone has had a managed loan by HSBC passed on to debt collectors and if so what happens and what is the procedure.

Only reason I am asking is because HSBC are threatning to pass my loan on to a dect collection agency and I just want to know what happens then

Thanks

Lisa

snickersgirl

Hi Lisa

I've just had my loan with HSBC passed on to a debt collection company called Metropolitan - they don't actually give you much time to respond but I phoned them immediately I got the letter to advise that I was under a DMP with CCCS - Metropolitan said they would put a hold on the matter for 4 weeks until CCCS had contacted them. I then phoned CCCS immediately who said that it was good news as they had lots of trouble dealing with HSBC and that Metropolitan were easier to deal with. Hopefully this helps you and good luck
Jill

lisaburton

I currently have a managed loan for £6800 and can afford to pay £100 a month I was due to have my managed loan restructured and thought that I would be back on an even keel but for some reason it has been refused and i have been advised that it may be passed on to debt collection agensies.

If it gets passed on does the intrest stop? and if you are not under a dmp can you still offer a monthly payment to them? Does HSBC close your bank accounts?

Thamks all im jsut getting a but worried in case it get passed over and then we end up with baliffs knocking on our door.

rog2

I had my Overdraft passed to Metropolitan and they were right pains in the butt. I am tempted to think that they are the HSBC 'in house' collection agency.
By the way - HSBC can not send bailiffs to your door. Only the courts can do this, after the issue of a CCJ.

Anthillmob

mine was passed to metropolitan (who i believe i pay the money to) but its managed by d g solicitors who are very nice people. if you have any problems meeting your agreed repayments they can be quite flexible and amend the monthly amount. theyd rather you paid a little instead of nothing.

my hsbc overdraft and account was frozen also so i didnt keep getting slapped with o/d charges.

lisaburton

Thanks all It Just at the moment I have a maanaged loan as said for £6800 and also am overdrawn on my joint account by £700 and £400 on my sole account.

so a total debt to HSBC of £7,900. When the time comes do you think this company would be willing to accept my meesly £100 a month or do you think they will take me to court.

p.s I also have over £700 of bank charges to claim back from Hsbc so if i get them can take that off of the debt.

CLAPTON

presumably you have already opened a new bank account unrelated to any of your creditors and arranged for your (and your OH) income to be paid into it ?

lisaburton

yes i opened an account with halifax last year as we were planning on changing banks but then later changed our minds I phoned halifax today to enquire about the accounts we opened and they have told me that they are all up and running. I have also phoned work and changed my bank details for my wages.

The only thing is my managed loan is just in my name if they close my accounts down would they do the same to my husband

Anthillmob

i owed them in the beginning roughly 3k. i now owe about £800 and i pay them £10 a month. theyre happy with this. ive never paid more than £0 a month to them.

raq

i AGREE.

Mine was a small amount a week and then I couldn't afford this. Once I rang them I said I will be as much as I can on a weekly basis and after a bit of pursading they where fine. Thank god as I was getting really wierd.

Kept thinking what is the worst that Metropolitan can do ??/

can anyone answer this

choclover

Hi there,

My OH had a managed loan with HSBC and because he could not afford the repayments it went to Metropolitan. Because we had a joint account this automaticaly went to the DCA which rolled both the managed loan and the joint account into one debt. After a lot of phone calls to get this resolved (separating the debt so I was not accountable for my OH's managed loan), Metropolitan reissued the request for payment for just the joint account with totalled to a measley £200 (in comparison to the £20K on the managed loan). My OH rang them back up and stated that as the debt on the joint account was all due to bank charges we were unwilling to pay the full amount, but we offered to pay 50%. After some consideration Metropolitan accepted our offer and we were also able to pay over three months.

Considering we received the first letter from Metropolitan almost 6 months ago and the first payment for joint account was paid at the end of November, they don't seem that keen on getting their money (not sure if the hold up is with Metropolitan or HSBC). Especially when my OH has still not received a revised letter for his managed loan!

Raq, The worst Metropolitan can do is take it to court and get a CCJ against you. If they succeed the court will order you to repay the money to them. If you are unable to repay the money Metropolitan can apply to send in the bailiffs. Not a pretty story, but from our experience it probably won't come to that. Metropolitan seem so disorganised this course of action is probably beyond their capabilities!

Lisa, They would only close down your husbands accounts if you are financially linked for example if you had a mortgage or a joint account at this bank, as in our case. As my OH could not pay his managed loan and we had a joint account, HSBC cancelled the overdraft on my current account (which I still hadn't paid off from being a student) and withdrew my credit card with them. Nice HSBC didn't even inform me this had happened! Luckily I had already started the process of changing banks, however my mortgage still came out of my HSBC account so I transferred the money for my mortgage to my HSBC account and the direct debit was returned. This is how I found out my overdraft facility had been withdrawn. I still haven't received a letter from HSBC confirming this, even though nearly a year has passed!

Hope this helps