Collection Agencies

davesdebt

Hi,

I hope I this is in the right spot, any help or advice much appreciated, I hope I'm not too far gone!

I have a loan for £23,000, before interest, with HSBC. for the past year I have struggled with repayments (£339.04 per month) and have missed several, and made part payment on other months.

Long story short, they have handed the debt to a collection agency who are now demanding a minimum payment of £500 per month - doesn't make sense to me either. They didn't tell me about it, the first I heard was when I tried to make a payment and the account was closed. Also is it possible to find out how much the collection agency bought it for?

Can anybody tell me what they can and can't do, or perhaps point me in the direction of a company who can give me advice as to my rights. I also want to apply for my panalty charges to be refunded, especially now - do we think this is worthwhile given my position.

Any help much appreciated - Thankyou, sorry for the lots of questions I just want to be "normal" again, this site is my new bible!

Dave

Astaroth

No, the purchase price of the loan is confidential and is unlikely to be listed anywhere which you can legally gain access to.

If you do a google there is a fair amount of "best practice" information and a number of DCA bodies which impose rules on its members and will handle complaints if their members breach the rules. Whilst membership is optional it is fairly common for large companies (like banks) to insist that their suppliers are members of such trade bodies and so by losing their membership they may lose their contracts.

davesdebt

Thanks, would you happen to know the rules with regard to recieving a Default notice, I don't believe that I have recieved one that that this has to be the case before my account can be farmed out.

Astaroth

To be honest I am more up on the new CCA to come into force next year than the current one (the life of a project manager is never dull ).

My understanding is that a debt can be sold on at any point but clearly nothing can go onto your credit reference agency file other than late payment until a default notice has been served.

nobblyned

You might be better posting on the Debt-Free-Wannabes forum. The folks on there have a lot of experience in this sort of problem