Debt Recovery Agency - some questions.

tigermax

I will try to keep this as brief as possible.

Had an overdraft with HSBC, made them a monthly repayment offer which they accepted on the condition that I agreed to a 5 year 14% APR managed loan with them.

After taking advice from the CCCS I declined the loan. They have passed on the debt to Metropolitan Collection Services who have sent me a letter today demanding payment in full.

Having not been in this situation before, will they accept an offer (which will be the same as I offered the bank, they received my SOM and I really cannot afford any more) or will they take further action?

I will contact them shortly but thought I'd ask here first.

Many thanks.

tomterm8

If you are offering what you can offer - and CCCS agree with your figures - then there is no realistic chance of them getting a better decision from the courts. They'll make a lot of fuss, and eventually have to accept what you offer.

They can't legally force you to take out another loan.

Have you checked if there are any charges you can reclaim?

tigermax

Thanks tomterm, that's helpful. Just spoken to them, they weren't overly helpful really but they have accepted my repayment offer which is good.

If I want to pay the debt off in full at a later stage can I do this? I forgot to ask!

smashedbooboo

yes you can. as tomterm has said have you any charges you can claim back. this would reduce your debt.