No signed credit agreement

izools

Also - you can't say that the "Loan was being paid as they kept taking money from your bank account"

By your own admission, there was no money in your bank account, so they were not getting any money from you to repay the loan, they were just swapping overdrwan amounts from a bank account with a loan account.

This they clearly didn't interpret as "being paid", and frankly, I agree with them.

Who was paying them? You? You already said your account was going further and further overdrawan with the loan direct debits, so it wasn't your money being used to "pay" the loan at that time was it?

serapis

izools wrote: »

OP did default.

They were taking the loan direct debit from an un-funded bank account which itself defaulted due to being overdrawn continually without authorisation.

In that case I defaulted on a current account tyears ago, not on the loan now!

izools wrote: »

It would seem that OP also failed to make payments towards the loan for two years.

Can you read? I have said this many times, I and my solicitor tried to find the account so I could continue to pay the loan, but neither HSBC or the Debt recovery company have ANY record. So how am I supposed to pay, who do I pay if they say it doesn't expect?

izools wrote: »

The OP is very good at twisting things but on the day his bank account with HSBC fell into default, he clearly didn't have sufficient funds to service the loan - if he did, the bank account wouldn't have fallen in to default.

What have ai twisted here? What exactly do you know about this issue more then me to the extent you know I have twisted the facts?

izools wrote: »

I'm sorry OP but we can see exactly what's gone on here. Please may I draw your attention to my prior post.

Come on what have I done? All I can see is you being a complete ahole and accusing me of twisting the facts.

serapis

izools wrote: »

Also - you can't say that the "Loan was being paid as they kept taking money from your bank account"

Was it magic money then? Was this money that serviced the loan make believe? I wish it was as I wouldn't have been lumbered with the current accounts overdraft now would I?

Vikipollard

Just out of curiousity, was it an agreed overdraft? Perhaps I see it the wrong way, but an overdraft is another form of borrowing so it's not your money that's paying the loan; you're borrowing from the bank to pay the bank? You still owe it to the bank.

I agree with izools, that although you did everything you could to maintain payments, unfortunately you were unable to keep making them due to the redundancy therefore you did default and it is accurately recorded.

Sadly even if the bank had agreed to reduce the payments, this would still have been the case. Can't comment on why the debt appeared to vanish for two years, but if I understood you correctly, you paid a reduced amount as soon as it reappeared so it would still be a default as it wasn't the contractual amount.

As naff as it feels, you look like having to suck it up and wait for it to drop off after the six year mark.

izools

OK maybe I've made a wrong assumption or two but two pieces of so far missing information are critical here:

1. When was the last payment made towards the loan prior to it "disappearing"?
2. What does your credit file show the default date as?

serapis

Sorry long time away. I kinda gave up on this thread as so many people were making massive assumptions about my situation that where incorrect.

So to cut a long story short(ish):

I had a loan with HSBC. I was made redundant and notified them of this requesting I reduce my payments. They ignored my letters for a few months and kept taking the loan payments.

I then receive a letter from HSBC telling me they have sold off my account to another company and I would hear from them. I heard nothing and I eventually instructed a solicitor to find it. Neither HSBC or the other company they sold the account too had any information on the outstanding debt.

2 years later it reappears and I immediately start paying the same amount I was before to the new company.

12 months after I call the company and ask to pay off the debt. They make me an offer and I accept, paying off the debt there and then.

Now I find my credit file has be down as defaulted on the agreement.

I also know there was no credit agreement signed as I had amalgamated a loan and credit card a number of years before over the phone. I never stepped into a HSBC bank or received anything through the post. I just had a new loan agreement appear on my on-line banking.

So, I obviously want rid of the default as I feel its been unjustly attributed to my account, it effects my ability to obtain any further credit.

I never missed a payment. HSBC and this third party prevented me from paying the amount I had been paying for years, but they claim I defaulted.

Now I can either fight them, and I'm not so confident after reading of so many other people who have had no luck fighting to restore their credit files. Or my other option is, as the loan was taken out before 2007, I can request a signed credit agreement. Without it, I cannot have defaulted if I have not signed a credit agreement.

I'm not trying to not pay my way, I have paid off the loan. I just want my credit file to be correct so I can get a mortgage etc in the future.

serapis

izools wrote: »

OK maybe I've made a wrong assumption or two but two pieces of so far missing information are critical here:

1. When was the last payment made towards the loan prior to it "disappearing"?
2. What does your credit file show the default date as?

I don't have the exact dates but the last payment would have been within a month of the loan disappearing. The SO making the payments was never changed and so the same payments where taken up until the date it vanished and was sold off to the other company.

My default date is 11/12/2009