Conned by HSBC can't find anyone else with the same story

Tixy

You are being chased for a debt arising from an overdraft not a loan.

There is no outstanding loan and so trying to argue the loan is statute barred is pointless.

So the question would be is the overdraft debt statute barred or not at this point in time.
From what you have written I would suspect that the overdraft is not statute barred.

It is usually a bit harder to determine the relevant date on an overdraft - however as a starting point-
-when was the overdraft formally recalled?
-when did the last transaction go through the bank account excluding bank charges?
-when did the last transaction go through the bank account that was not a transaction automated by the bank (i.e. to repay their own debt or to pay their own charges).

ILW

MrKIernan wrote: »

I'm not asking how to avoid the debt... Maybe I should have been more clear... They say I have 21 days to pay the outstanding amount or they will issue legal proceedings through the courts....

What are you asking?

matttye

Thrugelmir wrote: »

Lesson is to read the small print of any contract. HSBC obviously are able to offset to recover the debt. If you intend playing the system then understand all the rules of the game.

Can they offset using an overdraft though? It's not actually the OP's money they've taken, but their own.

Genuine question

gotmurked

matttye wrote: »

Can they offset using an overdraft though? It's not actually the OP's money they've taken, but their own.

Genuine question

Many (not all ie basic bank accounts) have the ability to go overdrawn at the discretion of the bank. It would appear HSBC approved each offset transaction (obviously to their advantage) to ensure the debtor remained legally responsible for the amount owed. Fair play to them. If the OP had monitored their account they would have seen what was happening and would have been in a position to approach the bank with a proposition of a longer but more affordable payment schedule.

I have found HSBC to be one of the more understanding banks (though usually and ultimately to their own financial gain) and have in the past been able to refinance and reschedule debts with them which have prevented the risk of offset and kept my payments up-to-date, though invariably with a bit more interest and longer terms.

Delree

Sounds like you're a victim of "setting off" which is right banks have to draw funds from a current account to pay a debt. It's a dirty trick and catches no end of people out but it's not a con I'm afraid.

opinions4u

Delree wrote: »

Sounds like you're a victim of "setting off" which is right banks have to draw funds from a current account to pay a debt. It's a dirty trick and catches no end of people out but it's not a con I'm afraid.

No less dirty than hiding from a debt for six years in the hope it will go away.

imoneyop

Delree wrote: »

Sounds like you're a victim of "setting off" which is right banks have to draw funds from a current account to pay a debt. It's a dirty trick and catches no end of people out but it's not a con I'm afraid.

Sounds more like he's a victim of his own attempt at fraud going wrong.