HSBC sold my debt!

Archangel

Hi,

Just got a letter from HSBC stating they've sold my debt to Robinson Way and Co on 05/07/07.

The debt is for £4056.32 and was my GoldCard. I searched the forums and found this where a poster states that they normally buy the debt for around .01p or .02p in the pound, which works out to around £40.56 or £81.12, now has anybody tried to offer a much lower settlement to one of these company's? Say a few hundred? If so, what was the outcome?

I'm a bit hacked off that I have to go through all this again! :mad:

Thanks,
Luke.

lemma1968

Do not Panic.

First of all, when you get a letter from Robinsons immediately send them a request for your credit agreement and their Deed of Assigment. They will have to supply it. How old was your Gold Card?

It's true that they normally buy debts for anything up to 10% ish, sometime less. They will probably not negotiate initially, just hold out.

Do the above first and see what paperwork they come up with.

If you need to find templates, then look at the Consumer Action Group website under Debt Collection Agencies and people on there will be able to help you. I am sure there is a similar section on this forum but I have ot got my head round it yet.

Robinsons are scumbags - but they have no powers so do not panic.

Archangel

lemma1968 wrote: »

Do not Panic.

First of all, when you get a letter from Robinsons immediately send them a request for your credit agreement and their Deed of Assigment. They will have to supply it. How old was your Gold Card?

Well, I've been dealing with a DCA so far. The gold card was still in use about 2 years ago when everything went tits up.

lemma1968 wrote: »

It's true that they normally buy debts for anything up to 10% ish, sometime less. They will probably not negotiate initially, just hold out.

Do the above first and see what paperwork they come up with.

If you need to find templates, then look at the Consumer Action Group website under Debt Collection Agencies and people on there will be able to help you. I am sure there is a similar section on this forum but I have ot got my head round it yet.

Robinsons are scumbags - but they have no powers so do not panic.

Ok, well I was thinking about trying to get it cleared by offering a lot less than the debt or just trying to keep the existing £55pm going.

Thanks,
Luke.

Archangel

I just re-read this post...

lemma1968 wrote: »

Do not Panic.

First of all, when you get a letter from Robinsons immediately send them a request for your credit agreement and their Deed of Assigment. They will have to supply it. How old was your Gold Card?

It's true that they normally buy debts for anything up to 10% ish, sometime less. They will probably not negotiate initially, just hold out.

Do the above first and see what paperwork they come up with.

Well, the letter came directly from HSBC. Also, I rang up the DCA I was paying and they also confirmed this.

lemma1968 wrote: »

If you need to find templates, then look at the Consumer Action Group website under Debt Collection Agencies and people on there will be able to help you. I am sure there is a similar section on this forum but I have ot got my head round it yet.

Robinsons are scumbags - but they have no powers so do not panic.

Which templates would I be looking for exactly?

Thanks,
Luke.

RAS

The ones that climbgirl gave you on your other thread.

SickOfBankCharges_2

Hi all,yes offer pitancei owe em £1500 (well £1300 if you subtract bank charges) and am arguing the ammount due to the banks original charges, co*k and son way do not like this.anyway i offered £250 to clear whole debt, they came back with £360 to clear, i agreed on condition they put it in writing, when the letter arrived they stated that even after paying the agreed £360 i could still be liable for the rest with another company, i called em up and the moron said it only applied to couples, i said fine please remove that line and resend the letter? they declined threatening to pass it to thier solicitors. i hung up and sent a reply.i have since been on goog and read some very disturbing accounts of robinson way and company - truely appauling! i wont go into details. does anyone know of any action groups trying to shut down these scu*bag* ? i would love to join and donate !i recommend anyone who feels threatened by robinson way to write to thier local MP and write to rob way stating you will seek a county court order to stop bullying behaviour if they do not stop harrasing people.good luck with debt everyone!SickOfEm

rog2

If Robinson Way, or any other Debt Collecting Vulture for that matter, offers to take a reduced amount, make absolutely sure that they confirm, in writing, that this will be in "FULL AND FINAL SETTLEMENT" of the alleged debt.

Accept no other wording.

Archangel

Well, they still haven't contacted me yet. Should I continue to wait?

Ta.

Tootsie_Roll

lemma1968 wrote: »

It's true that they normally buy debts for anything up to 10% ish, sometime less. They will probably not negotiate initially, just hold out.

Complete rubbish - the majority of debt is sold for between 25%-50% with some going for as much as 75%. Really, really old debt is sometimes sold for as little as 0.25%. It is impposible to make a statement like yours above as their is no 'normal'. In addition prices have been increasing dramatically over the last few years as many institutional investors have entered the market meaning your pensions may have money invested in this !

It will however be possible to make a reduced settlement offer and they are likely to accept any reasonable offer.

rog2

Archangel wrote: »

The debt is for £4056.32 and was my GoldCard. I searched the forums and found this where a poster states that they normally buy the debt for around .01p or .02p in the pound, which works out to around £40.56 or £81.12, now has anybody tried to offer a much lower settlement to one of these company's? Say a few hundred? If so, what was the outcome?

Luke - please don't be put off of the fundamental issue by an argument as to what dcas pay for delinquent loans - I suspect that the truth lies somewhere in the middle.
However getting back to the true point in question, and assuming that a. it is less than six years since you either made any payment towards this loan, or initiated any written contact, concerning the loan, with the creditor, and b. that you do not dispute the loan - then it is certainly one option to ask the dca if they will accept a reduced payment in FULL AND FINAL SETTLEMENT of the loan.
I don't think, for one moment, that they will accept a few pence in the pound, although there are posters who have had offers of less than 50% accepted.
There are some good template letters on the National Debtline website: http://nationaldebtline.co.uk that you can use to make an offer.
Most Importantly - do NOT make any payment to Robinson Way UNLESS they agree, in writing, that the payment will be accepted in FULL AND FINAL SETTLEMENT of the debt.

Archangel

rog2 wrote: »

Luke - please don't be put off of the fundamental issue by an argument as to what dcas pay for delinquent loans - I suspect that the truth lies somewhere in the middle.
However getting back to the true point in question, and assuming that a. it is less than six years since you either made any payment towards this loan, or initiated any written contact, concerning the loan, with the creditor,

It's been about 2-3 years since any official payment has been made on the loan.

rog2 wrote: »

and b. that you do not dispute the loan - then it is certainly one option to ask the dca if they will accept a reduced payment in FULL AND FINAL SETTLEMENT of the loan.

Remember, I've been told to wait until they contact me. Dunno if this is right or not. But they haven't...yet!

rog2 wrote: »

I don't think, for one moment, that they will accept a few pence in the pound, although there are posters who have had offers of less than 50% accepted.
There are some good template letters on the National Debtline website: http://nationaldebtline.co.uk that you can use to make an offer.
Most Importantly - do NOT make any payment to Robinson Way UNLESS they agree, in writing, that the payment will be accepted in FULL AND FINAL SETTLEMENT of the debt.

Well, I think I can possibly (at a real !!!!!!! push) manage something more by the end of Dec for a full and final payment. Obviously, I'd prefer to pay as little as possible, so I was wondering whether I can try something this small.

I've forwarded myself a copy of the Administration of Justice Act 1970 - unlawful harassment of debtors from work (yes, I work - kind of - in the legal profession at the mo) for protection, so I can quote it in letter form if need be.

Luc.