Paying an old debt that hasn’t contacted you

anto135

Hi, so basically I’m trying to repay old debts that are listed on my credit report. I’m repaying other debts on my file that have contacted me to repay, but there’s an old HSBC debt of around £70 listed on the closed accounts. Now HSBC have never got in contact with me to settle this debt, how would I go about contacting them to repay it so they don’t sell the debt on and it gets higher than it is at the moment.

Thanks.

Arleen

Call them tomorrow and sort it out, make the payment over the phone and that's it. If they can't find it, write to the CRA's to have the account removed.

fatbelly

anto135 wrote: »

Hi, so basically I’m trying to repay old debts that are listed on my credit report. I’m repaying other debts on my file that have contacted me to repay, but there’s an old HSBC debt of around £70 listed on the closed accounts. Now HSBC have never got in contact with me to settle this debt, how would I go about contacting them to repay it so they don’t sell the debt on and it gets higher than it is at the moment.

Thanks.

It shouldn't get higher . When did they last update that record?

anto135

I’ll have to give them a call when I get time to do so.
I’m unsure what you mean by when they last updated the record? It’s just listed under my closed accounts on my credit report, I’m of the understanding when someone sells a debt on to a company to retrieve it they then add an expense onto the debt.

sourcrates

anto135 wrote: »

I’ll have to give them a call when I get time to do so.
I’m unsure what you mean by when they last updated the record? It’s just listed under my closed accounts on my credit report, I’m of the understanding when someone sells a debt on to a company to retrieve it they then add an expense onto the debt.

What expense do you believe they can add ?

Once an account defaults the balance on that account is frozen in time.
No one can add further charges or interest to the debt, unless the original agreement allows them to do so.

The majority of consumer credit account agreements do not allow for this, if the debt has historically been £70, nothing will now change this.

Your options :

You could contact HSBC but if the account has been closed a while, it may no longer be on their systems.

Let sleeping dogs lie, they obviously don’t regard it worth chasing for such a small amount, and as it’s a closed account, it won’t be sold on.

Eventually it will drop off your file and become statute barred.

fatbelly

anto135 wrote: »

I’ll have to give them a call when I get time to do so.
I’m unsure what you mean by when they last updated the record? It’s just listed under my closed accounts on my credit report, I’m of the understanding when someone sells a debt on to a company to retrieve it they then add an expense onto the debt.

If you look on your Experian report there is a line 'last updated (date)', If you got your report in November 2017 and that entry is dated Oct or Nov 2017 then it's current.

If they haven't updated for longer than that, then they've walked away from it and you should ignore it unless anyone writes to you.