Most aggressive banks

Weimsrock

Hello all just thought I’d start a quick discussion to find people’s experiences dealing with the various different banks and and DCA’s. Obviously everybody’s situations are different, and different balances, payment histories etc but I was wondering if there are any general trends of certain banks being faster or more aggressive in their practices of placing defaults, selling debts on, settling, or even going for ccj’s or pushing for bankruptcy. 

I entered a dmp in March 2019 and the 7 creditors I owe money to have all acted slightly differently with me. They have all received a monthly payment every month bar 1 in November 19 and so I have made some progress over the last 15 months and have reduced debts to each by around 18%. Here are my experiences:

AMEX: £9000 debt - dropped me immediately at the first sign of trouble to AIC. 50% settlement offers immediately offered but in no position to take advantage. AR markers placed on Credit file and are yet to default me. Conclusion: fast moving and willing to deal to get bad debts off books

Tesco: £10,600 debt : Defaulted me immediately without asking, have contacted a couple of times since and appear happy. They want the full balance back and are willing to wait the 6 years to get it. Haven’t harrassed or chases me yet and are willing to wait

HSBC personal Loan £6000: places missed payment markers and are now defaulting me and moving to collections. Everything seems very automated so far. Not sure what to make of them

Halifax CC £5000 debt: AR markers from day 1, Regularly reinstate interest charges every 3 months requiring me to phone up and reexplain that I’m on a DMP and nothing has changed. They appear keen to get my card back up and running and incurring interest and spending again

MBNA: £2000 debt, not heard a word from them although my DMP payment covered the min payment up until last month when the 0% ended. They have now defaulted the account. 

Santander overdraft £600: transferred to Wescott immediately. Only had an annual statement letter from them, have left me alone completely. 

So do my experience ring true with other people’s experiences with these providers or have other people been treated more harshly 

ryanm8655

Interesting idea for a thread. 

Fortunately I've managed to avoid defaulting/missing payments on debts over the years but my experience of HSBC suggests they're pretty cutthroat. Had a £5k overdraft with them and would dip to about £4.5k each month before going back up to £1.5k overdrawn on pay day. They randomly decreased my overdraft to £2200 without warning, which meant I hadn't planned for it. Put me in danger of not being able to pay rent but had access to other credit to get me through. That said - in the long run it was a blessing in disguise...just very abrupt and stressful at the time.

Interestingly my lightbulb moment didn't occur until 18 months later ha.

sourcrates

Most banks/debt collectors these days have to abide by FCA rules on fair treatment of people in debt, as companies have been fined heavily in the past, and even closed down because of agressive collection activity.

I can think of at least 3 DCA`s who had there books gone through with a fine tooth comb after a series of complaints against them, all were fined, had restrictions placed on them, and had to restructure there operation, or face closure.

All re-opened under new trading names, and all have to be as good as gold or else face losing their consumer credit licence.

So very different from 10 years ago, even the standard range of debt collectors template letters has changed tack, now they want to "work with you to find an affordable solution", wear as before first contact contained little more than a list of threats and aggressive wording, oh how i miss the old days.

Fireflyaway

The only thing that stands out to me is HSBC. I was 21 and working in a call center in a low wage. I stupidly applied for a loan and was given nearly £25,000 !! The lady at the time said to me how well I was doing as a young person and advised I should take out a little extra to 'treat myself'! I later found out they had incorrect info about me. On record it stated I had an MBA. I've never even been to uni. I know this isn't what you meant but I found HSBC difficult. I also accept it was my fault. Vanquish were also unwilling to budge. 

ryanm8655

Fireflyaway said:

The only thing that stands out to me is HSBC. I was 21 and working in a call center in a low wage. I stupidly applied for a loan and was given nearly £25,000 !! The lady at the time said to me how well I was doing as a young person and advised I should take out a little extra to 'treat myself'! I later found out they had incorrect info about me. On record it stated I had an MBA. I've never even been to uni. I know this isn't what you meant but I found HSBC difficult. I also accept it was my fault. Vanquish were also unwilling to budge. 

Oh wow! I’m assuming they had incorrect salary information too? What happened with that in the end?

Weimsrock

Rather coincidentally AIC re Amex have contacted me again today offering 50% settlement offer. Unfortunately I’m not in a position to take advantage but have counter offered at 20%. I’ll let you know if I hear anything 

sunshinevicky

I am very much in the early stages of a SM DMP.... have sent letters to all creditors Advising I’m stopping payments and have have heard from most but wondered what anyone’s experience of the following creditors was - especially in terms of how quick they default:
Lendable- loan
Barclaycard - CC
Capital one -CC
Vanquis - CC
Very 
Littlewoods
Next
Argos

Many Thanks x