Should I stop the SO?

I have been paying £10 a month to what I thought was HSBC for a very old loan. I had run into financial difficulty in 2014 and this is what was agreed I would pay at the time. I have actually now been paying this since then up to now. I have had no letters from them, and I totally forgot all about it, until now when I have decided I am going to actually sort out my finances.

I just rang HSBC to try and get an outstanding balance on this debt, but they say they have no record of it - and actually that money is being paid to a company called MCS ltd - that I have never heard of? I don't know what to do from here. Has anyone heard of this MCS ltd as I can't find any record of them. And do I just cancel the standing order? I don't want to end up defaulting on this debt after all this time, but I also don't want to be paying this if there is no record of where it's going.

Any advice would be very helpful.
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  • Clive_Woody
    Clive_Woody Posts: 5,845
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    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • Why don't you want it to default?
    If you go down to the woods today you better not go alone.
  • No not them - just spoke to them on the phone. They did say to cancel the SO and see what happens.....
  • stu12345_2
    stu12345_2 Posts: 800
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    edited 29 November 2023 at 3:49PM
    a search on another consumer website shows Mcs td were the fake in-house debt collection company owned HSBC which got disbanded years ago.
    according to the forum the money is still going to HSBC off balance
    pay your debt at your rate.not what the creditor demands.cos they have no power.they aren't the police.
  • a search on another consumer website shows Mcs td were the fake in-house debt collection company owned HSBC which got disbanded years ago.
    according to the forum the money is still going to them
    The money is still going to HSBC? It doesn't make sense as to why they are saying they have no record of it. I suppose if I cancel the SO then someone is bound to write to me..........I just don't want it ending up on my credit file when I am trying to improve my score. 
  • Floss
    Floss Posts: 8,121
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    Have you checked your credit reports?
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  • stu12345_2
    stu12345_2 Posts: 800
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    edited 29 November 2023 at 5:17PM
    request statements and a historic paper trail of your account and transactions 
    .I believe the money is still going to HSBC.


    pay your debt at your rate.not what the creditor demands.cos they have no power.they aren't the police.
  • fatbelly
    fatbelly Posts: 20,234
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    edited 29 November 2023 at 6:28PM
    In the days when firms used to use false names to threaten people into paying (a practice that was stamped out when the FCA came into being) HSBC used to pretend to be Metropolitan Collection Services.

    I agree - cancel the SO and see what crawls out of the woodwork

    Nothing will appear on your credit file as the default is more than 6 years ago
  • Brie
    Brie Posts: 9,305
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    Is the sort code to an HSBC account?
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • sourcrates
    sourcrates Posts: 28,543
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    Yes I remember MCS being HSBC in disguise, the debt defaulted many years ago, nothing you do now will resurrect any credit file activity, stopping the payment will trigger whoever you have been paying to write to you.

    Upon receipt of that letter, I`d say this was a possible candidate for a CCA request given the age of the account.

    If it is deemed unenforceable, so much the better.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
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