HSBC/Payplan trouble... advice please

DevonGirl

Just to add my experience to the mix, although it is very similar to the above posters. HSBC refused to accept my DMP and hounded me constantly for my overdraft £1000 and loan £8000. After 12 months of DMP payments, they have now passed me over to Metropolitan who accepted immediately. Although Metropolitan have a different headed paper / address / tel number, they are actually HSBC's inhouse DCA.

I would echo others' advice just to ignore the letters and carry on making payments as arranged with Payplan - it's (probably) all hot air.

A little tip for those receiving constant phonecalls from HSBC. Just go onto your online banking and remove your telephone number from your accounts. Very simple, but worked for me... No more calls.

gonzo127

lushbu246 wrote: »

im going thru same thing as the poster and your post made me feel much better as the idea of your debt going to debt collector fills me with dread that people will come round and start taking my poccessions. its all very scary but u make it sound less so : )

only a court appointed bailiff has the power to take possessions, and then you will only get one of them ONCE it has been to court to get a CCJ and then ONLY if you default on your CCJ payment,

the debt collectors 'door step collection teams' have LESS rights than your local paper boy to your possessions,

gonzo127

roadrunner wrote: »

Unfortunately Bankruptcy is not really a great option for me & would rather not go down that route if at all possible.
Thanks for all the other advice... looks like the best thing to do is to sit tight & wait for HSBC to hand over the debt to 3rd party. Hopefully they will be more willing to accept what I have proposed.
Are 3rd party collectors more likely to accept F&F payments even after you have made reduce offers in the form of a DMP?

well here is a ROUGH guide on what companies have been known to accept, please remember some people get lower amounts other have to pay much more than this, these things depend on so many variables including what side of the bed the person in the company got out off anyways rough guide is below

Debt still with original creditor NO default = 90% or more
Debt with original creditor but with a default = 75% or more
Debt with 'in house' debt collectors of the original creditor = 60% or more
Debt with external debt collector however still property of original credit = 40% or more
Debt owned(purchased) by external debt collectors = 25% or more


WOW JUST NOTICED HOW OLD THIS POST IS HAHAH

rustybucket

Conrad wrote: »

Not sure if this helps, but my sister in law recently went bankcrupt oweing £30k on cc and loan to HSBC. Her husband (my youngest brother) saw how completely easy it was for her so a couple of months later (June 05) did the same, also oweing predominantely to HSBC. He said his case was also a walk in the park even though he earns £27000 pa.

They are happy once again and arent bothered that they wont be able to obtain cheap credit for a few years - no bad thing given thier track record with debt!
The bankcruptcy will be discharged in 1 year.

They cant beleive how there lot has changed in a few months, no more money worries. They are now saving hundreds per month and aim to buy a home in 5 years. A sub - prime mortgage in 5 years wont be that much more than a prime one, and in any event they will transfer to prime 3 years after that.

Sorry if Ive got the wrong end of the stick.

Conrad.

5 years on, are there many sub prime products?

Britman

Wonder how the original poster is getting on now?