HSBC have sold my debt?

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
12 replies 4.9K views
hotbluhotblu Forumite
293 Posts
edited 30 November -1 at 1:00AM in Debt-Free Wannabe
Hello Everyone!

I am hoping someone can help me... about a year ago I defaulted on my managed loan payments with HSBC. After completing an income & expenditure form I agreed to pay £15.00 p/m which I have been doing for the last 6 months. Today I got a letter from a company called Vertex saying they had purchased my debt and demanded full payment. Can HSBC sell my debt & can Vertex demand full payment?

Any help would be really appreciated.


Ps, Two weeks ago I requested a copy of my bank statements for the last 6 years to reclaim bank charges... do you think its got something to do with that?


  • Hi Hotblu, someone should be along soon who can answer ur question more fully for u, just thought I'd bump u up a bit

    Sarah x
    'We are all in the gutter, but some of us are looking at the stars' - Oscar Wilde
  • hotbluhotblu Forumite
    293 Posts
    Hey Sarah, thank you, that's sweet.

  • Hi Hotblu, You say you were paying £15 which I guess is a lot less than the monthly payment. Bigger companies don't tend to want to deal with collecting small amounts so quite often either sell to a DCA or ask them to collect on their behalf. As they have issued a defalt they are quite within their rights to do this. If I was you I would send them your income and expenditure sheet with your offer of payment. DCA's tend to accept these payments as they have bought the debt for much less than you owe.

    Hope that helps.
    Make £10 a day challenge: November - £0/£300 :)
  • PS: It could be because you have asked for details of charges but I would think they have done this now because you have been paying reduced payments for a year now and the amount hasn't increased.
    Make £10 a day challenge: November - £0/£300 :)
  • hotbluhotblu Forumite
    293 Posts
    Hello dreamer999, thanks for posting. The debt had already been passed to a smaller company, just abit annoyed that I have got to go through it all again now. Just one quick question... the new company cant demand full payment can they?
  • Hi Hotblu, They can (and always do) ask for full payment but they are just trying their luck. Where they think we are going to magic this money up from I have no idea???? When my accounts were passed to DCA's (one a/c was transferred from Great Universal, to GCC debt recovery, to Phoenix and then to Moorcroft DCA in the space of about 6 weeks) they asked for full payment but I just offered pro rata payment and they have accepted.
    Make £10 a day challenge: November - £0/£300 :)
  • hotbluhotblu Forumite
    293 Posts
    Thanks again dreamer999. I know its my fault for getting in this mess, but they really dont help do they.
  • Hi Hotblu

    In my case I haven't got anyone to blame but myself. However, I agree that it doesn't help by transferring debt on to different DCA's. You think everything is going okay and then you have to go over the same things with the new DCA.

    Good luck with your DFW journey.
    Make £10 a day challenge: November - £0/£300 :)
  • john_kentjohn_kent Forumite
    425 Posts
    my debt to GE Finance was sold/moved to CL Finance and they got stroppy. I just phone dthem and told them all I could afford was what they were getting. If they wanted it , Iwould continue my standing order , if not , I will cancel and send cheques until they took me to court.

    6 months later , still paying the s/o
  • diddlydumdiddlydum Forumite
    209 Posts
    They can transfer the debt, and they quite often do when a payment plan is put in place, if the payment plan has no hope of repaying the debt in a short period. They basically cut their losses.

    The debt agencies typically buy the debt for 1p or 2p in the pound, and make their money by being aggressive in demanding full repayment (Mackenzie Hall are by far and away the worst for that). Just write to them showing the agreement you had in place with the bank, and send it recorded delivery, and keep making the payments. Don't get into shouting matches on the phone or anything like that.
    Build a man a fire and he will be warm for a day.

    Set a man on fire and he will be warm for the rest of his life.

    -Terry Pratchett.
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