Second charge

paulo41
paulo41 Posts: 13 Forumite
in Mortgages & endowments
Hi

I am trying to resolve an issue with hsbc. I had a second charge mortgage with them taken out in 2004 for a business. The business went under and I continued to pay until I fell into arrears and they sold the debts off to their in house debt collectors then MCS. I continued to pay MCS, till they sold it off and no one is following me! The bank closed the loan in January 2010. I have been writing to the bank for over two years trying to resolve this but they are not responding to my letters. The last official letter from them said that they had no interest in the loan as it had been transferred to MCS. I just need some advice on how I can get them engaged to resolve this sensibly.

Comments

  • Neutrinno
    Neutrinno Posts: 310 Forumite
    First Anniversary Name Dropper Photogenic First Post
    edited 18 November 2019 at 6:58PM
    Have you tried contacting MCS to find out who they have sold the debt on to now?
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Name Dropper First Anniversary First Post
    paulo41 wrote: »
    The last official letter from them said that they had no interest in the loan as it had been transferred to MCS.
    Well, that makes sense. And if MCS have in turn sold it on then they'll no longer have an interest either. You haven't told us who MCS sold it to though?
  • paulo41
    paulo41 Posts: 13 Forumite
    Thanks that’s the problem no one is telling me who to speak to! That’s why I have been contacting the bank as they hold the charge but all they do is ignore my letters. Surely they should engage.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    paulo41 wrote: »
    The last official letter from them said that they had no interest in the loan as it had been transferred to MCS.

    Have you written to MCS directly?
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Name Dropper First Anniversary First Post
    paulo41 wrote: »
    Thanks that’s the problem no one is telling me who to speak to! That’s why I have been contacting the bank as they hold the charge but all they do is ignore my letters. Surely they should engage.

    How do you know MCS have sold it? And are you sure the bank still holds the charge, rather than assigning it to whoever now has the debt?
  • paulo41
    paulo41 Posts: 13 Forumite
    MCS wrote and said they weren’t dealing with and I heard nothing else. Just for information I have paid over £10k off it. I know the bank still have the charge as their last letter in 2018 said that they would not release the charge. I want to resolve but for some reason they don’t!
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Name Dropper First Anniversary First Post
    paulo41 wrote: »
    MCS wrote and said they weren’t dealing with

    So they didn't say they had sold it?
  • paulo41
    paulo41 Posts: 13 Forumite
    I don’t have the letters but recall they stopped following me and am sure it was moved on this was about 8/9 years ago. In that time I had a stroke and am now back sensibly to deal with these issues. I have sent letters to the Customer Care Team who don’t respond despite me stating I want to resolve it. I have sent another letter today asking for help and information but it seems they don’t want to engage and I can only think that this was due to them closing the account and giving it to MCS. Likely I think I need to see a solicitor.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343K Banking & Borrowing
  • 250K Reduce Debt & Boost Income
  • 449.6K Spending & Discounts
  • 235.1K Work, Benefits & Business
  • 607.7K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards