HSBC charge-off, some questions

[Anonymous]

I am new here and have been reading A LOT. Overwhelming doesnt describe it!

So far I am in the process of clearing up the personal info, waiting to hear about that. I GW's 2 medical collections that have been paid since 2002 and are at the SOL, waiting to hear on that also.

Credit is poor for both my husband, I am trying to do some repairs. Most things are in the past, within a year or so of dropping off (had one of mine drop off this month)

There are some questions about this one:

My DH has/had a HSBC credit card opened 11/06, only a $300 limit.
It was on time for about 6 months then because of a hospitalization and just not paying attention it has grown from $300 to a $617 charge-off as of 11/07.

I have never been contacted by HSBC. I was contaced by IC Systems a few times back in August and could not meet their terms. They called my parents home repeatedly and was awful to them, they changed their phone number because of it.

I pulled a free copy of his EX report, this is what it says:

HSBC Status: Transferred, closed/Account charged off $617.00 written off.
Creditiors statement: Purchased by another lender.

Date opened- 11/06 Date of status/last reported- 12/07 Monthly payment- $0
Credit limit/original amount- N/A    Recent balance/recent payment- N/A
High balance- $617

My question is what should my first step be since this is so recent? I don't think the other lender is IC Systems. I did have a hard pull from them back in July. Lately First Financial Assets has been calling and they did a pull in December so I think they may be the CA now though not sure.

I don't think contacting HSBC will help. Right now a CA is not reporting this,just HSBC 

If I pay the CA this debt, is it possible to have HSBC remove the reporting?       

Just trying to figure out the best way to go about this to limit the damage as much as possible.

Any help would be appreciated!

[Anonymous]

Hi Vikki, and welcome to the forum.

Since HSBC has sold the account, imo, you are stuck with dealing with the CA. But I think a phone call to HSBC's debt recovery department would be justified. But that's just my opinion.

You could negotiate with them to delete your records from your cr IF you offer to pay it. We call it PFD (pay for delete).

It would put you in a better negotiating position, if you can possibly pay it in full. There are many PFD letters here in the forum. Use the search box and type PFD letter.

I'm sure others will chime in shortly with their thoughts.

[Anonymous]

Any other thoughts on this?

They have only contacted me by phone. Do they need to contact me in writing before it gets reported to CRA?

Does anyone have any good contact info for either First Financial or Household

[Anonymous]

I'm not sure if you're aware but HSBC owns the entire Household brand.

[gdtobefree]

Well, they are suppsoed to notify you with a last statement and it is to state on that stament tht unless you come to an agreement with them on a payment plan they wil report it to the CRA's.

You can do one of 2 things at this point,

1. send a DV which CLEARLY states they must only communicate with in WRITTING only and that they must not continue any further collection activity until they verify the debt.

2. which is really not recommended sending a cease and desist letter telling them to not contact you anymore and they have to stop calling and writting to you, BUT, this has detramental repercussions, one being taking you to court, two, garnishing your wages.

Not nice, makes thing much worst.

IC Systems is the Collector, Send them the DV not the OC.

Good willing the OC and telling them the situation you are in is because of your DH's stay in the hospital and that you are willing to bring the account current or even pay it in full, or enter a repayment plan with them, IF they will let you.

HSBC are not the easiest people to deal with, if you can get someone in a higher office other the the regular CS you might have a chance, BUT be warned they are not very nice at times.

[Anonymous]

Do you still think IC Systems is the CA even though First Financial is calling?

I would love to work with HSBC and offer them full amount PFD, I'm able to pay this now where before I wasnt. Paying the CA if they now own it (who isnt reporting) isnt going to get HSBC to remove anything will it?

Thanks again! 

[fishbjc]

Oh Boy, off all the accounts to go bust with....HSBC.

Do NOT speak to any collectors via telephone....mail only!

Stick around, you'll get this cleared up.