HSBC/Best Buy/Menards

[justme73]

A while ago we found out we were going to be going through some rough $$ times, our business was closing, looking for new jobs, etc. Contacted our credit card companies to see if there was something to be done, proactively, so as not to have late payments, of course NO was the answer. So we waited, until we couldn't make the payments, waited for them to contact us and explain our situation. 2 of them was with HSBC for best buy and menards, we decided to go ahead and settle with bb for about 50% of the balance, in 3 monthly payments and set up a payment plan for menards. Was told we would receive paperwork about all of this in the mail. Fast forward almost 2 months later, AFTER we've called 3 times to find out about the papers, only to be told, they'll be coming in the mail 3 different times.

Now, we get a letter saying we're in default of the credit card agreement, etc. call them up and guess what? NO AGREEMENT ON FILE FOR EITHER ACCT, it is now in their recovery dept (?) and they are not able to make payment arrangements so she says, we explain in depth the situation, complete with the dates we spoke to them, etc and too bad, nothing can be done. They want now payment in full, or to be brought up to date on payments, no monthly payment arrangements.

Is this serious? What can we do? We did everything that they told us, and now they're going back on their word? What can be done about this? Is this a collection dept or an in house legal dept? We don't want a judgement on either of these and want to take care of them. Please help!

Thanks

Kris

eta: if this is in the wrong folder could it be moved to get some answers? thanks

Edited April 4, 2011 by justme73

[BV80]

Since no one else has responded, I'll give it a try. If it were me, I'd send a "good will" letter stating the terms that had been agreed upon. I would also include the dates I called (hopefully you have your phone records.) It might also help if you can remember who you spoke to. Tell them you want to settle and are not trying to get out of paying.

Just so you'll know...by sending a letter, they will have a record of you admitting to the debt and wanting to pay. The letter could possibly restart the SOL. But, I assume the debt is only recently in default, and you still have a good while before the debt is outside the SOL anyway.

If they don't agree, it doesn't mean they will automatically sue you. They could send the accounts to a collection agency who might eventually offer to settle for a percentage of the debt.

Edited April 5, 2011 by BV80

[justme73]

Thank you for your reply..I've written and mailed off a letter but would also like to send one via email to get it read faster, is there a list of contact emails for the company? i know the ones on the website are only to the customer service dept there, I've tried googling and haven't found any for the U.S, only the U.K.

Thanks!

[BV80]

I have no idea. Check their website, or call customer service. Keep in mind they probably get a gazillion emails a day, so it might be a while before you received an answer.

[justme73]

haven't heard back from the letter but they called again, said it's in their recovery dept and they can make no deals other than a settlement, it's right about at 50%, said they're mailing this, i'll be interested to see if we receive it...she said it will only be payable in one lump sum, that they're unable to divide up the payments, wouldn't give me a clue as to what their next step would be if we didn't accept this, feels like a crap shoot to me? i'd like to hold off and try to settle for better but don't want to risk getting sued...any insight anyone?