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HSBC Collection Question


Blackhawk0505
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I am 80 days past due on approx $7,500. on a Best Buy CC thru HSBC. I have been contacted to settle at a 30% reduction and pay the remaining balance in 3 easy installments which I do not have. Could somone tell me my next steps or should I try to come up with the funds and settle this way. I don't want to give up to easy and wondering if I wait or do i see if they will settle for less??

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It is possible that Capitol one is the proud owner of the alleged defaulted debt. I know it bought all the retail cards from HBSC. My account was not in default, it was paid off long ago with zero balance but got a letter C1 now owns the accounts.

 

HBSC just got caughed up $1.9 Billion to SEC , I doubt your debt is still owed by HBSC.

 

first find out who you're dealing with before handing them your money.

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Since C1 bought the "DEFAULTED" debt it is now considered a DEBT COLLECTOR.

 

Threat C1 just like Junk Debt Buyer , everything that applies to those will apply to C1.

 

What I would do next is send them a "Dispute" and request validation, see what comes back.

 

I would research and find a HBSC card agreement and read it , I would start getting familiar with  IL consumer protection laws, ICAA (IL collection agency act)  FDCPA, TCPA, FCRA, FACTA, TILA, Regulation Z (bank and banking act) etc.

 

I would get a phone recorder, a camera and prepare a file for everything that will come my way  ( I save envelopes too).

 

I prepare for collectors to start calling me, my cell phone, or any other phone they may have.

 

I would immediately order my free annunal credit reports from all three agencies. (ask for hard copies to be mailed to you)

 

I think you got a pretty good assignment !
 

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If you do decide to settle, I would wait until you have enough for a lump sum payment to pay the whole thing.  This doesn't mean that you need to pay off the whole balance, you can offer them 25% when you have it.  They are not going anywhere and you have the time to save up.  Payment plans are always a bad idea.  Little extra charges tend to get added to the balance over time.  

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thank you for the information. I understand what you both are saying but I have more questions:

1. I should hold off for how much longer. Are you saying I do not respond to them right now at all?

2. Should i just call and tell them I will settle if they can take 50-60-70% off or is that never going to happen?

3. I really want to get it closed, etc. I am currently renting and would love to purchase a home in 2 years. Besides a couple medical bills for $500 or less, I don't have much bad on my credit report.

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With a medical bill derogatory on ones credit report and a desire to get a mortgage this might merit watching: http://nationalmortgageprofessional.com/news31126/medical-debt-responsibility-act-enters-critical-phase%E2%80%93help-support-crucial-cause

 

70% off or better on a settlement is going to come much easier with leverage from some violations of state law and/or the federal alphabet soup acts mentioned on this thread. To understand and document those violations will no doubt take some time.

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