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Advise please re Lowell and an 8 year old overdraft debt [formally a flexiloan]

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  • #16
    Re: Advise please re Lowell and an 8 year old overdraft debt [formally a flexiloan]

    Yes, that was the account. It did as my overdraft limit was 1000.00 or 1500.00, I can't remember which. I was upto the limit whichever it was in march 2009, but they continued to take 200.00 a month, increasing my overdraft limit each time until my overdraft was 7000.00, not hearing from me or recieving a penny into either account the whole of this time.

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    • #17
      Re: Advise please re Lowell and an 8 year old overdraft debt [formally a flexiloan]

      First job is to get hold of the terms and agreement for that flexiloan and the transactions on that and the current account from HSBC. ( so the SAR and CCA request )

      You should also investigate if there was 'loan protection' and/or a PPI amount being taken each month related to the flexiloan. This should also show up on the SAR.

      I'm having a look see if I can find the Flexiloan terms anywhere from 2009 - if it was a product which relied upon the HSBC account there must be terms related to what happens if the overdraft was over its limit, and I can't imagine it would have been a case if no funds are available in your current account we'll ramp up your overdraft to cover it. It sounds a lot like the 'managed' loan.
      Last edited by Amethyst; 10th July 2017, 06:40:AM.
      #staysafestayhome

      Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

      Received a Court Claim? Read >>>>> First Steps

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      • #18
        Re: Advise please re Lowell and an 8 year old overdraft debt [formally a flexiloan]

        Originally posted by Eternal Ostrich View Post
        It was a flexiloan but HSBC put 200.00 a month onto the overdraft of my current account until it was paid off, adding 5000.oo + to my overdraft. Raising my overdraft limit each month without my knowledge or agreement. All whilst nothing was being paid into or out of my account and they had no contact from me. It must have taken them over 4 years to clear the flexiloan this way, which would take it to 2011 or 12, they sold the overdraft to lowell in 2012 or 13 but I haven't made a payment or corresponded with HSBC or lowell since the first half of 2009.
        Did those £200 repayments paradoxically clear the £5k Flexiloan i.e. the negative balance simply shifted from the Flexiloan product to your current account overdraft?

        So you then didn't owe £5k to HSBC for a 'loan' (which subsequently had a zero balance) instead you owed it for your overdraft ?

        If the Flexiloan wasn't cleared off until 2011/12 (as you have posted) then that raises the complicated issue of whether the debt is Statute Barred despite no payments actively made by you.

        Di

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        • #19
          Re: Advise please re Lowell and an 8 year old overdraft debt [formally a flexiloan]

          Di - looking at some other flexiloan cases, if a default notice was served ( not sure if it would have been on the flexiloan as they seem to have chosen to pay it off from the OD regardless) they may have been short on days to rectify. Still not found historic flexiloan terms though. HSBC seem to have had problems historically providing cca's for the flexiloans, reading back lots of threads I haven't found one with the agreement provided following a cca request yet - and can't get to the current flexiloan terms on the hsbc site ( as I'm not a hsbc customer ).

          Worth checking also the terms of the current account - whether that account had terms attached of a certain income payment each month, number of direct debits required and so on, to retain it - so if it stopped being used and paid into were they acting against their own terms by keeping it open purely to use it to pay themselves the flexiloan payments.

          Suggested a SAR to HSBC to get everything ( agreement, terms, transaction lists, default notice, PPI etc on OD and flexiloan ( and anything else held)) and a CCA to Lowell to begin with. Lowell will argue it's an overdraft of course.
          Last edited by Amethyst; 10th July 2017, 07:10:AM.
          #staysafestayhome

          Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

          Received a Court Claim? Read >>>>> First Steps

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          • #20
            Re: Advise please re Lowell and an 8 year old overdraft debt [formally a flexiloan]

            Yes Di, that is the case. I see what you mean, as although I've made no payment since 2009, they continued to use the account from their end until 2011/12 and therefore it may not be statute barred.

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            • #21
              Re: Advise please re Lowell and an 8 year old overdraft debt [formally a flexiloan]

              Thanks Amethyst,

              I will send a SAR to HSBC, it was a former stuent account; I'm pretty sure it was turned into a graduate account. Yes, there were some ppi payments taken from the flexiloan I believe, 15 or 16 pounds a month.

              I will send the CCA to lowell also.

              Thank you all for your help

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              • #22
                Re: Advise please re Lowell and an 8 year old overdraft debt [formally a flexiloan]

                Apparently ( https://www.hsbc.co.uk/1/PA_esf-ca-a...ng_TCs_WEB.pdf ) the Graduate account was a fixed term account of two years ( although they are the latest terms I'll have a look see if there's older terms about -> http://legalbeagles.info/forums/foru...-Terms-Library ) Terms 2010 - http://legalbeagles.info/forums/show...050#post492050
                13. Graduate Bank Account
                If you have our Graduate Bank Account, we will
                advise you at account opening how long you will
                be able to have this product. At the end of that
                time period, we will automatically transfer you to
                our Bank Account. You can close your account
                without charge at any time.
                Do you have an idea of dates when student account changed to graduate account ? and whether it changed to a standard account after that ?
                #staysafestayhome

                Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                Received a Court Claim? Read >>>>> First Steps

                Comment


                • #23
                  Re: Advise please re Lowell and an 8 year old overdraft debt [formally a flexiloan]

                  I think I opened the student account in September/ october 2005 when I started uni; I'd previously had a current account with them but I changed to the student account. It would then have changed to a graduate account in 2008, when I should have graduated, I guess. I stopped communicating with them in early 2009, as far as I can remember it was still a graduate account then.

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                  • #24
                    Re: Advise please re Lowell and an 8 year old overdraft debt [formally a flexiloan]

                    Originally posted by Eternal Ostrich View Post
                    although I've made no payment since 2009, they continued to use the account from their end until 2011/12 and therefore it may not be statute barred.
                    The SB test for current accounts/overdrafts isn't the last payment you made into the account.

                    The issue of when the account was 'called in' by the bank (Formal Demand) and then terminated may be the deciding factor.

                    Di

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                    • #25
                      Re: Advise please re Lowell and an 8 year old overdraft debt [formally a flexiloan]

                      I see Di, it's very unlikely to be statute barred then, not until some time next year at the earliest. If it's that recent I wonder why there's nothing on my credit file, although I've only checked the free one so far.

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                      • #26
                        Re: Advise please re Lowell and an 8 year old overdraft debt [formally a flexiloan]

                        Originally posted by Eternal Ostrich View Post
                        it's very unlikely to be statute barred then, not until some time next year at the earliest. If it's that recent I wonder why there's nothing on my credit file, although I've only checked the free one so far.
                        I tend to advise people not to check their CRA files (unless they have a claim so may need to) because it flags up to creditors/debt purchasers that you're alive and kicking.

                        Sometimes it's best to stay under the radar especially if SB is getting tantalisingly close.

                        Di
                        Last edited by Diana M; 10th July 2017, 09:56:AM. Reason: typo

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                        • #27
                          Re: Advise please re Lowell and an 8 year old overdraft debt [formally a flexiloan]

                          tantalizing - the word for to-day ?

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                          • #28
                            Re: Advise please re Lowell and an 8 year old overdraft debt [formally a flexiloan]

                            I'd heard that, and that and fear was why I hadn't checked it for all of these years. Sadly Lowell are all too aware that I am alive and kicking as I have had correspondence with them regarding another debt.

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