# HBOS Credit Card Debt being sold after Payment Agreement



## Daithip (18 Apr 2013)

I recently agreed a payment plan on outstanding credit card with Halifax (BOS) through help of MABS due to business failing. 

I dealt with a collection agency, *Cabot*, acting on their behalf and received letter from Halifax authorising them.  This was only a month ago.

Now I've received a letter from BOS stating that they're now transferring my credit card agreement to _*Glas Special Situations Investments Limited*_ stating all my rights under my agreement with them will now be with *Glas*.  

Why would they do this now after a payment plan being agreed?  
Can I object to this, as I believe my contract is with BOS? 
Are they entitled to pass on my personal information to *Glas*? 
 Does this mean they've written off my debt and have sold it on to *Glas*?

Before anyone jumps down my throat I am paying back the debt and intend to do this but I'm just questioning BOS's actions and don't want my personal info passed on.


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## vandriver (18 Apr 2013)

*HBOS* are exiting Ireland and as they can now put a value on your debt, as you have started a payment plan, they have sold it on an got rid of one more customer.
Can they do this? Check your t&c for a clause about right to assign.


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## Daithip (18 Apr 2013)

Thanks Vandriver,

I have checked them out.

It just states they have a right to assign it on for collection to a third party or to sell it on.  If sent to a third party for collection, I know they are acting as an agent for BOS, which Cabot were and would still be part of our agreement, but if it is sold on, I would take it that the debt has been written off by BOS and my account clear.  

Therefore I would have to acknowledge the debt to *Glas* before being indebted to them, as this would be making a new agreement altogether? 

Please correct me if I'm wrong.


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## vandriver (19 Apr 2013)

Exactly,you've agreed to let them sell on the debt to a third party. So, you don't owe *HBOS* any money, but you do owe the full amount to* Glas*.


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## Mullto (19 Apr 2013)

*HBOS* have sold on my debt to a third party and *Bluestone management* have been in contact with me about re paying debit in full.

I have asked them to tell me how much they paid *HBOS* for the debt, but they refused.

 I do know that the company they represent which I think is call Citizen First ( how Ironic is that) bought a job lot of debt, god knows for pittens. 

If I don't acknowledge the debt can i tell them to get stuffed and suck up there losses? Which is probably about a euro.


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## Setanta12 (20 Apr 2013)

As I understand it from reading the above; only the value of your now-newly-agreed debt is still owing by you, but to Glas.


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## Daithip (20 Apr 2013)

Not to contradict you but while dealing with MABS, the person dealing with me off the record, states the opposite to what you have said and that it is something that not alot of people are aware of.


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## MrEarl (20 Apr 2013)

Hello,

My personal understanding is that your debt, in it's entirity, remains due to whoever the counterparty is - be it a Bank, or other entity which has acquired the debt.

I would think the approach to take with the new entity, which has acquired the former Bank debt, is to try and negotiate a full settlement - if they bought it for (say) 20% of face value and you offer them 40% of the face value of the debt, then they've doubled their money !

Food for thought ...

Regards

Mr. Earl.


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## keithrf900 (23 Apr 2013)

So who are these people,_*Glas Special Situations Investments Limited.? *_I cant find anything about these on the net. Any idea where ill find some info on them?


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## Bronte (24 Apr 2013)

MrEarl said:


> My personal understanding is that your debt, in it's entirity, remains due to whoever the counterparty is - be it a Bank, or other entity which has acquired the debt.
> 
> .


 
Would that mean the new entity does not have to abide by the agreement that the OP negotiated with BOS?


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## frostie (25 Apr 2013)

It does Bronte, but if you had a repayment arrangement in place, they will usually reset the arrangement. It's a process of passing paperwork.

@Mullto, First Citizen are an internal agency of HBOS, usually dealing with HP debts, but they are new so more could follow

PS Have never heard of 'Glas' - Cabot still dealing with most of my clients

www.frost.ie


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## Bronte (25 Apr 2013)

frostie said:


> It does Bronte, but if you had a repayment arrangement in place, they will usually reset the arrangement. It's a process of passing paperwork.


 
So if you'd come to an arrangment whereby they had agreed to waive all interest they could now charge you interest. What about a situation where they'd agreed to write down part of the capital, would the new entity have bought a part written down capital or the full amount originally owing?

Looks like it's better if you can to negotiate a one of payment of a percentage of your credit card debt as full settlement.


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## traz (25 Apr 2013)

Hey guys,

I've also just received a letter from BOS about the same thing, the only difference with me is that I cleared my cc in 2009 when I got my mortgage and was under the impression the account was closed - in fact I havent heard anything from BOS or anyone else regarding this debt since then, I actually completely forgot about it!! I definately didnt use the card as I cut it up right when I cleared it. 

I find it strange after 4 years of no contact that I'm now getting this letter about a credit card I thought was cancelled! 

Any advice before I contact them?

Thanks


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## frostie (26 Apr 2013)

It's the same situation as I posted on another thread re MBNA/Avant takeover. People with arrangements in place, which we have organised, are now getting letters saying they missed their last (minimum) payment, even though the cards have long since been written off/cancelled. Looks as though we haven't paid them, which gets our customers backs up, but when we call the creditor and explain, they are resetting the arrangements. It's just poorly organised, if compared to how Pepper took over GE debts.


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## frostie (26 Apr 2013)

Bronte said:


> Looks like it's better if you can to negotiate a one of payment of a percentage of your credit card debt as full settlement.



It would be, and where possible that should be done, however the problem is that credit ratings are already in bits, or they simply do not have access to the money to settle. Sometimes family members will make funds available if the settlement figure is affordable for them, but circumstances are difficult.


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## Commercial (27 Apr 2013)

Bluestone bought Halifax credit card debt and are now responsible for 30,000 customers. You will be no longer dealing with Halifax. I'm not sure who GLAS are but it is bluestone who own the debt now. Decisions will be alot quicker than the usual 3 months turnaround. 
They will agree payment plans which may be more favourable than what Halifax offered.


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