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 Posted: Wed Apr 11, 2007 8:08 am Subject: Arrow Financial collecting on HSBC account |
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I received a letter from them yesterday
my HSBC account got turned over to them I
got behind but have been making payments
on this. I am sending a debt validation
letter. Does anybody have any helpful
advise on this and will they sue you.
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raffi
Joined: 17 Nov 2005
Posts: 116
Debtcc Points: 2820
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| Posted: Wed Apr 11, 2007 10:25 am Subject: |
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I have not ready any favorable posts about Arrow Financial. You took the first step by sending the debt validation letter. They have been known to sue, so make sure you have proof of the payments you have been making, and try contacting HSBC directly to discuss this matter. See if they will accept a payment plan to get you caught up and possibly get the acct. back from Arrow.
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Tiffany99
Debt Samaritan
Joined: 15 Jun 2006
Posts: 1067
Debtcc Points: 19153
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| Posted: Wed Apr 11, 2007 10:31 am Subject: |
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How long have you been behind in your payments with HSBC? In most cases, the creditors wait for at least 120 days before they hire an outside CA, but HSBC is very quick in sending to collections.
HSBC is a very tough company to deal with. Give them a call and explain that you want to pay them directly without dealing with the CA. Send your proposal in writing along with the money. They need to post the payment to your file.
Send the DV letter to Arrow Financial to make sure that they are authorized to collect from you. By the time they validate, try to work out with HSBC.
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ricjil
Joined: 04 Nov 2005
Posts: 225
Debtcc Points: 3537
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