Will I ever get a statement again?

[LuciluS]

Jb300 Here's the things I think we all are saying just in a different way.

1. You did a ride thru with HSBC & they sold your loan probably in a package deal with a bunch of other loans for less than what the balances were at the time of sale. Who knows if the titles went with the loan balances.
And sure Bass & Assoc. will take your money..Gee I would take it too if you were voluntarily making payments.

I would be concerned with this:

1. Does Bass & Associates have the title to your trailer as the trailer can't last forever and at some time you might want to trade it in on another trailer or you made the agreed payments with HBSC & you should hold the title free & clear.

2. I understand you are making voluntarily payments, which usually is on the Up and Up When you are making payments to the Original Lender. But you are not.

3. I would call them & just say hey "I know this loan was sold to you, for less than the balance due. How do I know I know you have the title to my trailer? How do I know the Original Agreement with HBSC for $___,___.__ with ___ months/year and monthly payment of $___.__ still exists. For all I know, because you are not the original lender, you are a collection agency, that at the time, I make all the required payments in the Original Agreement with HBSC you will Not tack on additional fees.

I've never heard of a company selling a loan that is current with monthly payments to a Collection Agency. I would be concerned about this. If you say you MUST have the trailer, then ask Bass & Assoc. to write up an agreement & you will sign it. Then when the agreement arrives in the mail, go over it with a Fine Tooth Comb and make sure it's the same as the agreement with HBSC less the payments already made & interest rate is the same. Make sure it states in that agreement, once you have paid this loan in full, Bass & Ass have 5 days to mail the Title to you.

I hope maybe this clears up a tad bit of the confusion.

[Amy26]

If the loan was discharged 1. why did the other company sell the loan... isn't that a breach of something? and 2. if the loan was discharged, is this Bass & Assoc trying to collect money from you on a discharged loan? How did you find out that they even had the loan? Did they solicit you?

I know my experience is limited, but this seems like a violation of some kind.

[jb300]

HSBC said this is what they do when a loan goes into BK. I was told by my attorney during the BK for anything that I wanted to keep, like this trailer and my house to continue making the payments.

The loan was included in the BK like I stated and I have just continued to make the payments. I was under the assumption that I shouldn't contact them during the BK so I waited until it was final.

I found out that they had it because I called HSBC yesterday to find out if I would ever get a statement mailed to me again. Otherwise I would never have known. At this point because I didn't want the trailer repoed I have just continued paying. I am in no condition to do a buy out at this point. I can tell you this the trailer is used hard. It is only a few years old but you haul carpet and flooring materials in it and travel to all kinds of places with it and it is definately used.

[Amy26]

Interesting... just seems wierd to me. Cause you were current and making payments but HSBC just says OMG I'm getting rid of this debt as fast as I can! And sells it to someone else knowing that its in BK... Do these Bass people know its a discharged loan? I can understand wanting to keep it .... I would at least do what Luci says and get them to send you some kind of paperwork and assurance that you will own it once its "paid off". And if the "pay off" amount is still set etc from before.

[jb300]

I am not signing any paperwork though. That would be foolish since it was discharged. I am going to really have to think about this and if I could make them an offer at sometime here soon in the future that would be great to get the title.

I think another phone call is definately in order though. I just feel like I am floundering though. I am in uncharted waters for me and am not totally comfortable.

[Amy26]

Oh I didn't mean like sign another agreement. I just meant like get info on the monies.... IE: what Luci said about making sure the interest rate is the same, loan terms etc... I can understand your uneasiness... I think its odd as well.

[jb300]

This is what I found out

Ok, another call today and this is what I was told.

Bass and Ass. is the legal firm that HSBC uses anytime an account goes into BK. They make sure everything is done correctly from the creditor standpoint.

He said that when my account went to BK everything froze. There are no more late charges, never were because I was never late, no more finance charges etc.

So he gave me a balance today of $4429. I have another payment on the way for $119.96. My understanding is since this was not reaffirmed that these voluntary payments I am making go straight to principal and there will be no finance charges tacked on because this all would have had to have taken place before BK was finalized. Since this has been discharged they can't make any changes to this.

They do have my title and I will get it. I also asked about a settlement in the future. He said it is possible. I said that right now I can't do it but at some point down the line I might be able to. I also told him that due to the nature of my work that it would be much better to settle with me if they could down the road because this is a very used trailer. He said it is always better to keep the goods with the client.

So this is what I gleened from this. I am still dealing with OC, just their legal firm and they have or will be able to get my title. I am paying straight principal now. If say in 6 mos or a year if I have a lump sum that I can offer them, most likely they will take it and I will be done. He did say if you ever get to a point that you are having trouble making payments and have something to settle with definately call them. So I feel they feel whatever they can get at this point voluntarily is better than what they were getting since it was discharged. I honestly feel too that if I don't get a chance to save up for a lump sum if I get a little more paid and just quit paying, they are not going to come get it. If I don't ever plan to sell it what difference would it make if I had the title if it comes to that scenerio?

Am I missing something or do I have this kinda understood?

[LSUTiger32]

Man I sure would like to have that in writing if I were you. I don't know, you make $4000plus worth of payments to these low lifes and then voila, you still owe $3000. I would tell them that you will not send another payment until you get something in writing with the new terms and the payment address. Something just doesn't seem right.

Stockpile cash while this is going on that way you can catch up or buy another one if necessary. You are no longer responsible for the debt, and they may have no interest in coming after a trailer that's probably not worth more than $2,000 to them.

[NowOrNever]

Wow...I haven't posted in forever...but I still lurk every now and then...

I wanted to let the OP know that I had the exact same situation with HSBC and Bass & Ass., only it was for a dirtbike. I also had no online access and never would have known a thing if I hadn't called.

My balance wasn't where yours is, but when I called to ask about the account they offered to settle for about a third of what I owed. It was an amount that we could handle and felt it was a good deal. The other option (other than continuing the monthly payments) was for them to reposess, which neither party wanted.

I asked them to send me the agreement in writing, which they did, and I sent the settlement payment. In about three weeks, I received my title with the lien release papers.

I know they're a collection agency, but my experience with them wasn't bad.

[jb300]

NoworNever.... thanks for the response, it is reassuring to know that you got along ok with them. I am sure that is going to be my course of action. Continue to make the payments and then when I have some settlement money saved see if they will take it. Thanks again for responding everyone!