MBNA - At it again

[ScarletPimpernel]

I see that the ludicrously named Experto Credite remain the DCA. Surprising, as they've clearly not been very successful with this portfolio of MBNA's dross. Perhaps it was part of the deal, what with Spurto being owned by Varde.

[DonkeyB]

The accounts would not have cost them £470m, more like £470

 

They rather give the game away – a $50m loan. So £31.3m for £470m worth of assets...

 

That’s 6.7%.

 

Criminal.

[intend]

So offer them a F+F of 7%

[cashins]

They rather give the game away – a $50m loan. So £31.3m for £470m worth of assets...

 

That’s 6.7%.

 

Criminal.

 

Shows the money to be made though: £13m per annum return on an investment of £31.3m.

 

41.5% pa return, less finance and operating costs. Obviously there is a profit in other peoples misery.

 

David

 

PS, only good news is that MBNA took a big hit when they ditched it.

[gezwee]

And I had their co reg number as 4267803, not the one on their website........... tut, tut - accuracy of data not one of their strengths I guess

 

Regulated by the Office of Fair Trading (OFT) consumer credit License No 0510166.

Members of Credit Services Association (CSA) and Debt Buyers and Sellers Group (DBSG).

Aktiv Kapital (UK) Limited Registered Office: Wells House, 15-17 Elmfield Road, Bromley, Kent, BR1 1LT.

Company Registration No 5267803.

[gezwee]

Apologies if this offends, thought I'd take a shot of their site for posterity.......

Edited March 2, 2012 by gezwee
Taken down just in case someone clicks a link in error

[DonkeyB]

Shows the money to be made though: £13m per annum return on an investment of £31.3m.

 

41.5% pa return, less finance and operating costs. Obviously there is a profit in other peoples misery.

 

David

 

PS, only good news is that MBNA took a big hit when they ditched it.

 

MBNA will take no hit at all. All securitized, and written off against tax. No loss at all.

 

And somehow the money is still in the system... that is what is fundamentally wrong with debt purchase.

[count orlok]

MBNA will take no hit at all. All securitized, and written off against tax. No loss at all.

 

And somehow the money is still in the system... that is what is fundamentally wrong with debt purchase.

 

So as tax payers we have paid these debts off with MBNA, and we are still being chased for the money by somebody else?

[DonkeyB]

I hope the NoAs are truthful, and state the debt has been assigned from Varde. This story really should have nothing to do with MBNA, unless the initial assignment to Varde was bad or only equitable. In which case, what about the MBNA cases Varde has litigated on? Hmmmm...

[BRIGADIER2JCS]

I hope the NoAs are truthful, and state the debt has been assigned from Varde. This story really should have nothing to do with MBNA, unless the initial assignment to Varde was bad or only equitable. In which case, what about the MBNA cases Varde has litigated on? Hmmmm...

I doubt that it will be the case ''truthful'' NOAs??????????

[cashins]

My old defaulted MBNA account has been sold off to Global arrow.

 

So, on the CRA's I have

 

entry 1 - MBNA entry, default account marked satisfied

 

entry 2 - Global arrow, defaul account.

 

Thought thje same defaulted account should not show twice.

 

david

[BRIGADIER2JCS]

Which is correct the debt has been sold so the original entry is satisfied,

the new entry shows who now owns the debt, as long as the default

date is not changed the information shown is correct as only one default

entry is shown the other is satisfied and is therefore a true picture of the account.

I think you have confused the facts a debt can only be defaulted once but here all that

shows is an update of ownership still only 1 default with the original date.

[cashins]

Thanks Brig

 

David

[cashins]

Which is correct the debt has been sold so the original entry is satisfied,

the new entry shows who now owns the debt, as long as the default

date is not changed the information shown is correct as only one default

entry is shown the other is satisfied and is therefore a true picture of the account.

I think you have confused the facts a debt can only be defaulted once but here all that

shows is an update of ownership still only 1 default with the original date.

 

Actually Brig, looked at it again the MBNA account is showing as a default AND a satisfied account on the same entry. The Global account is a straight default.

[BRIGADIER2JCS]

Actually Brig, looked at it again the MBNA account is showing as a default AND a satisfied account on the same entry. The Global account is a straight default.

That's correct it was defaulted that default shows satisfied, and the new one show the updated

ownership and the default, the only thing that would make the entries wrong would be if the dates

of the default are different.

[cashins]

Have an old MBNA account that they can't collect on as- they couldn't be bothered to preserve a copy of the agreement.

 

Got forced into unstainable repayment plan, (Which was way outside of the agreed income and expentidure) agreed with all other parties.

This was under the threat of immeadiate legal action, (most of which was on the phone). 2 years later the whole thing fell apart. MBNA registered the default at this point.

 

Just had a reply from The ICO that although they let this run for five months when I was making no payments initially while trying to get an agreement,

as they did not default the agreement at that point, I am stuck with the later default date.

 

If you are around Brig, I would like to hear you view on this.

 

David

[citizenB]

Not quite sure what the question is.. however,

 

A default can be registered any time up to 6 months after the breach.

 

However, where statute barred comes into play - it will be 6 years from the date the payment becomes due and is missed.

 

Many DCAs will argue that limitation accrues from the time when the "default notice" is issued. It does not.

 

Limitation clock starts ticking from when the payment is due and not paid not when they send a default notice.

 

We see often that CRA entries will date 5 or 6 months ahead of when the payment was missed.

 

People need to be sure that they aren’t being hoodwinked and that the DCA is extending limitation so they can sue when they are not allowed to.

The default marker will stay on your record for the 6 years then drop off.

[cashins]

I have one pesky default left and I am casting around for means to challenge it.

 

If a default notice was sent on a Friday by 1st class, (which I doubt anyway) would it be deemed to be recieved on a Saturday. If not they are adrift on the 14 days.

 

Thanks

 

David

[matttye]

Have you tried asking them to remove it?

 

No point in getting their backs up before simply asking them to remove it as a gesture of goodwill!

 

Good mitigation to use would probably be:

 

- You're now in a better position financially. You're older, wiser, learnt from past mistakes, etc.

- Is the default a number of years old? If so, point this out.

- Was it for a low amount of debt? If so, point this out.

- Did you pay it in full eventually? If so, point this out.

- Have you had any further dealings with the lender? If so, were payments kept up to date? If so, point this out.

 

There's no guarantee (and I'd say it's quite unlikely), but if you don't ask, you don't get!

 

If they refuse your request, then I would try looking for alternative methods to get it removed.

 

I've recently written to O2 requesting that they remove a default from 2009. Only sent it on Thursday so they won't even have it yet. I basically said: -

 

- I've been a customer with them since and my payments have all been up to date and in full; there has been no further debt issues.

- I was 20 when I defaulted on payments and I'm now almost 25.

- The default was for a fairly low amount (

- I repaid the debt in full.

- In a better position financially and have no debts.

- Need a mortgage and default will prevent that.

 

I don't expect that they'll remove it just like that but it has to be worth a shot. I'll let you know how I get on

[Jessica87]

I don't expect that they'll remove it just like that but it has to be worth a shot. I'll let you know how I get on

 

Good luck, my friend is trying to get o2 to remove one for £30 odd, was their error and had been a customer for 8 years. Even after promising in writing to remove it when the outstanding payment was made, they've changed their mind and refuse to remove it. Complaint was sent to the ombudsman but I'm not holding my breath.

[matttye]

Good luck, my friend is trying to get o2 to remove one for £30 odd, was their error and had been a customer for 8 years. Even after promising in writing to remove it when the outstanding payment was made, they've changed their mind and refuse to remove it. Complaint was sent to the ombudsman but I'm not holding my breath.

 

Don't hold out much hope for me then, I've been a pay monthly customer since September 2011. Prior to that I was a PAYG customer of both O2 and Giffgaff.

 

I sent them a very polite letter though so fingers crossed!

 

Hope your friend manages to get that sorted out! Surely a promise made in writing would constitute an agreement, as your friend might have decided not to make the outstanding payment until the dispute was settled had it not been for that promise.

[cashins]

I have in the past got a default erased on technical grounds, ie they had cocked up and the notice wasn't legally valid.

 

This one is MBNA and validity of the notice is the only way I will get anywhere. Hence the question about the post.

 

david

[BRIGADIER2JCS]

I have one pesky default left and I am casting around for means to challenge it.

 

If a default notice was sent on a Friday by 1st class, (which I doubt anyway) would it be deemed to be recieved on a Saturday. If not they are adrift on the 14 days.

 

Thanks

 

David

 

A moot point David but as there are postal deliveries my feeling is it's ok.

 

Brig.

[cashins]

Blimey that was quick - thanks.

 

Counting Saturday they just make it. Nuisance is, I would be amazed if it was sent 1st but so long ago i don't have the envelope, grrrrrrr

 

david

[BRIGADIER2JCS]

It is arguable but ''custom and practice'' now Saturdays are working days.