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All MBNA Caggers Fight Against MBNA's underhand tactics


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Too busy with MPs and their expenses at the moment. Might be a good idea to postpone the coach trip until this has died down:D

 

Ok. We'll dispense with the coach trip for now - who's still up for the alcohol and sausage rolls?:D

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Use cream horns, that way you'll look really mean on the way up, but once we're done we can all have a lovely cake to celebrate:D

 

Edit - this would also work if anyone's thinking of arriving on horseback; we can just pretend they're unicorns:D

Time flies like an arrow...

Fruit flies like a banana.

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Use cream horns, that way you'll look really mean on the way up, but once we're done we can all have a lovely cake to celebrate:D

 

Edit - this would also work if anyone's thinking of arriving on horseback; we can just pretend they're unicorns:D

 

:lol::lol::lol: Would have to watch out for birds, though. Think Tippi Hedren (from Hitchcock's The Birds) on a motorcycle...

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You guys crack me up:D

 

Read all this thread, nice bunch of Caggers here!

 

But back to serious issues ... can we start some action going on securitisation? I'm very interested, if there was a way to get the balance sheet for all the last few years to check ... or any other way. I read around and MBNA looks to be the highest securitised bank when it comes to credit cards. This is what I googled:

 

"SECURITIZATION & MBNA’S INTEREST ONLY STRIP RECEIVABLE

38. Securitization is MBNA’s primary funding mechanism for all

loans, with 80% of managed loans and 90% of domestic credit card loans, securitized as of September 30, 2004."

 

Also:

 

"An equitable assignment is one where the originator purposely

fails to give notice of the transfer to the underlying debtors. This is usually done because the originator would not want such debtors to know about the securitisation since it wants to maintain the contractual relationship it has with its borrowers without exposing them to complicated arrangements which the originator seeks to benefit from.

Notwithstanding this motive, failing to give notice of the transfer is

disadvantageous from a litigation perspective in that should the SPV wish to bring an action against the underlying borrowers it would need to join the originator as party against the borrowers. In essence, the SPV has no locus standi against the borrowers because there is no contract between the underlying borrowers and the SPV (Standard and Poor’s, 1993i)."

 

It seems that MBNA only retains the rights to 'service accounts' - these accounts are separated from the receivables (a.k.a. debts) which the SPV has bought. If we could establish this somehow ... there must be a paper trail, for tax purposes, VAT purposes, that exposes them.

 

Under law how do we put the onus on them to prove they have / have not securitised our particular debt?

 

Is there any mileage in working out who we are paying ... does this show up on our bank statements?

 

I'm itching to get this securitisation thing sorted, because it could have far reaching implications. The whole basis of the credit boom was securitisation, and now in some circles it is also seen as a way to solve the credit crunch:eek: so if we can crack this we are really giving them grief.

 

Any takers?

 

Red.

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But back to serious issues ... can we start some action going on securitisation? I'm very interested, if there was a way to get the balance sheet for all the last few years to check ... or any other way. I read around and MBNA looks to be the highest securitised bank when it comes to credit cards. This is what I googled:

 

Red.

 

Red, go back to this post and read the 20-30 posts after it... it seems to have petered out I'm afraid tho after an initial flood of posts :-(

 

http://www.consumeractiongroup.co.uk/forum/mbna/184041-all-mbna-caggers-fight-24.html#post2069915

 

S.

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Hi All I have been reading some of the latests posts regarding the underhanded MBNA and would like to ask if a mod can direct me to where I can find some answeres with miss sold MBNA payment protection insurance.

I have already sent data protection act SAR to MBNA registered post but had no reply yet and the time is running out for them.They where deemed in reciving my letter 27th April occording to post master. What letter do I send to them if they do not reply?

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The Unicorn; almost as rare as an undoctored MBNA agreement;)

 

Hi All I have been reading some of the latests posts regarding the underhanded MBNA and would like to ask if a mod can direct me to where I can find some answeres with miss sold MBNA payment protection insurance.

I have already sent data protection act SAR to MBNA registered post but had no reply yet and the time is running out for them.They where deemed in reciving my letter 27th April occording to post master. What letter do I send to them if they do not reply?

 

Heres the link for the non - compliance letter.

 

http://www.consumerforums.com/resources/templates-library/48-bank-templates/129-data-protection-act-non-compliance-template-letters-

 

There is a whole forum regarding mis sold PP here

 

and loads of links and information on mis sold PPI here

 

HTH

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