MBNA, account sold to Exerto Credite as sonn as I SAR !!

[vint1954]

Hi all, been off for a day or two. Try not to worry Lisa, you're getting good advice here so stick with us.

 

Scrapper - what's interesting is that MBNA seem to have sold a whole pile of us back in October - but forgot to tell us!! My NOA has just turned up with a back dated letter. But I know they sold the account some time back (fact).

 

I'll look into it a bit more but pretty sure they've messed up here. My DN hadn't even run out when it was sold to Varde (EC). Pretty sure this gives them a problem.

 

Lisa - all you can do for now is wait. It's up to them to produce the info. Are you still paying them?

 

M

As quoted by BRW, they have put the cart before the donkey.

[vint1954]

Have another read of post #9

[MandM]

Hi MandM,

was it a notice of assignment from MBN@ or useless one from Exspurto?

 

Pumpytums

 

Hi Pumpy,

 

Came from MBN@ dated 30th November with a letter from Exspurto (same envelope) dated 7th Dec.

 

However, as you and I know, this isn't quite the whole picture

 

M

[MandM]

 

So what he really needs to know is if they defaulted him on the 30/10 and the letter is dated 09/11 recieved on the 13/11 have they completely shot themselves in the foot?

Royally!!

 

Im going to take your advice and CCA Experto and MBNA again and see what happens.

Hi Lisa, as has been said elsewhere, you hang in there and keep posting up. Let us know what they come back with.

 

As quoted by BRW, they have put the cart before the donkey.

:D:D

 

M

[mikeandlisa]

Thanks everyone. Im sending my cca letter off today so Experto so lets see what happens now. I am also sending them advice that I have a claims company on board. Can I come back and ask for some more help if I need it ????

[Scrapper]

Hi Lisa

 

Ask anything you like and good luck with the letter

 

Thanks

Scrapper Coco

[MandM]

Thanks everyone. Im sending my cca letter off today so Experto so lets see what happens now. I am also sending them advice that I have a claims company on board. Can I come back and ask for some more help if I need it ????

 

Post up step by step as things happen. You'll find that your thread becomes a great record/diary of events which you can refer back to later. You'll also get lots of help and support.

 

As Scrapper said, good luck.

 

M

[ltc1607]

sub

[unredacted]

Hi Scrapper

Who's is the claims company I would be interested to know as I was dealing with Kerobo unfortunately

[Scrapper]

Hi Scrapper

Who's is the claims company I would be interested to know as I was dealing with Kerobo unfortunately

 

Hi unredacted

 

I don;t know off the top of my head, but I'll find out and post it for you

 

Thanks

Scrapper Coco:cool:

[In The Know]

Hi all,

 

Firstly, please note that Experto Credite will do their best to solve your dispute, but they do have to refer back to the vendor (MBNA) and this is time consuming. It is correct that cases are placed on hold until MBNA respond, but normally the cases sold by MBNA in this scenario are logged on their own system as having been resolved.

 

Secondly, I do not believe that it is actually illegal to sell an account whilst in dispute, but the vendor should certainly inform the purchaser in such cases.

 

Default notices can be issued on a regular basis and it does not have to be the case that the consumer has received it for it to be valid. i.e if you have moved to another property and mail is not forwarded on, the creditor only has to confirm that the default notice was issued, not necessarily received by you, but simply that it was issued.

 

Kind Regards

ITK

[vint1954]

Hi all,

 

Firstly, please note that Experto Credite will do their best to solve your dispute, but they do have to refer back to the vendor (MBNA) and this is time consuming. It is correct that cases are placed on hold until MBNA respond, but normally the cases sold by MBNA in this scenario are logged on their own system as having been resolved.

 

Secondly, I do not believe that it is actually illegal to sell an account whilst in dispute, but the vendor should certainly inform the purchaser in such cases.

 

Default notices can be issued on a regular basis and it does not have to be the case that the consumer has received it for it to be valid. i.e if you have moved to another property and mail is not forwarded on, the creditor only has to confirm that the default notice was issued, not necessarily received by you, but simply that it was issued.

 

Kind Regards

ITK

I think you will find that only one default notice can be issued and only updated until the default ends.

 

DN is issued under CCA1974 and to operate under that act, you need a credit licence.

[In The Know]

Yes, Defaults will if ness be re issued after they have expired, but this is still often on a regular basis due the persistant defaulting of a consumer who may have temporarily rectified a defaulted position only to stray back in to the same scenario.

 

As a matter of interest, some of you obviously believe that I work for for Experto Credite.

 

For the record, I do not.

 

I retired form the debt recovery world some time ago, but this does not mean that I do not keep in touch with what goes on and with who and my personal contacts are many.

 

Whilst Paul Thompson and Stefan Russell are still pivotal players at the company, I am informed that the Norwegian connection also relays a hefty clout these days.

 

And again for the record, nothing on their website nor in their correspondence, states that Experto have purchased any debt portfolios.

 

You can read any text and decide what it's content means yourself, but in the case of 'Pumpytums', you are simply reading it the way you want it to sound for your own purpose.

 

Please just accept that you are incorrect in this matter.

 

As for my change of heart...it has not changed in the slightest, but I am old enough and wise enough to know that some of the Debt Recovery Agencies out their do stink and some simply do not.

 

Many break the law and ignore OFT guidelines and get away with it, some walk a thin line.

 

In my view, for what it is worth, this company appears to be trying to set the trend straight rather than making it more anti consumer.

 

Happy New Year to you all.

 

ITK

Edited January 6, 2010 by In The Know

[pumpytums]

May I ask how they are trying to set the trend straight?

 

If you can put forward arguments to substantiate your claim I'm willing to listen.

 

 

Pumpytums

[In The Know]

Hi all,

 

As Experto Credite, have only recently (in past 7 months) entered in to this type of market and because it is their investors who have purchased this type of debt, they are striving to and indeed are obligated to ensure that their investors are happy that they are seen to do the very best possible job they can.

 

This includes a required high standard of compliance, which is all important to such an investor, a training programme for their collectors which is both informative and apparently highly regarded in the industry already, is by the book and teaches the importance of empathy as well as that of not only listening, but also in taking the correct course of action for the consumer rather than simply their own company and certainly not treating calls as a personal campaign, which many of the other agencies out there do as a matter of course.

 

Experienced collectors will also be retrained by this company if it is thought that poor previous traits have been brought to the company from previous DCA's and when they inform a consumer that any given dispute will be investigated, it will be acted upon swiftly as long as the consumer is compliant in supplying full details as to what the dispute relates.

 

Expert Credite will not demand that which a consumer cannot afford and indeed as I understand it, they will quite happily comply with previous arrangements made by MBNA in relation to instalment programmes and indeed as long as a financial breakdown (standard requirement of course) is supplied, they are quite willing to reduce a previous monthly arrangement without it being a problem should disposable income be in the negative.

 

Nominal instalments via the CAB or Debt Management Agencies are also accepted without question as long as the consumer contacts the company to supply any ID ref number so that Experto can contact the said DMA to advise of their interest in the said DMP and that the DMA is given the correct info from the consumer that instalments should be redirected accordingly.

 

The collectors will be polite in discussing your debt and infact face sanctions should they be found to be non compliant in any way.

 

Calls are recorded and listened to on a daily basis by a quailty control department and even the smallest non compliant error, whether it be an OFT or company breach, will be stamped upon.

 

There is also a collections support team in place which constantly updates files and queries and has a direct link with MBNA, allowing them to ensure that disputes and required documentation are followed up on a regular basis.

 

This does not always mean that the consumers required response is faster than normal however, as Experto obviously has to rely on the vendor to respond at speed also. Nevertheless, it is obviously in the companies and their investors favour, to ensure that disputes are dealt with in the most efficient manner possible.

 

I am also informed that they have a returns policy which in effect allows the company to return debts to MBNA if it is found that previous agreements between the consumer and the vendor prior to purchase have been acted upon inappropriately by the vendor.

 

On many occasions the collection agency is tarred with the same brush as previous agencies, or, in this case, as the vendor and this alone can make it difficult if a debtor contacts an agency with the attitude that they are ready for an argument due to previous treatment.

 

Nobody wants debt and nobody wants to be treated like a moron, but in reality, all debtors want whatever help they can get because burying your head in the sand or spending money on attempting to evade your debt simply does not work.

 

Are Expert Credite leading the way in a new era of debt rcovery? Probably a bit strong to say that I guess, but they appear to starting off on the right foot, so why not give them the benefit of any doubt.

 

If I am wrong about them, I am sure somebody will let me know.

 

Hope this gives you food for thought.

 

ITK

[MandM]

 

And again for the record, nothing on their website nor in their correspondence, states that Experto have purchased any debt portfolios.

 

You can read any text and decide what it's content means yourself, but in the case of 'Pumpytums', you are simply reading it the way you want it to sound for your own purpose.

 

Please just accept that you are incorrect in this matter.

 

 

ITK

 

As posted on another thread - Your credit file will (IMO) show the owner of the debt.

 

I have a CF that shows EC as the owner. MBNA's Comms Log also says 'sold to EC' and makes no mention of Varde!

 

Any ideas?

 

M

[Sunshine54]

good morning all

 

couple of points

 

ITK explains in detail about the training and quality measures that are in place at EC and it sounds commendable. My personal experience is that the people who call are arrogant and patronising to a high degree. (Maybe it's just the person who has been assigned my account)

 

I haven't sent a second SAR to confirm (will do that this week) but when I rang MBNA to check on the status of my account I was informed that on their system is says the account was sold to Experto Credite.

 

I received the DN in September, along with many others, with the same issues ie insufficient time to remedy, demanding the full amount not just the arrears. There has been no communication from MBNA regarding the assignment of the debt and it was transferred before the end date for remedy of the default.

 

The first letter from Experto states that Varde Investments had bought the debt.

 

What exactly is the relationship between Experto and Varde and why does MBNA's system say that the debt was sold to Experto if it was actually sold to Varde?

 

As per MandM's post above, I'll check my credit file but I expect to find the same result.

regards

S

[vint1954]

good morning all

 

couple of points

 

ITK explains in detail about the training and quality measures that are in place at EC and it sounds commendable. My personal experience is that the people who call are arrogant and patronising to a high degree. (Maybe it's just the person who has been assigned my account)

 

I haven't sent a second SAR to confirm (will do that this week) but when I rang MBNA to check on the status of my account I was informed that on their system is says the account was sold to Experto Credite.

 

I received the DN in September, along with many others, with the same issues ie insufficient time to remedy, demanding the full amount not just the arrears. There has been no communication from MBNA regarding the assignment of the debt and it was transferred before the end date for remedy of the default.

 

The first letter from Experto states that Varde Investments had bought the debt.

 

What exactly is the relationship between Experto and Varde and why does MBNA's system say that the debt was sold to Experto if it was actually sold to Varde?

 

As per MandM's post above, I'll check my credit file but I expect to find the same result.

regards

S

Varde are regulated in Ireland, where the VAT is not payable until the debt is paid by the debtor, whereas in the UK it is paid at the time of sale. Does not need much imagination to work out why it is sold that way.

[Ron 2015]

I have been trying to settle with Experto and for the record they are not very nice at all.

 

I have written to them twice with no reply. Maybe they find it difficult to write.

 

Their paper work is very poor and I find it hard to believe that they have had any training at all.

 

Still all the better for us that they dont seem to know about unlawful recision of contract. Gives us all some breathing space when they file a claim.

 

Mr In The Know are you sure you don't work for Expusto ? If you do tell them they should sort their paper work out as its a joke.

[Ron 2015]

Just checked my credit file and ir says VIL/experto Ltd as the agency registering the debt.

 

So as of when can a dca get their name on your credit file.

 

I am going to complain to the credit refence agencies.

 

Also the default date is different from MBNA default notice . they just can't get anything right.

[MandM]

Just checked my credit file and ir says VIL/experto Ltd as the agency registering the debt.

 

So as of when can a dca get their name on your credit file.

 

I am going to complain to the credit refence agencies.

 

Also the default date is different from MBNA default notice . they just can't get anything right.

 

VIL now own the debt. MBNA's name should have dropped off. have you done a SAR and checked what date it was sold?

 

M

[Ron 2015]

Hi M&M

 

Just printed off a SAR and will send off first thing tomorrow , I got one off MBNA in August last year so it did not have any info about when it was sold. It did have lots of lines blacked out , trying to hide something !

 

So VIL own the debt , so why are Experto on my credit file ? They are just a dca.

[MandM]

Hi M&M

 

Just printed off a SAR and will send off first thing tomorrow , I got one off MBNA in August last year so it did not have any info about when it was sold. It did have lots of lines blacked out , trying to hide something !

 

So VIL own the debt , so why are Experto on my credit file ? They are just a dca.

 

Try these>>>>

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/243110-varde-investments-experto-credite.html

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/238117-mbna-experto-credite-accounts.html

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/242253-parallel-mbna-ec-varde.html

 

http://www.consumeractiongroup.co.uk/forum/mbna/226658-mandm-mbna-virgin-money.html

 

M

[pumpytums]

Try these>>>>

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/243110-varde-investments-experto-credite.html

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/238117-mbna-experto-credite-accounts.html

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/242253-parallel-mbna-ec-varde.html

 

http://www.consumeractiongroup.co.uk/forum/mbna/226658-mandm-mbna-virgin-money.html

 

M

 

 

After reading lots of threads I believe that MBN@ have done equitable assignments to Varde/Exspurto take your pick. So basically old MBn@ have still got their finger in the pie so to speak. Their are some huge threads on this site about securitisation and thats whats happened. Basically the equatable rights have been sold to Viil. However virtually everyone who has had them sold has a dodgy DN and a cut n shut CCA.

 

The point I feel needs to be made is that the accounts have now been terminated. Firstly by demanding the full balance and perhaps secondly by selling them to a company that has no credit licence. The second is questionable however as the Varde group may have group license. If MBN@ ever take action through the courts that is also a termination.

 

From what I have read a equatable assignment does not need to terminate an account.

 

Securitisation is a mine field, how the assignment is handled is via a law that dates back to 1925, and cannot really cope with it.

 

Pumpytums

[MandM]

After reading lots of threads I believe that MBN@ have done equitable assignments to Varde/Exspurto take your pick. So basically old MBn@ have still got their finger in the pie so to speak. Their are some huge threads on this site about securitisation and thats whats happened. Basically the equatable rights have been sold to Viil. However virtually everyone who has had them sold has a dodgy DN and a cut n shut CCA.

 

The point I feel needs to be made is that the accounts have now been terminated. Firstly by demanding the full balance and perhaps secondly by selling them to a company that has no credit licence. The second is questionable however as the Varde group may have group license. If MBN@ ever take action through the courts that is also a termination.

 

From what I have read a equatable assignment does not need to terminate an account.

 

Securitisation is a mine field, how the assignment is handled is via a law that dates back to 1925, and cannot really cope with it.

 

Pumpytums

 

Hi Pumpy, looked hard and couldn't find your link, too many to trawl through lol. Might be worth giving a link to yours too

 

But looks as though you've hit the nail on the head with your view. I think the sensible approach is to accept the termination then get SAR to confirm that 'sale' date. Then sit on it and see if they take you to court.

 

M