Getting in first.

[magpie99]

Hi all. After days reading the plethora of info here, I have a few questions of my own.

 

So here is some background first:

 

About 2006 I left a nice well paid job at a bank (in the technology dept. honest!) and bought a franchise which failed partly due to my lack of business experience and part the economy. It was connected to real estate BTW.

 

For the last few years I've been trying to get back on my feet after a stress, overdrafts, divorce, debts, unemployment etc.

 

Over this time I struggled to meet all my obligations but (stupidly) never asked MBNA or others for a payment plan, to freeze interest etc, largely as I didn't know it was possible. Whilst I frequently missed MBNA payments for several months at a time, I've always attempted to make payments.

 

After missing many months of payments and lots of harassing letters, phone calls, emails etc in 2007 I received an unexpected email advising that they would accept a reduced payout of around £2500, approx 50% of the balance. If I'd had it I probably would have paid it.

 

Recently I have been working and things are finally looking up so I contacted MBNA and asked about a reduced early payment of the outstanding balance, to which they said they don't do this. So I forwarded the 2007 email.

 

They responded with "Ok, we do sometimes, but it will be on your record for six years" etc

 

Last month I paid the previous two months payments, so while I am not in 'default' I wondered if it was a better time to try negotiating an early settlement with them.

 

The thing is that I don't want to poke the nasty big dog with a stick and get bitten if I don't need to.

 

So:

 

- Using a template from CAG, I have written a SAR letter (which includes a request for the CCA) and will use Postal orders for payment.

- I've never been on a payment plan etc but I have been late on about 40% of payments over the last few years.

- I have ordered a £2 credit report from Equifax.

- I’ve copied my passport, but put some lines through the signature. Don’t know if that was pointless or not.

 

 

So my questions are:

 

- Do I need to do a CCA request when the SAR letter requests it anyway? i.e. Will MBNA ignore it in the SAR unless a separate CCA letter is requested?

- Is a signature (copy of passport etc) really necessary for creditors to comply with an SAR, CCA etc? Does anyone have a link to OFT stating so?

- Can a debt be sold while not in default/dispute?

- What are the pros and cons of the SAR and early settlement conversation with an account that is being paid, even if inconsistently?

 

 

BTW, I did try to find the answers for myself, but there is so much info here that it is a little like drinking from a fire hose. For example, searching for "signature" found about 8 million 'signguard' results Not a complaint, just an explanation as to why I'm asking questions that have no doubt bee answered before.

 

 

Just in case it helps anyone I thought I’d mention this; I’ve provided a YAC phone number to MBNA which records the message and emails me an .mp3 recording. This avoids unpleasant calls at inconvenient times. There is a paid version of YAC, but I use the version that is free to me, but costs callers 42ppm Yac - Inbound call services I hope this is useful to someone.

 

Thanks

 

Magpie99

[magpie99]

Oops. It didn't seem so long in wordpad. Sorry.

[dx100uk]

Hi all. After days reading the plethora of info here, I have a few questions of my own.

 

So here is some background first:

 

About 2006 I left a nice well paid job at a bank (in the technology dept. honest!) and bought a franchise which failed partly due to my lack of business experience and part the economy. It was connected to real estate BTW.

 

For the last few years I've been trying to get back on my feet after a stress, overdrafts, divorce, debts, unemployment etc.

 

Over this time I struggled to meet all my obligations but (stupidly) never asked MBNA or others for a payment plan, to freeze interest etc, largely as I didn't know it was possible. Whilst I frequently missed MBNA payments for several months at a time, I've always attempted to make payments.

 

After missing many months of payments and lots of harassing letters, phone calls, emails etc in 2007 I received an unexpected email advising that they would accept a reduced payout of around £2500, approx 50% of the balance. If I'd had it I probably would have paid it.

 

Recently I have been working and things are finally looking up so I contacted MBNA and asked about a reduced early payment of the outstanding balance, to which they said they don't do this. So I forwarded the 2007 email.

 

They responded with "Ok, we do sometimes, but it will be on your record for six years" etc

 

Last month I paid the previous two months payments, so while I am not in 'default' I wondered if it was a better time to try negotiating an early settlement with them.

 

The thing is that I don't want to poke the nasty big dog with a stick and get bitten if I don't need to.

 

So:

 

- Using a template from CAG, I have written a SAR letter (which includes a request for the CCA) and will use Postal orders for payment.

- I've never been on a payment plan etc but I have been late on about 40% of payments over the last few years.

- I have ordered a £2 credit report from Equifax.

- I’ve copied my passport, but put some lines through the signature. Don’t know if that was pointless or not.

 

 

So my questions are:

 

- Do I need to do a CCA request when the SAR letter requests it anyway? i.e. Will MBNA ignore it in the SAR unless a separate CCA letter is requested?

 

if you put a line in the SAR that you want it , no need to send sep CCA request, though most MBNA stuff from that era is crap anyway.

 

- Is a signature (copy of passport etc) really necessary for creditors to comply with an SAR, CCA etc? Does anyone have a link to OFT stating so?

 

no its not, if they are quite happy to send statements/demand for payments, then why do they need to check it s YOU wanting the SAR??

sadly, it just delaying tactic usually

 

 

- Can a debt be sold while not in default/dispute?

 

yes

 

- What are the pros and cons of the SAR and early settlement conversation with an account that is being paid, even if inconsistently?

 

i would not settle without valid CCA, and after reclaiming mis-sold PPI and/or unlawful charges.

 

 

BTW, I did try to find the answers for myself, but there is so much info here that it is a little like drinking from a fire hose. For example, searching for "signature" found about 8 million 'signguard' results Not a complaint, just an explanation as to why I'm asking questions that have no doubt bee answered before.

 

 

Just in case it helps anyone I thought I’d mention this; I’ve provided a YAC phone number to MBNA which records the message and emails me an .mp3 recording. This avoids unpleasant calls at inconvenient times. There is a paid version of YAC, but I use the version that is free to me, but costs callers 42ppm Yac - Inbound call services I hope this is useful to someone.

 

Thanks

 

Magpie99

 

you are in good hands in the MBNA forum

 

lots of people are infront of you in your quest.

follow those threads

 

dx

[magpie99]

Thanks for that DX, I know it was a chore to read.

 

OK, I got all that. Your last comment was interesting:

 

i would not settle without valid CCA, and after reclaiming mis-sold PPI and/or unlawful charges.

 

I'm sure that I took PPI for a while some years back with MBNA, but I would like to look at the SAR history first.

 

What actually defines "unlawful charges"? Surely not all late penalties?, or is it the compound interest based on those charges?

 

If I understand correctly, why pay and get a 6 year partial payment / negative history when I can have one for free?

[dx100uk]

Thanks for that DX, I know it was a chore to read.

 

OK, I got all that. Your last comment was interesting:

 

 

 

I'm sure that I took PPI for a while some years back with MBNA, but I would like to look at the SAR history first.

 

What actually defines "unlawful charges"? Surely not all late penalties?,

 

yes ALL OF THEM, inc over limit ones too!!

 

or is it the compound interest based on those charges?

 

AND the compound intererst at THEIR rate + 8% stat too on EVERY charge from the date it was levied to the date of your claim.

 

If I understand correctly, why pay and get a 6 year partial payment / negative history when I can have one for free?

 

you need to be cute here.

 

IF you went over limit because of their unlawful charges, then IF they refund said charges, they MUST remove any markers because of that charge...get me drift?

 

now, just a word of warning: partial settlement is a WASTE OF TIME, its as bad on your score as a string of defaults.

 

it is always best to get ALL negative markers/ etc etc REMOVED by them as a 'goodwill' gesture of your F&F.

 

there is little point in wasting your money if they won't do that.

 

what works quite nicely is : i will pay you £XXX to settle the A/C and for you to remove ALL negative markers frommy cra recordss.

if you will not do that, it will be £5 PCM and take me to court if you like!

 

no JUDGE will EVER make you pay more than you offer.

 

dx

[magpie99]

Point(s) taken. Thanks.

 

Put bluntly like that, then I definitely won't go for a settlement without F&F.

 

While I'm waiting for their 'response' I'll research the wording for my "please refund all the charges" letter.

 

BTW, I appreciate the help as it's quite a challenge to catchup on years legal decisions, legislative changes etc

[magpie99]

Oh, I forgot to mention that they recently called me and politely demanded a payment which I said that I would be paying in a few days once my wages had cleared.

 

The woman accepted my response after I pointed out that I had been making full monthly payments. She did warn that if I didn't pay then I'd be getting harassing calls within days. Then she asked me a very surprising question, given that the card is currently suspended:

 

"Would you be interested in an MBNA personal loan?

 

:eek:

Edited June 15, 2010 by magpie99