Me and MBNA

[citizenB]

My letter from MBNA states....

We've transferred ownership, together with the rights to collection, of your debt in relation to the above credit card account to MFS Portfolio LTD. You should await further information from MFS Portfolio as to what will happen next. Until you receive new payment instructions we'll process any payments made into our bank and transfer them on your behalf.

If you have given us details of your financial circumstances we'll provide this information to MFS Portfolio together with your recent payments (if any).

 

I am also sending MBNA and Reston's a letter asking what happens with the Charging Order as there has been no mention of it.

 

That's strange - they should be referring to the judgment rather than the credit card account.

 

As said earlier, the new lot are NOT allowed to collect until they are replaced as claimant.

 

 

Agree with DB - plus there simply cannot be any new payment arrangements other than a change of bank details as the payments have been set by the court. Until the original claimant has been replaced on the Judgment order, then I dont think they can actually collect anyway.

 

This looks like it is going to be quite interesting

[Americanmuscle]

Agree with DB - plus there simply cannot be any new payment arrangements other than a change of bank details as the payments have been set by the court. Until the original claimant has been replaced on the Judgment order, then I dont think they can actually collect anyway.

 

This looks like it is going to be quite interesting

 

My payments were not set by the court when the CCJ was issued, Restons legal bod asked the judge about payments after she had issued the CCJ but the judge said that was a different matter as that court sitting was just to issue/decline the CCJ, I wrote to Restons the following day with an income/expenditure form and an offer of payment which they accepted and which I have kept up with ever since (even paying extra when I had available funds)

The Charging Order was applied for by MBNA/Restons 4/5 days after the CCJ was issued.

[DonkeyB]

MBNA are being a bit presumptuous, in my view, in simply assuming you will just pay someone else.

 

When a judgment is involved, only the terms of the judgment count - if you're happy to pay, you could continue to pay MBNA. There is currently no requirement for you to change payee - stick only to orders if the court.

 

It's up to MBNA what they do with money you send, but don't pay the other lot until they seek and get the court's permission to be replaced as claimant.

 

A CCA request will, rightfully, be refused, as there is now no credit agreement in force. If you thought there was anything iffy with the account, it should have been challenged at the time, or a set aside should have been sought.

[DonkeyB]

Did Restons/MBNA put the terms of payment in writing?

[Americanmuscle]

Did Restons/MBNA put the terms of payment in writing?

 

Yes, I have a letter from them confirming my payment details/amount.

[Americanmuscle]

Did Restons/MBNA put the terms of payment in writing?

 

Ok, have just found out the letter from Restons in reply to my letter with a monthly amount I have offered and it reads...

 

Due to the sizable balance and poor repayment history the claimant requires the security of a Final Chraging Order against your property. They do not require this for the purpose of requesting an Order for Sale but merely to ensure repayment of the judgement debt by way of a sale or remortgage at some point in the future.

On the basis the Final Charging Order is granted the claimant is prepared to accept repayments, as offered at the rate of £xxx per month, subject to reviews.

 

I'm as confused as the OP to why MBNA would sell off the debts they are guarenteed to get?! The only thing I could think of was to balance the books in this financial climate that is screwing everything!?

As I mentioned in an earlier post ref Charging Orders, would I be correct in saying MBNA can NOT just hand over the Charging Order with the account they have sold?

 

 

 

I was going to start my own thread but as I appear to be in the same position as the OP I thought it best to keep it all here as any replies would benefit us both.

[DonkeyB]

I'm not sure if the new owner can also apply to be replaced as the beneficiary of the CO. That's one for Andy.

[wantinghelp]

americanmuscle, you don't really need to start a new post, it's reading to me that our situation are almost identical, I haven't heard anything from MFS yet but will sort a letter to MBNA/Restons tomorrow, had 12 hour shift today so no chance.

[citizenB]

Ok, have just found out the letter from Restons in reply to my letter with a monthly amount I have offered and it reads...

 

Due to the sizable balance and poor repayment history the claimant requires the security of a Final Chraging Order against your property. They do not require this for the purpose of requesting an Order for Sale but merely to ensure repayment of the judgement debt by way of a sale or remortgage at some point in the future.

On the basis the Final Charging Order is granted the claimant is prepared to accept repayments, as offered at the rate of £xxx per month, subject to reviews.

 

I'm as confused as the OP to why MBNA would sell off the debts they are guarenteed to get?! The only thing I could think of was to balance the books in this financial climate that is screwing everything!?

As I mentioned in an earlier post ref Charging Orders, would I be correct in saying MBNA can NOT just hand over the Charging Order with the account they have sold?

 

 

 

I was going to start my own thread but as I appear to be in the same position as the OP I thought it best to keep it all here as any replies would benefit us both.

 

Did I not read somewhere that MBNA is coming out of the UK Credit Card Market ?

 

If I am not having a senior moment and the above is correct, then that is probably why they are dumping anything that is not making them a profit.

[citizenB]

http://www.guardian.co.uk/business/2011/aug/16/mbna-jobs-risk-uk-ireland

 

Up to 4,000 jobs are at risk in the UK after Bank of America's decision to exit its MBNA credit card business. Another 1,000 jobs are under threat in Ireland, where the company has aggressively pursued market share since opening 14 years ago.

 

Phew.. no senior moment.. it is true. They are exiting.

[Americanmuscle]

Ok, so i sent a letter to both MBNA and Restons (to clarify I have been making all my payments to Restons) asking what happens with the CCJ and the CO, today I received their reply which reads....

 

RE Marlin Financial Services LTD v Yourself

The sale of the account affects neither the CCJ or FCO. We remain instructed in this matter. Our client would like to take this opportunity to review your financial circumstances with a view to obtaining an increase in instalments. We are also aware that you have received a refund of PPI premiums amounting to £1400.

To this end, please find attached a financial statement for your completion, may we please be in receipt of the same within the next 7 days.

 

 

I can assume from the above that Restons are now working for MFS Portfolio, and I think they have a bloody cheek asking for more money every month!

Well the mistake MBNA made was sending me the cheque for the PPI as that was cashed and used to pay off my mortgage arrears, my mortgage has been increased by 1% since last month and it also due another 0.5% increase in September so the chances of me paying more are slim to none!

 

I think my first response to Restons will be an updated income/expenditure sheet along with a letter directing them to their letter confirming they will accept £xx amount per month if they obtain a Charging Order (which they did) I will also point out to them that I have also always paid more per month than first agreed!

[DonkeyB]

Restons fib. MFS MUST be replaced as claimant. That's one for the SRA and OFT - deliberately misleading a debtor.

[DonkeyB]

And the £1400 is nowt to do with it. Another fib.

[Americanmuscle]

Restons fib. MFS MUST be replaced as claimant. That's one for the SRA and OFT - deliberately misleading a debtor.

 

If that is the case i will ask in my letter if MFS have applied to the court to be replaced as the claiment for the C.O!

[DonkeyB]

Why tell them their job? Let them mess it up...

[cashins]

Why tell them their job? Let them mess it up...

 

Agree, in my opinion Reston's are a predatory organisation, let them dig their own grave

 

David

[Americanmuscle]

Good point, I will just send back an up to date income/expenditure sheet showing my mortgage payments have increased, I will also inform them I wont be increasing my monthly payment!

[DonkeyB]

They have deliberately misled you in their letter. They are saying you need to do nothing. That is rubbish. If the account has been assigned and there is a CCJ, they MUST apply to the court to be substituted as the claimant. And then they must tell you this has happened.

 

Suggest you contact the court on Monday to see if any permission has been sought.

 

Without permission, the CCJ is not collectable by them.

[DonkeyB]

RE Marlin Financial Services LTD v Yourself

The sale of the account affects neither the CCJ or FCO. LIE. We remain instructed in this matter.

 

Moreover, if they want to change the amount you pay, they will have to ask the court about that, too. Simply tell them your position has changed and you need to lower your payment (IF they get round to substitution).

 

They are implying that because they are still acting, nothing has changed. The judgment is not in their name, so ... Restons are liars.

[cashins]

RE Marlin Financial Services LTD v Yourself

The sale of the account affects neither the CCJ or FCO. LIE. We remain instructed in this matter.

 

Moreover, if they want to change the amount you pay, they will have to ask the court about that, too. Simply tell them your position has changed and you need to lower your payment (IF they get round to substitution).

 

They are implying that because they are still acting, nothing has changed. The judgment is not in their name, so ... Restons are liars.

 

Leopard doesn't change its spots then.

 

Had a brush with them some time ago regarding an old MBNA account, (signed 1998).

 

CCA'ed them and first got told.

 

1. They don't need to pass this on to MBNA because they are solicitors not MBNA's agents. Oh really

2. They can bring action without complying. True, as I understand it, but it won't get them anywhere as MBNA no longer have the agreement.

3. They can reconstruct the agreement if it's no longer available. Not on a 1998 agreement.

Sent the request back to them and they ceased activity.

 

As an aside, uncommon for a firm of solicitors, if you ever see a pic of the Warrington office it has internal security grills on all the ground floor windows and a large external pull down roller door covering the main entrance. Expecting visitors?

[Americanmuscle]

RE Marlin Financial Services LTD v Yourself

The sale of the account affects neither the CCJ or FCO. LIE. We remain instructed in this matter.

 

Moreover, if they want to change the amount you pay, they will have to ask the court about that, too. Simply tell them your position has changed and you need to lower your payment (IF they get round to substitution).

 

They are implying that because they are still acting, nothing has changed. The judgment is not in their name, so ... Restons are liars.

 

I think what I will do is send a letter with my updated income/expenditure form, and inform them that due to the 1% increase in my mortgage payments

I will be reducing the amount I pay each month, I will however point out that it will still be more than the initial agreed amount.

Wonder what they will have to say about that!

[DonkeyB]

Who do you actually pay the money to at present? Is it MBNA?

[Americanmuscle]

Who do you actually pay the money to at present? Is it MBNA?

 

Ever since the CCJ obtained by MBNA my payments have been made to Restons, there was/is no court order on how much to pay, as in an earlier post the amount I offered each month was accepted by Restons/MBNA on account they obtained a Charging Order against my property.

[dx100uk]

own thread created on MBNA CCJ/transfer

please keep to your own threads.

 

dx

[DonkeyB]

Ever since the CCJ obtained by MBNA my payments have been made to Restons, there was/is no court order on how much to pay, as in an earlier post the amount I offered each month was accepted by Restons/MBNA on account they obtained a Charging Order against my property.

 

Was this a formal agreement?