MBNA offering to let me off 60% of debt.

[newsagent]

I have just recieved a letter from mbna to pay off a debt I have with them.

 

It is rather ambigious, all could's and if's.

 

The debt is for just over £1500 and they say I could pay just over £600 as a one off payment or in 3 installments.

 

This sounds to good to be true as I have not had any contact with them to negotiate these terms. I think I may have sent them a letter a little while ago stating I was in financial trouble.

 

They say they will default otherwise and it will be sold to a third party.

 

Anyone had any dealings like this, do you think I should take up the offer or is it just a [problem] to get me to contact them.

 

Thanks

[PKea]

Not sure about their offer, but if they sell it they will proabably only get about £150 - £200 for the debt, so if they get £600 from you they treble that.

 

Can you post the contents of the letter to see their wording (exclude your details of course)

[Rhia]

Also do you have any penalty charges to reclaim as this will reduce the outstanding amount.

[newsagent]

Letter is without the usual filler.

 

 

Dear MR ******

 

 

Your current balance of £****.** is scheduled to be written off as bad debt imminently. This means that for the next six years blah,blah, blah!

 

When the Default has been registered your account will be sold to a third party.

 

As a final attempt to demostrate our good faith in resolving this matter we are giving you the opportunity of saving up to 60% of your outstanding debt- that's £****.** which will be dependant upon your individual circumstances.

 

 

We may also be willing to give you three months to pay this amount, subject to the following payment dates and amounts.

 

£***.** by

£***.** by

£***.*** by all different amounts

 

If any payment is not received by the due date blah, blah, blah!

 

Call now to discuss this offer or alternative options on 01244 574 683 ect.

 

Thanks for the replies

[Jeff2000]

Hello newsagent,

 

 

I received a letter from MBNA that was very similar to your letter.

This was after I sent a repayment proposal to them. They did not accept my proposal and I could not afford their offer, although I did write to them saying it may have been possible to meet their payments over a longer period. (6 months).

So they sold the account, even though they would have probably still received more money from me if they had accepted my offer to pay over the 6 months.

 

 

Jeff.

[newsagent]

Hi Jeff,

 

I am amazed sometimes by these companies. You would have thought they would have been glad to get the payments, even if it was over a slightly longer time.

 

I have only defaulted for about 3 months and don't think any penalty charges have been added.

 

I may give them a call to listen to their suggestions. Am I correct that I should ask for the debt to be marked as paid in full or some wording of sorts.

 

Thanks

[Jeff2000]

Hello newsagent,

 

If you do decide to accept one of their repayment offers, then you want it in writing that the debt has been settled AND that they, or any other third party will not attempt to recover any amount of debt from you in the future.

 

 

Do not part with any cash until you receive such a letter!

 

Best wishes, Jeff.

[hellhasnofury]

Hello, I am having dealing with the MBNA. I entered into a DMP last year and was hounded day and night by them. Ringing sometimes fourtimes a day, different people demanding that I pay of the arrears immediately now over the phone. I did, at start of this panic every time the phone rang. I nearly had a nervous breakdown, they were rude and threatening.

 

After a bit, This rude woman rang and demanded that I give my name address and DOB or she could not continue with the discussion. I refused to give any of my personal details to her over the phone. I told her she could be anybody how did I no who she was. She was a bit flabbergasted to say the least. I told her to sent me a letter and that I would enter into any discussion on the phone regarding this account in future.

 

The calls stopped.

 

They now write to me to say that since I have been so good paying with the dmp they are prepared to offer me a Once if a lifetime offer and have reduced the balance to a third.

 

I rang them to dicuss this offer and was asked to pay them £15 immediately to stop them defaulting the account. I paid them the £15

 

Last night this snotty woman rang me at 8.40pm and demanded a payment of £27 to stop the account being defaulted. I had 1min to do it.

 

They beggar belief don't they.

 

I think I am going to send the a SAR and look to see if I can get any late payment charges back and you never know they may not to find the Credit Agreement. Oh I would be so lucky.

[sequenci]

.

 

They beggar belief don't they.

 

 

yes they do, the best thing to do is to write to them telling them that you no longer give them permission to call you and that you would like all correspondance in writing. there are some very good letters on this site.

 

it might also be worth having a little read of this:

 

National Debtline England & Wales | Debt Advice | Factsheet 03 Harassment

[newsagent]

Hello newsagent,

 

If you do decide to accept one of their repayment offers, then you want it in writing that the debt has been settled AND that they, or any other third party will not attempt to recover any amount of debt from you in the future.

 

 

Do not part with any cash until you receive such a letter!

 

Best wishes, Jeff.

 

Thanks for the advice, I will make sure it is a full and final agreement. Although I believe it is just a carrot so I make contact with them, we shall see.

 

hellhasnofury, luckily for me they don't have my phone number. Follow sequenci advice, no one should be harrassed like you are, good luck.

[FANTASY CHARGES]

THERE might be a very good chance the HAVE NOT have not got the original "executed agreement"

 

WHICH IS NOT THE APPLICATION FORM

 

 

 

that is a trick they are doing they do not do you favours

 

when did you join Mbna or was it originally abbey national or alliance & leicester

 

CLICK ON THIS LINK

 

 

http://www.consumeractiongroup.co.uk/forum/general-debt/72462-mbna-dont-have-provide.html

 

AND LEARN ..... GOOD LUCK

[Guest Battleaxe]

Under no circumstances accept this offer as it stands.

 

Immediately write and place the account in dispute and at the same time do an SAR and ask for a copy of the executed agreement be very specific in this, You want All data, electronic and audio they hold on you. Remind them that if they default or sell this while the account is in dispute they will be reported to the regulatory authorities.

 

They are up to something. You have to take back control and tie them up for a few mkonths while you start to recalim back the unlawful charges on your account.

 

We will keep an eye on you, keep this thread updated and yell if you need help.

[newsagent]

FANTASY CHARGES, I didn't realise mbna, A&L and abbey were all linked.

 

I have various amounts of debt with each of these, probably more than £10,000.

 

I sent them all a letter a little while ago explaining I was having financial difficulty. I also have an egg.com bebt, are these linked to the other companies?

 

I really need to spend some time sorting these debts out. I have had business problems which is why I have these bad debts. They have all happened in the last couple of years trying to keep the business afloat.

 

Never suffered from bad debt before and find it quite embarrassing to be honest.

 

I have got to claim back about £7000 worth of charges from 2 business and 1 personal account also.

 

Need to get me head out of the sand and tackle this.

 

Thanks for the replies.

[FANTASY CHARGES]

FANTASY CHARGES, I didn't realise mbna, A&L and abbey were all linked.

 

I have various amounts of debt with each of these, probably more than £10,000.

 

I sent them all a letter a little while ago explaining I was having financial difficulty. I also have an egg.com bebt, are these linked to the other companies?

 

I really need to spend some time sorting these debts out. I have had business problems which is why I have these bad debts. They have all happened in the last couple of years trying to keep the business afloat.

 

Never suffered from bad debt before and find it quite embarrassing to be honest.

 

I have got to claim back about £7000 worth of charges from 2 business and 1 personal account also.

 

Need to get me head out of the sand and tackle this.

 

Thanks for the replies.

 

 

and get another business account set up to possibly transfer your business account to ---- someone who you have had no dealings with (they call it a parachute acount ) because when you claim £7,000 back they will probably try and close your account immediately as a form of blackmail ....

 

there are a few threads on parachute accounts here is one

 

http://www.consumeractiongroup.co.uk/forum/welcome-our-forum/58685-do-you-need-parachute.html?highlight=parachute+account

[gizmo111]

FANTASY CHARGES, I didn't realise mbna, A&L and abbey were all linked.

 

 

AFAIK they are not - MBNA are the credit card co for abbey and A&L

[gemspan]

I agree. I think you should send off for a copy of your original credit agreement with them. I am still awaiting mine. They sent me a copy of my application form and I got back to them advising this was app form NOT credit agreement. They advised me that they do not hold credit agreements and the agreement is the letter/form that comes with your credit card. As you dont have to sign this agreement I dont know where that leaves them as they are effectively giving money without a proper agreement being in place which means if anything happens they cant take action on it. Perhaps this is why their collections dept is so awful, rude and harrassing because they are using threats to intimidate you.

 

I would immediately advise them that you are disputing the amount you owe as it includes charges send the CCA request to see if the debt is enforceable.

 

Hope this helps

Annie

[FANTASY CHARGES]

I agree. I think you should send off for a copy of your original credit agreement with them. I am still awaiting mine. They sent me a copy of my application form and I got back to them advising this was app form NOT credit agreement. They advised me that they do not hold credit agreements and the agreement is the letter/form that comes with your credit card. As you dont have to sign this agreement I dont know where that leaves them as they are effectively giving money without a proper agreement being in place which means if anything happens they cant take action on it. Perhaps this is why their collections dept is so awful, rude and harrassing because they are using threats to intimidate you.

 

I would immediately advise them that you are disputing the amount you owe as it includes charges send the CCA request to see if the debt is enforceable.

 

Hope this helps

Annie

 

 

Re the cca request

 

 

It might be a good idea to pre-empt their ability NOT to produce the "executed agreement" by pointing out the fact that an application form IS NOT in any way the "executed agreement" and also ask for a copy of the ORIGINAL terms and conditions (both front and back) when you joined and NOT the current ones.

[pmhcfc]

Re the cca request

 

 

It might be a good idea to pre-empt their ability NOT to produce the "executed agreement" by pointing out the fact that an application form IS NOT in any way the "executed agreement" and also ask for a copy of the ORIGINAL terms and conditions (both front and back) when you joined and NOT the current ones.

 

Why do that? Let them not provide you with what you've asked for. It's not our job to point out what the law is, it's their job to know it.

[FANTASY CHARGES]

Why do that? Let them not provide you with what you've asked for. It's not our job to point out what the law is, it's their job to know it.

 

THE idea is that they realise that their resources (which are limited) are going to continually stretched with the fob off (wrong documents sent when we ask for "executed agreement ") techniques and an individual reply as opposed to a general reply (saving resource) needs personal attention (costing the company money) and the threat of a DSAR (costing us £10 and them surely at least £150 -- in say time expense etc adds to there cost) so they have to make a financial decision whether to "wave the white flag or not"

 

both techniques "the sprint way" or the "marathon way " will eventually produce the same result ...... hopefully

[WormHasTurned]

I agree with Battleaxe that they are up to something. Perhaps this new offer to pay a lower amount will involve you signing a NEW credit agreement?

 

This would be very useful for them if they can't locate your original one. I'm no expert, but I would think a signed agreement for part of the debt is better for them than no agreement for all of the debt.

[ODC]

They are not in the habit of making 'generous' offers of discount. Personally I think if they had all the paperwork to enforce the agreement they would pursue it. My personal view would be to call their bluff

[FANTASY CHARGES]

see my other thread

 

 

http://www.consumeractiongroup.co.uk/forum/general-debt/71000-beware-re-financing-offers.html

[FANTASY CHARGES]

AFAIK they are not - MBNA are the credit card co for abbey and A&L

 

 

GIZMO111

 

sorry for being slightly slow responding to your post

 

http://www.consumeractiongroup.co.uk/forum/mbna/123271-abbey-mbna-partnership-march.html

 

it seems the alliance & leicester - mbna relationship is/was different to the abbey-mbna relationship..