Court changing name on charge order from MBNA to MFS Portfolio

[bobert]

Hello

Just received a letter from the local county court informing me that MBNA has transferred(?) the charge on my property (due to a £10K credit card debt run up with MBNA back in 2008) to a group called MFS Portfolio.

Up till now I have been chased by OPTIMA LEGAL. I have made a few very low offers to have the debt written off. All of which have been rejected.

I presumed that MBNA was sitting back, as the property is jointly, owned waiting for me to move house or die!

Has anyone out there had any dealings with MFS Portfolio in similar circumstances.

I would be most grateful for your advice.

Robert

Bob

[nemesis45]

Re: Court changing name on charge order from MBNA to MFS Portfolio

Hello

Just received a letter from the local county court informing me that MBNA has transferred(?) the charge on my property (due to a £10K credit card debt run up with MBNA back in 2008) to a group called MFS Portfolio.

Up till now I have been chased by OPTIMA LEGAL. I have made a few very low offers to have the debt written off. All of which have been rejected.

I presumed that MBNA was sitting back, as the property is jointly, owned waiting for me to move house or die!

Has anyone out there had any dealings with MFS Portfolio in similar circumstances.

I would be most grateful for your advice.

Robert

Bob

Hello Bob,

What this means is Marlin ( Part of the Cabot Financial Management Group) has bought the debt.

They have (MBNA+ applied for the charge to be transferred to MFS.

There is no telling what approach MFS will take, you will have to wait for MFS to contact you I'm afraid.

When was the charge placed.

nem

[bobert]

Re: Court changing name on charge order from MBNA to MFS Portfolio

Hello Nem

Thanks for your prompt reply.

In answer to your question the charge was place in August 2009.

Bob

[bobert]

Re: Court changing name on charge order from MBNA to MFS Portfolio

Hello Nem

I have today received from the local court a "Notice of application for attachment of earnings order"

It is dated 29th February and gives me 8 days to reply.

The "Judgement Creditor" is MFS Portfolio.

I am retired living on an occupational pension and I still have a mortgage of about £50K

The debt is £11,088.55 plus a £100 attachment fee?

What should I be doing to address this situation?

Can I negotiate a reduced pay off sum as I could raise the cash by adding to the existing mortgage, but this would obviously take time?

Optma Legal are the people I am supposed to pay.

Bob

[wales01man]

Re: Court changing name on charge order from MBNA to MFS Portfolio

Would be very difficult to re mortgage with this if it is a CCJ with no job and no wages coming in an AOE might be difficult for them

[bobert]

Re: Court changing name on charge order from MBNA to MFS Portfolio

Hi All

Ok I think I understand what I need to do with this order.

But I cannot find any plain simple information as to how "protected income" is calculated (I have viewed a couple of examples but still no wiser!).... a table of personal allowances (HMRC web site says..."You should use the scales in charts CCP100 and CCP200 to help you calculate the protected earnings rate" But can I find these charts! Or at what rate the court might order a deduction from my pension?

Lots of questions and I need to get back to the court by next Monday.

Plus it appears on initial contact with my mortgage provider that I cannot lend any further cash as to old at 61!
I will make further inquiries today.

Thanks in advance for all your help.

Bob

[nemesis45]

Re: Court changing name on charge order from MBNA to MFS Portfolio

Hello Nem

I have today received from the local court a "Notice of application for attachment of earnings order"

It is dated 29th February and gives me 8 days to reply.

The "Judgement Creditor" is MFS Portfolio.

I am retired living on an occupational pension and I still have a mortgage of about £50K

The debt is £11,088.55 plus a £100 attachment fee?

What should I be doing to address this situation?

Can I negotiate a reduced pay off sum as I could raise the cash by adding to the existing mortgage, but this would obviously take time?

Optma Legal are the people I am supposed to pay.

Bob

Hello Bob ,
The AEO is of no value as you are not employed and it should be returned to the court.

As M1 has said getting a remortgage will be difficult if not impossible.

I suggest writing to MFS stating your financial situation and lack of employment and if you
can make an offer of a reasonable and affordable monthly sum.

nem

[bobert]

Re: Court changing name on charge order from MBNA to MFS Portfolio

Hi Nem & Mr Wales

Thanks once again for your input and time.

Upon further reading today.....A question on AOE and pensions

I have an occupational pension and still got five years until I collect my state pension. As I have read/understood from the HMRC web site. State pensions are excluded from the calculation but occupational pensions are included.

Or is there more to this calculation?

Moving on.....

You were both correct on the adding to mortgage idea.......no go!

So........

However I have managed to collect up some cash from the family plus pushed the flex loan facility on my bank account and can lay my hands on three maybe four thousand pounds.

Do you think an offer of three to four thousand pounds (made in writing) might be accepted? I understand that these debt companies buy debt at a very large discount? Instant cash now for the debt company against the chance a pensioner might not complete a payment plan!

Bob

[nemesis45]

Re: Court changing name on charge order from MBNA to MFS Portfolio

Hi Nem & Mr Wales

Thanks once again for your input and time.

Upon further reading today.....A question on AOE and pensions

I have an occupational pension and still got five years until I collect my state pension. As I have read/understood from the HMRC web site. State pensions are excluded from the calculation but occupational pensions are included.

Or is there more to this calculation?

Moving on.....

You were both correct on the adding to mortgage idea.......no go!

So........

However I have managed to collect up some cash from the family plus pushed the flex loan facility on my bank account and can lay my hands on three maybe four thousand pounds.

Do you think an offer of three to four thousand pounds (made in writing) might be accepted? I understand that these debt companies buy debt at a very large discount? Instant cash now for the debt company against the chance a pensioner might not complete a payment plan!

Bob

Hello Bob,

If you intend to make a full and final settlement offer start negotiations at no more than 10 15 % of the balance, room to adjust if need be.

nem

[Openlaw15]

Re: Court changing name on charge order from MBNA to MFS Portfolio

Hello

Just received a letter from the local county court informing me that MBNA has transferred(?) the charge on my property (due to a £10K credit card debt run up with MBNA back in 2008) to a group called MFS Portfolio.

Up till now I have been chased by OPTIMA LEGAL. I have made a few very low offers to have the debt written off. All of which have been rejected.

I presumed that MBNA was sitting back, as the property is jointly, owned waiting for me to move house or die!

Has anyone out there had any dealings with MFS Portfolio in similar circumstances.

I would be most grateful for your advice.

Robert

Bob

Hello Bob

MSF have the charge which secures its interest against your property, so this is all they need. They had a charge, as you say, from 2009, so why are they trying to get an attachment of earnings order from a retired gentleman such as yourself. You do not need another mortgage, MSF have sufficient security by way of the registered charge. It's very unlikely they could sell your home as they require a court order and it is very unlikely they could get one. The debt is 11k at best.

[bobert]

Re: Court changing name on charge order from MBNA to MFS Portfolio

Hello Openlaw

Thanks for the information.

To try and get this issue "put to bed"!

I have taken Nem's ealier advice and made an offer (in writing and posted today) of just over 10% of the debt to MFS via Optima legal to clear the debt.

I await their reply.

Bob