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Hello all,
I really need some advice/ help as I am at the stage that I need to write a strongly worded letter to MBNA to get a default removed.
The background is that In March 2011 I went to Benfield Ford to change my car and they applied for credit through Santander. The credit application was rejected which was very surprising as I though I had a pretty good credit history.
I went home, got an Equifax credit report which said that I had defaulted on a loan through MBNA which was news to be as I was unaware that I had a loan though them.
Having now got all the SAR information from MBNA the timeline is as follows:
Feb 2007 - Took out a £4000 loan with MBNA to pay off £3336 off an MBNA credit card leaving a small balance.
After a 3 month payment holiday I then paid 9 x £120 payments towards the loan up until March 2008.
On 21st Feb 2008 I called to get a settlement figure for the loan and then on 20th March 2008 I paid £3,300 to MBNA and I thought that was the loan account closed.
On 19th March 2008 I called the MBNA credit card dept to close this account and they refunded a small credit card balance.
In March 2011 I went to Benfield Ford to change my car and they applied for credit through Santander - the credit application was rejected.
I went home and got an Equifax credit report which said that I had defaulted on a MBNA loan.
What had happened was that in March 2008 I paid off the loan with £3300 but I had under paid by £452 as the figure was actually £3752 (this figure isn't specified in my notes anywhere). MBNA used the £3300 to pay the loan amount (£120) per month until it ran out in June 2010, at which point I eventually defaulted on the loan. I had canceled the direct debit in 2008 and since moved address etc so Mbna were unable to contact me.
On the same day in March 2011 when I found this out, I paid the £680.43 loan balance in full and subsequently Santander reversed there decision and I got the new loan for the car.
I did have a stab at getting the default reversed in 2011 but it was all over the phone and I didn't get very far. But now I am determined to sort it out as I feel the default is both unfair and unjust.
It is worth noting that in the SAR information there is no evidence of letters being sent to me to say that I missed payments or that there was a balance due. The loan terms say that I may make a part payment but I need to leave a balance of at least £1,000. Despite this, they say that I left a balance of £452.
A further issue is that MBNA rather than me benefited from the interest accrued on the £3300 lump sum paid in March 2008.
I recieved nothing from MBNA to say that my interest/ payment amount was recalculated after the £3300 was received.
I feel I have a good case and I want to send a letter to MBNA to have the default reversed. Please can you let me have any advice/thoughts.
I really need some advice/ help as I am at the stage that I need to write a strongly worded letter to MBNA to get a default removed.
The background is that In March 2011 I went to Benfield Ford to change my car and they applied for credit through Santander. The credit application was rejected which was very surprising as I though I had a pretty good credit history.
I went home, got an Equifax credit report which said that I had defaulted on a loan through MBNA which was news to be as I was unaware that I had a loan though them.
Having now got all the SAR information from MBNA the timeline is as follows:
Feb 2007 - Took out a £4000 loan with MBNA to pay off £3336 off an MBNA credit card leaving a small balance.
After a 3 month payment holiday I then paid 9 x £120 payments towards the loan up until March 2008.
On 21st Feb 2008 I called to get a settlement figure for the loan and then on 20th March 2008 I paid £3,300 to MBNA and I thought that was the loan account closed.
On 19th March 2008 I called the MBNA credit card dept to close this account and they refunded a small credit card balance.
In March 2011 I went to Benfield Ford to change my car and they applied for credit through Santander - the credit application was rejected.
I went home and got an Equifax credit report which said that I had defaulted on a MBNA loan.
What had happened was that in March 2008 I paid off the loan with £3300 but I had under paid by £452 as the figure was actually £3752 (this figure isn't specified in my notes anywhere). MBNA used the £3300 to pay the loan amount (£120) per month until it ran out in June 2010, at which point I eventually defaulted on the loan. I had canceled the direct debit in 2008 and since moved address etc so Mbna were unable to contact me.
On the same day in March 2011 when I found this out, I paid the £680.43 loan balance in full and subsequently Santander reversed there decision and I got the new loan for the car.
I did have a stab at getting the default reversed in 2011 but it was all over the phone and I didn't get very far. But now I am determined to sort it out as I feel the default is both unfair and unjust.
It is worth noting that in the SAR information there is no evidence of letters being sent to me to say that I missed payments or that there was a balance due. The loan terms say that I may make a part payment but I need to leave a balance of at least £1,000. Despite this, they say that I left a balance of £452.
A further issue is that MBNA rather than me benefited from the interest accrued on the £3300 lump sum paid in March 2008.
I recieved nothing from MBNA to say that my interest/ payment amount was recalculated after the £3300 was received.
I feel I have a good case and I want to send a letter to MBNA to have the default reversed. Please can you let me have any advice/thoughts.
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