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Morgan Stanley Dean Witter Credit Card

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  • Morgan Stanley Dean Witter Credit Card

    When I first joined this group I had some serious credit card and overdraft debt, incurred in the hope that I could keep my ailing company going. The amount involved was probably between 80,000 to 100,000. I would emphasise that the spending was made in the expectation that I would get the money back out of the company to clear the borrowing, but in the end that didn't happen and I was personally saddled with it all. I certainly didn't run the debt up by flying first class backwards and forwards around the world on luxury holidays or by buying expensive motor cars!

    I don't know quite how, but I managed to fend every company off without going to court and without paying them anything at all, bar one! The only thing I am now left with is a small debt (less than 5,000) to one of the debt purchasing firms, who purchased my old Barclaycard account. Ironically it was also the smallest debt of all.

    This account is quite interesting. It started out as a Morgan Stanley Dean Witter (MSDW) account in 2000. Barclays took over their accounts in 2008.

    When I hit the financial brick wall, I asked Barclays for a copy of my original agreement. All I received back was a copy of their standard Ts & Cs, which were completely irrelevant. They then sent me a copy of some MSDW Ts & Cs, but these were clearly not for the product I signed up for.

    Eventually, seven years later, I received a copy of the original agreement I signed from the company that now owns the debt.

    I took out the account following a mail shot, to the bottom of which was attached an application form. There was no other document in the envelope. I still have the top part of that letter.

    The copy document sent to me is totally illegible in places and barely legible in others. However, I have been able to deduce that is contains less than three of MSDW standard terms. It says that the other terms can be found in their full terms and conditions. Although the MSDW Ts & Cs I initially received were for the wrong product, they actually contain 22 terms in all. So it is fair to assume that those for my product would too.

    Has anybody got any experience of dealing with similar accounts? My understanding is that the current owner of the debt is now completely f***ed because the original agreement is blatently incomplete. There is no way an application form containing only three out of twenty two terms is valid.

    I recently received a letter of claim from one of the well known firms in that field, but I have written back to them and told them to f*** off!

    I would be interested to hear from anyone that has also found themselves in a similar situation with MSDW. I am pretty sure I am on solid ground, but as always with these things, you never quite know!
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  • #2
    If you haven't been making any payments ( or made a written acknowledgement of the debt) while you've been waiting for the agreement over the last seven years it's likely to be statute barred. Other than that completely agree the agreement you have received is unlikely to be enforceable.*
    We may not win by protesting, but if we don't protest we will lose. If we stand up to them, there is always a chance we will win. Hetty Bower

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    • #3
      Thanks for your comments. Ironically Barclaycard were actually the easiest firm to deal with. They put me on an immediate reduced payment plan at a token rate without too much fuss. Everyone else wanted me to jump through hoops to give them all my financial details. So I simply didn't bother and ignored all of them for the next six years, except for MBNA. I paid Barclaycard until 2014 when I began to fully realise the situation regarding agreements. I also owed MBNA close to 10,000 and received a letter of claim from Restons. However, they were unable to proceed with the claim due to problems that had in providing what agreement I actually signed. I understand MBNA had a fundamental problem with recordkeeping and had numerous claims thrown out. So they couldn't proceed with it. At this point I stopped paying Barclaycard. I have paid to them within the last six years, a fact that is not in dispute, so the debt is not statute barred. It is simply the fact that the agreement is unenforceable that I will be relying on.

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      • #4
        Theres a darn good chance the debt will be open to challenge. If you look at this bbc article we spanked Cabot a while back on a MSDW card , the write up is here https://www.bbc.co.uk/news/business-13349239
        I work for Wannops LLP . I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

        If you need to contact me please email me on Ptilley@wannops.com . My firms initial advice is always free.

        I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

        You can also follow my blog on consumer credit here.

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