MBNA account 2 - F&F

[nelliewops]

Hi everyone,

Just belatedly starting a thread relating to OH's second MBNA credit card account!

This account was opened in May 2005.

OH made regular payments till he had to leave his well paid job due to depression etc. After that only sporadic payments were made.

The card was last used in July 2006 and the last payment made towards the balance was in November 2008.

In February 2009 MBNA issued a Default Notice.

A later SAR shows that MBNA proceeded to sell the account before the date to remedy the breach as per the DN had passed.

The account is now owned by a DCA.

In March 2009 I put in a request to MBNA for a refund of charges and mis-sold PPI (the latter which had been added without OH's knowledge).

As the account no longer belonged to them MBNA refunded the charges and PPI direct to OH.

At that time we had virtually no income as OH was setting up a small business so we had to utilise the refunded amounts to live on.

Whilst reclaiming the charges and PPI the DCA didn't seriously pursue OH for the outstanding balance, apart from the usual threats that they 'may' do this or 'might' do that.

The last time they made contact was 15 months ago to say the account was on hold whilst the PPI and charges complaints were being dealt with by MBNA.

Now I wish to settle the account by making a F&F and I have therefore written offering 10% of the outstanding balance............

My letter contained the conditions that in doing so OH would be released from further liability, that neither they, any associate company or any third party would pursue any remainder of the debt and nor would it be sold on.

The wording used was taken from the recommended National Debtline letter.

I clearly stated that no payment would be forthcoming until I had their written confirmation of agreement with my conditions.

My letter was only received by the DCA this week and so far there hs been no response.

I will update here when I hear from them.

Nellie x

[Caspar]

Re: MBNA account 2 - F&F

You are absolutely positive after 15 months without any contact that this DCA still own the debt aren't you? Otherwise they could be onto a very good thing and you could be left feeling rather glum!

[nelliewops]

Re: MBNA account 2 - F&F

You are absolutely positive after 15 months without any contact that this DCA still own the debt aren't you? Otherwise they could be onto a very good thing and you could be left feeling rather glum!

Hi David

Thank you very much for pointing that out............to be perfectly honest that hadn't crossed my mind as I suppose I assumed that once a DCA had purchased an account, that was that! Your theory could explain why nothing has been heard from them for so long, although wouldn't you have thought if this was the case the new owner of the account would have crawled out of the woodwork by now?

Oh dear, another prospective can of worms is now looming on the horizon!

Nellie x

[WendyB]

Re: MBNA account 2 - F&F

Wait and see if they reply then take it from there. If they don't reply, then let sleeping dogs lie.....only another 57 months till it's SB'd lol.

[Caspar]

Re: MBNA account 2 - F&F

DCA's are a strange bunch. I've seen the same debt bought and sold 3 times in one week!

Don't pay any money over, despite sending your letter, until you're absolutely sure you're doing the right thing. Full and final settlements are very complex!

David
x

[nelliewops]

Re: MBNA account 2 - F&F

DCA's are a strange bunch. I've seen the same debt bought and sold 3 times in one week!

Don't pay any money over, despite sending your letter, until you're absolutely sure you're doing the right thing. Full and final settlements are very complex!

David
x

No David, I won't do that!

You're certainly right about DCAs being strange - three times in one week though...........that's more than strange! The more I think about it, the weirder it seems that they have been quiet for so long

[Caspar]

Re: MBNA account 2 - F&F

I've got one debt where I was being contacted up to 25-30 times a day 7-8 months ago. Since then I haven't heard anything at all and nothing is appearing on my credit file. It makes you suspicious of what they're up to doesn't it!

David
x

[nelliewops]

Re: MBNA account 2 - F&F

Hi folks!

Well, today brought forth a response to my F&F offer from the DCA that owns (or at least did until August 2009) OH's second MBNA account.

Their letter reads as follows -

'We acknowledge your offer of XXXXX as a full and final payment on the above account.

In response to the above proposal, we would like to take this opportunity to confirm we accept your proposed offer.

Please now contact the office on XXXXXXXXXXX to advise how you would like to make this payment.

Once we are in receipt of the agreed funds, we will then close your account, however, if we do not receive the agreed payment, your acccount will remain open.'

So basically -

a) They have said they would accept my offer without any negotiating - I wasn't expecting it to be that easy!

b) They haven't put any of my 'conditions' in writing, so I'm none the wiser as to whether they are indeed going to abide by them...........uh-oh!

c) They want me (OH) to call them to let them know how payment will be made - urr, don't think so - especially as I already informed them that it would be made by third party cheque by a certain date!

So now I'm left with the dilemma of whether they do actually still own the account - something I confess I hadn't considered until Caspar raised the question.............

That aside I obviously need them to put their confirmation of accepting my conditions in writing before any money is handed over.

As I had suggested this sum could be remitted by the middle of the month - assuming my conditions are confirmed by them in writing - it is obviously too late now to do a SAR to the DCA to try to further establish proof of their ownership of the account, but do you good folks have any alternative suggestions as to how I could obtain clarification on this please?

Many thanks for your patience with my stupidity over all of this

Nellie x

[Caspar]

Re: MBNA account 2 - F&F

Hi folks!

Well, today brought forth a response to my F&F offer from the DCA that owns (or at least did until August 2009) OH's second MBNA account.

Their letter reads as follows -

'We acknowledge your offer of XXXXX as a full and final payment on the above account.

In response to the above proposal, we would like to take this opportunity to confirm we accept your proposed offer.

Please now contact the office on XXXXXXXXXXX to advise how you would like to make this payment.

Once we are in receipt of the agreed funds, we will then close your account, however, if we do not receive the agreed payment, your acccount will remain open.'

So basically -

a) They have said they would accept my offer without any negotiating - I wasn't expecting it to be that easy!

b) They haven't put any of my 'conditions' in writing, so I'm none the wiser as to whether they are indeed going to abide by them...........uh-oh!

c) They want me (OH) to call them to let them know how payment will be made - urr, don't think so - especially as I already informed them that it would be made by third party cheque by a certain date!

So now I'm left with the dilemma of whether they do actually still own the account - something I confess I hadn't considered until Caspar raised the question.............

That aside I obviously need them to put their confirmation of accepting my conditions in writing before any money is handed over.

As I had suggested this sum could be remitted by the middle of the month - assuming my conditions are confirmed by them in writing - it is obviously too late now to do a SAR to the DCA to try to further establish proof of their ownership of the account, but do you good folks have any alternative suggestions as to how I could obtain clarification on this please?

Many thanks for your patience with my stupidity over all of this

Nellie x

Hiya Nellie,
Potentially excellent news. Well done you!

If you stipulated the middle of the month you're right to say you don't have time to SAR them. I'm wondering if you got a free online copoy of your credit report whether you could work it out for yourself from that? Might be worth a try.

You are absolutely right in not paying a penny until you have written agreement from them. Actually that brings another idea into my head! Could you send them a written agreement that you think would be ideal and somewhere in it make sure they admit to owning the debt, that it is in Full and Final settlement of Account number xxxxxxx, that no further action will be taken as the debt is now fully settled and that anything placed on your credit reports will be removed within x days. Get them to officially sign it and return it to you. Unless they're prepared to lie in writing wouldn't this act as proof?

Not guaranteeing - just thinking as I type, so do ponder this suggestion!

David

[nelliewops]

Re: MBNA account 2 - F&F

Hiya Nellie,
Potentially excellent news. Well done you!

If you stipulated the middle of the month you're right to say you don't have time to SAR them. I'm wondering if you got a free online copoy of your credit report whether you could work it out for yourself from that? Might be worth a try.

You are absolutely right in not paying a penny until you have written agreement from them. Actually that brings another idea into my head! Could you send them a written agreement that you think would be ideal and somewhere in it make sure they admit to owning the debt, that it is in Full and Final settlement of Account number xxxxxxx, that no further action will be taken as the debt is now fully settled and that anything placed on your credit reports will be removed within x days. Get them to officially sign it and return it to you. Unless they're prepared to lie in writing wouldn't this act as proof?

Not guaranteeing - just thinking as I type, so do ponder this suggestion!

David

Hi David,

Thank you - yes, it could well be very good news..........but I would definitely need to be certain they own the account still before taking things further. I just wish I'd thought of that before!

Both your suggestions are excellent, thank you

Do you have any idea which is a good online company to go to for a copy of your credit report please? I think Ame did suggest one to me a while back, so I'll have a search for that thread.

Also, OH and I have never done a credit report check before so I've really no idea what to expect - other than that it will contain some dreadful stuff after what's happened to our finances over the last few years - but is it likely that info regarding who now owns the account will indeed show up?

Apologies for all the questions David and many thanks again for your advice/support

Nellie x

[The Debt Star]

Re: MBNA account 2 - F&F

Hi. What % of the outstanding debt did you offer them? Would be interested to know!

[nelliewops]

Re: MBNA account 2 - F&F

Hi. What % of the outstanding debt did you offer them? Would be interested to know!

Hi Debt Star!

I offered them 10% of the outstanding balance. Although there was both PPI and charges on this account, they have both been refunded in full directly to OH by MBNA.

Nellie x

[The Debt Star]

Re: MBNA account 2 - F&F

Wow! RESULT!
Now you just need to make sure they actually have authority to accept a F&F on behalf of the OC (ie it binds the OC and their agents).
Might it be an idea to make the OC party to a formal F&F? You know, like the ones banks send us when they pay compensation?

[Caspar]

Re: MBNA account 2 - F&F

This one is safe to use, I did last moth - just remember to cancel the Direct Debit if you don't want to let it carry on. I've actually decided to pay and get mine each month.

http://www.experian.co.uk/experianho...earchlp1110609

If you don't know what to expect you'll find it interesting reading. It just tells you what credit you've got / had, how you've done in terms of making payments etc....

I was surprised to find a £10000+ debt marked as settled, then realised further on it had been sold on, hence my suggestion!

Good luck and be careful!

David

[nelliewops]

Re: MBNA account 2 - F&F

Wow! RESULT!
Now you just need to make sure they actually have authority to accept a F&F on behalf of the OC (ie it binds the OC and their agents).
Might it be an idea to make the OC party to a formal F&F? You know, like the ones banks send us when they pay compensation?

Thanks Debt Star - in this case the DCA did actually buy the account from the OC...........the problem I have is that prior to me making contact re: a F&F settlement, nothing had been heard from the DCA since August 2009 - hence Caspar's warning that the DCA themselves may have since sold it on