Hello

[TJW]

Whilst long in the tooth I'm very new to all of this and so look forward to learning new things.

Seem to have come a cropper with Link Financial Outsourcing and MBNA.

Despite an informal payment arrangement -honoured in excess - they're now claiming I'm "in arrears with your payments under this agreement" All of which = one seriously worried pre-OAP.
:behindsofa:

[Amethyst]

Re: Hello

Hi TJW, welcome to LB forum. Once you have posted the issue in more detail in the debt forum I'm sure you'll get lots of help sorting out Link and MBNA xxx Ame xx

[labman]

Re: Hello

Hi TJW, welcome to LB. :beagle:

[TJW]

Re: Hello - now more info!

Preamble

I’ve been having financial difficulties since being made redundant in 2008 and have been living with a stagnant MBNA Credit Card account paying off £100 by monthly standing order and frankly not paying much attention to changes in rules, payment dates, fees , minimum payment amounts etc and, thereby, it grew by more than interest charges alone as these various penalties were applied.

The Issue

In May 2013 I received a letter from LFO saying that I owed IDR Finance UKII £6294.10. Before binning it - on closer reading - I realised that the account number quoted alongside their reference number matched my credit card number. So I called them and they explained that MBNA had assigned them the debt and I should now make payment to them instead. I said that as I’d had no communication from MBNA I was disinclined to do any such thing until I’d had something in writing from some one / organisation I could verify. Within a couple of days I’d received copies of letters, which, purportedly, had been sent to me on 4^th March 2013.

I’m sure you’ve seen many examples of these letters – which confirmed the situation outlined in their May 2013 letter and that the debt in the amount of £6494.10 had been assigned on 28^thFebruary 2013. Thus informed, I called Link Financial Outsourcing to discuss options available to me to settle this debt.

I believe I spoke to Derek Higgins (signatory to their May 2013 letter.) There were two outcomes to this call: -

Firstly, it was confirmed that they had received the £100 per month payments made to MBNA since the debt was assigned and that the balance outstanding; at the time of the call; was £6194.10

Secondly,it was confirmed that no further charges would be made providing the informal arrangement of £100 payments were maintained. This being the case, I volunteered to increase said payments to £250. I was assured that this would be acceptable.

I arranged the standing order and emailed confirmation of this action to Link Financial Outsourcing, who neither acknowledged nor replied to the email. The first payment was made 28^th May 2013 and has continued. £1000.00has been paid between then and the 27^th August 2013 giving anoutstanding balance of £5194.10. On 02 September 2013, I received a letter from LFO with a statement showing a balance of £5194.10 and which also stated: -

Notice of Sums In Arrears
This notice is given in compliance with the Consumer Credit Act 1974 because you are in arrears with your payments under this agreement.

Balance at the date of this notice £5,194.10

Arrears on balance at 29/08/2013 £5,194.10

The current arrears represents the outstanding balance as you have failed to maintain payments in accordance withthe terms of the original agreement so the full amount has become due.
If you have not already done so, we woulde ncourage you to contact us to discuss the state of your account.

My first reaction was to call and query their letter but some instinct prompted me to researchLFO on line. What a fright that turned out to be, for, their own website aside, there appears not a single item ofcomplimentary comment about them. These researches, as well, have led me to Legal Beagles.

This Statement of Account carries no indication no fees or interest charges – which is what I would expect if the veracity of my May 2013 call with Derek Higgins is credible. However, since then my thoughts are that these may be added at a later date and the considerable financial stress currently endured will be further protracted. Any thoughts?

I now am of the view that in my dealings thus far with them I’ve made the proverbial dog’s dinner of the relationship and they may now start to harass me with extreme prejudice. Naively I’ve believed that the verbal arrangement made with LFO would provide me with a solution that would mean I’d be free of this yoke; with a fair chance; by March 2015.

Following extensive reading on LB website and some initial private advice I wrote, on 19^thSeptember 2013 to LFO, using the suggested template, requesting a legible copy of my credit agreement and enclosing the statutory £1 fee.

On 26th September 2013 I received a letter dated 23^rd September 2013 which said –(extract)

…As you are aware IDR Finance UK IILimited purchased your debt from MBNA Europe Bank Limited on 27^thFebruary 2013 and as such we do not always hold this documentation. We have requested a copy of the agreementand the most recent terms and conditions your account was operated under fromMBNA Europe Bank Limited and look forward to sending this to you in the nearfuture, however please be advised that this can take up to 30 days to provide…

I’m not sure what this means and I’m sure I’ve read somewhere on Legal Beagles that LFO and IDR are effectively one and the same – is this a stalling tactic? Is it legal? What should my next steps be?

A further payment to LFO of £250 was made 25th September 2013.

I’ve attached redacted .pdf files of the appropriate correspondence

Thank you very much for your extreme patience in reading this - I look forward to reading all your comments / responses.

Gratefully yours,

TJW

Monday, September 30, 2013

[labman]

Re: Hello - now more info!

It all looks OK to me. You've had the Notice of Assignment to show they have the right to collect the debt. Interest is frozen. Your making considerable payments each month. That is all good.

MBNA will have all the original paperwork, as Link will have bought a load of debts all at once, they don't get the paperwork with them. When they get a request like your S78 request, they have to go back to MBNA to get the original agreement, so it can take a bit longer than normal. After 14 days, technically they are in default of your request, but give them their 30 days to get things to you. You were right to send off for this - when it comes, post up a redacted copy of what they send so we can scrutinise it. If it hasn't come after 30 days, again post up and we can give you a letter to send to them.

[TJW]

Re: Hello - now more info!

Thank you_, Thank you. It's really good to know that I'm on top of this and they won't be "upping the ante". Will let all see a redacted copy of what they send and if its not with me by about 25th October 2013 I'll post up again.

Thanks.

[FlamingParrot]

Re: Hello

I was away when you posted your thread but I see you've already sent a CCA request to Link for your MBNA account. Can just ask you, was this originally an MBNA card or one they bought from another lender? When did you take out the card?

I also have a very old (ex A&L) MBNA account with a slightly higher balance, where they weren't able to find any trace of the CCA and I haven't paid a penny towards it since Jan 2010!