selling debts, and debt collection

M

MBNAhelp

Guest
hi there

need a little advice
have a debt with mbna and have been paying back below the minimum but always paying back
they keep ringing etc (same old story)
they have now said they will either sell my debt or pass it to a collection agency

i think there is a key phrasing here, if the pass it to a collection agency what can happen
if they sell it is it a different procedure - i believe it is but need advice

i know someone said they owed 7k and struck a deal to pay back 100 euro per month or something like this - how good or bad are the agencies

will they send the beefy and knuckles around to the house to give me the once over?

many thanks
 
welcome to aam mbnahelp.

Don't worry about the 'heavies' calling to your door. Any agency can do nothing more than basically harass you with calling, letters, phone etc.. And if the level of that is harassing then you can complain about it and have something done.
If they ever laid a finger on you, they are in serious trouble with criminal law, not the civil law. No debt gives anyone is the world the right to assault you.
 
hi thanks for the reply but my real question is what is the process
how much do i need to pay
am i worse off or better off with the debt collection
mbna are not being helpful

debts of around 11k

many thansk
 
You can only pay what you can afford. however, you need an agreement with MBNA that if you agree to a monthly repayment this level is finite or will result in a debt reduction (rather than be used to cover interest & charges). there is no point in paying amounts, unless you are reducing the balance owed!
Iwould tend to ignore any threats to sell the debt. this makes no difference to you.
 
Thanks for the reply so will a debt collection agency be easier to deal with and will they accept say less than what I am paying Mbna currently around 100 a month on 10.5k
 
Can someone tell me where it says in law - that if someone sells on their debt to a debt agency that you now owe that debt agency ?

Was it not the signature on the contract form that depicts who you are obliged to pay. Can you not turn around and say - I do not owe you the debt collection company any monies - but I acknowledge that I do owe MBNA monies and any issues with payments I will only deal directly with MBNA who I am obliged to pay.

The debt collection agency will try and get as much from you as possible. It is up to you to decide what you are going to pay. You can treat this in two ways.

1) Tell the debt agency that you do not owe them any money - but that you do owe MBNA monies and that they have no right to contact you. Ask them where you signed the contract to say that you will negotiate with them.
1.1) Tell them that if they keep contacting you - that you are going to report them to the local police for harassment and ask the person on the phone for the full name. Record the call for reference and tell the person on the call, that the call is being recorded for reference incase the guards need to become involved.

2) Contact MBNA - tell them again that you can only afford to pay whatever it is a month and then refer back to 1.1
 
Yes MBNA will sell on your debt to one of 2 companies that buy them and it will be much easier settle with them,you should be able to buy your debt for 20 - 25% of outstanding amount.Also see have you payment protection on your card.No Panic
 
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