Me Myself & MBNA Phone Calls....Is this a Threats ??

[Nicoblue]

OK Guys, will keep this as short as possible please bear with me.

 

Currently residing in Australia - and last year entered an agreement with MBNA to pay £231 a month against a debt of £16k...payment come to an end, and I submitted budget sheet with new details on, problembeing income had dropped,and I could only afford £40 per month based on pro-rata with other creditors.

 

So the phone calls come as they do, chasing payment - They even offered me a settlement of 25% of the balance for full and final settlement....Then the best yet...

 

"My Managers will not accept your offer of £40.00 p/m, as they consider it too low against the debt, we have to have the amounts cleared in 10 years, we are a business you know" - "Please continue to pay the amount you offered, you account will be defaulted, and we will sell on to a collection agency at the best price we can get, You will then have to negotiate with the agency, who may accept your payment proposal"

 

I suggested I may be in a Position to settle the debt with a Payment of £1600.00 (10%) in a month or so.....to be told "It is likely we would get much more than that from an agency, so there would be no way we could accept your offer"

 

I told them this was a UK debt, and I was now overseas, not running away, but trying to settle with them...Only to be told, "yes I know the agreement is bound by UK & USA Law, and I am afraid I cant discuss anymore with you"" - Thanks & Good bye"

 

Anybody any thoughts, help....guess if it went to court, I would advise my income/expediture they would make me pay only what i could afford.

[elliesnan]

bump

[Grummy]

First up, its a credit card company, they'rre non secured so you can't have bailiffs etc knocking on your doors. 2nd, you are overseas, they have no jurisdiction over you, so feel free to block their calls and not pay them again. All they will do is fluster and write it off as bad debt. It May be sold on to a DCA, but with a dca you have no prior relationship with them and can deal with them fresh, telling them that this is all you can afford.

 

What you have to remember is, BoA hear this kind of thing regularly, so its in their best interests to make you sweat to try and get more out of you, but if you can't afford any more, then they will have to take it. I've never known them to stubbornly refuse something like this, so atm I would suggest they are atalling you hoping to make you sweat and come up with more cash for them.

 

IF you wish, try calling them agai in a few days and speak to a different collections agent with your issues and try and get it resolved, if this doesn't work get them to either put you through to a manager or arrange for the manager to call you back. Any and all agreements made with the Collections team have to be OK'd by the team manager before they can be set in motion. If he/she is saying no, they will have their own reasons, but they won't refuse you if you can't physically take any more.

 

Just make sure that if/when they agree to your new repayments, that they send you out a letter confirming everything you have discussed and agreed upon.

[dpick]

Do NOT ring MBNA they will agree to anything on the phone then deny they have said it. Make all communication in writing then you have an evidence trail if it is required, to stop the phone calls first send them the harassment letter from the templates library. Have a look at my MBNA thread I sent a series of e-mails to various people that stopped the calls.

 

http://www.consumeractiongroup.co.uk/forum/mbna/69982-dpick-mbna-capital-one.html

 

dpick

[banker_rhymes_with]

Hello Dpick!

 

I think we have a Bank of America Troll active at the moment. The same message is appearing all over CAG like a rash at the moment.

 

Cheers,

BRW

Edited February 5, 2009 by banker_rhymes_with
Typo

[Grummy]

Hello Dpick!

 

I think we have a Bank of America Troll active at the moment. The same message is appearing all over CAG like a rash at the moment.

 

Cheers,

BRW

 

Who do you think you are sir?

 

I come here to try and help people by providing information based on what I know from my time working in BoA.

 

If you would take the tiem to read my posts, it would be clear that I am neitehr a BoA employee nor a troll. Just because you and others here seem to have a negative stigma toward speaking to BoA does not mean that you are correct sir, and my difference of perspective does by no means make me a troll.

 

Forgive me if I'm wrong, but isn't this forum a place where we come to share our collective knowledge to assist in our difficulties and disputes with the banks and othe financial institutions?

 

I am here to openly show you how BoA think and work so anyone who is delaing with BoA knows what to expect. In what way does this make me a troll, sir? Because my knowledge and experience from being on the other side differ from what you believe to be the case?

 

Well I am sorry, I didn't realise a prerequisite of being on this forum was to only post things which tie in with what you believe to be true.

 

So if you will be so kind as to tell me everything you know, I will endeavour in the future to make sure I only post what is right according to you.

[rory32]

So the phone calls come as they do, chasing payment -

If you use the harassment letter that dpick has posted and e-mail it to them that should help with the calls. You may also wish to consider getting call barring if the calls persist, an alternative is to inform your telephone supplier that you are being harassed and they will change your number FOC. If you don't want to do either of those then either record the calls or keep a log of them. You will need this info for any future complaint.

 

Only to be told, "yes I know the agreement is bound by UK & USA Law

 

Well the first part is true. Of course the agreement would have to comply with UK statute to be enforceable. Most of MBNA's agreements do not. I'm sure they would be far more willing to reconsider your proposal of a full and final if the account is unenforceable as any DCA would normally have some sort of a get out clause whereby they can pass the account back if it is unenforceable.

 

guess if it went to court, I would advise my income/expediture they would make me pay only what i could afford.

The court system in Australia is not that different from the UK, so yes you would be given the opportunity to pay by installments (although it is unlikely that you would be taken to court over this debt). The level of installments would be set by the court, not the company pursuing you.

 

On a final note I would add that it is standard practice for MBNA (they're far from alone in this practice) to reject your first offer to try and squeeze more money out of you.

[banker_rhymes_with]

Hello Nicoblue!

 

I suggested I may be in a Position to settle the debt with a Payment of £1600.00 (10%) in a month or so.....to be told "It is likely we would get much more than that from an agency, so there would be no way we could accept your offer"

 

MBNA seem to pedal Debts to the DCAs for around 4.5% to 5%, so £1600 is about twice what they'd expect to get.

 

Indeed, as we slide into a Depression over here, I think MBNA will be getting less, and the DCAs will be getting more picky about the Debts they do buy.

 

Negotiate hard with them, and stick to your guns.

 

Cheers,

BRW

[Nicoblue]

Many Thanks for all your replies, an Grummy appreciate your inside knowledge.

 

Hopefully this situation will be resolved over time, however I do feellike make an off for Full & Final Settlement at 5.00% - bearing in mind, that this will be all I can afford, either now or in the future.

 

Not sure idf they would want to sell the debt to DCA, who wants to chase around the world for no guarantees of payment.

 

Or ....I could CCA the debt...could I ??

[Guest dvdriley]

why are you bothering if you are living in Australia with nom intenetion of comming back. I know morals etc but................

[Nicoblue]

why are you bothering if you are living in Australia with nom intenetion of comming back. I know morals etc but................

 

Hence that is why I am bothering - I had every intention of paying back, but due to losing nearly 100k of the value of mt house when I sold it, i cant do so...hence the negotioations. (Even though most of the debt will be the compounde interest over the past 6 years !!)

 

Like I said at the start, I have no intention of running away from debts, I just want to sort things out.

 

Incidently a side Issue, got written confirmation from MBNA that they will not accepy my payment, and want at least 5 time the monthly amount - otherwise the DEBT WIL BE SOLD AND MY ACCOUNT CLOSED...would a DCA buty this debt with the knowledge that I am no longer living in the UK, and the fact that they may never get any kind of payment from me.....

 

Surely it would make sense for MBNA to accept a FFS at 0.05p in the pound from myself.....

 

Ant thoughts Guys of the Forum ??

[Nicoblue]

Hence that is why I am bothering - I had every intention of paying back, but due to losing nearly 100k of the value of mt house when I sold it, i cant do so...hence the negotioations. (Even though most of the debt will be the compounde interest over the past 6 years !!)

 

Like I said at the start, I have no intention of running away from debts, I just want to sort things out.

 

Incidently a side Issue, got written confirmation from MBNA that they will not accepy my payment, and want at least 5 time the monthly amount - otherwise the DEBT WIL BE SOLD AND MY ACCOUNT CLOSED...would a DCA buty this debt with the knowledge that I am no longer living in the UK, and the fact that they may never get any kind of payment from me.....

 

Surely it would make sense for MBNA to accept a FFS at 0.05p in the pound from myself.....

 

Ant thoughts Guys of the Forum ??

 

 

Anyone ??