My Mate vs MBNA / AIC

[Dotty50]

Hi Scrapper,

 

I don't really know what to make of it, a similar thing happened on my file probably now a couple of years ago and it was with a Halifax CC, which is now with 1st credit, it may be when the OC writes off the debt after selling it on?

 

You need to remove the email address on the link!

[Scrapper]

Hi Dotty,

 

Removed the link. Thanks for letting me know.

 

What is confusing is that I have been keeping an eye on this for my mate and the name changed from MBNA to Arrow and the balance showed as outstanding. Then the alert came through and the balance showed as settled. I would have thought it would of happened the other way round?

 

Anyway I have taken a screen print of it just in case

 

Thanks

Scrapper Coco

[Dotty50]

Perhaps Arrow are still deciding how much they think they can get away with before adding it!

[Scrapper]

Hi Dotty,

 

I'd like to see them try. With the catalogue of errors MBNA made on his account, hell will freeze over before they get a penny out of him.

 

They well and truly shafted him.

 

Thanks

Scrapper Coco

[Dotty50]

As they have many others!

[Scrapper]

Hi all,

 

Can anyone comment on the reply my mate got from Credit Expert.

 

Since Arrow bought his account MBNA have also registered a DF as well. So 2 for the same debt. MBNA shows as satisfied though

 

"The entry recorded by MBNA shows the name of the company that the debt was originally owed to. The second entry recorded by Arrow Global shows that the debt has now been sold to another company to collect.

 

Although the debt is now being recorded twice, only the entry recorded by the debt collection agency will have an effect on your credit rating.

 

Both entries will be retained on your credit report for six years from the default date."

 

Thanks

Scrapper Coco

[SOD'EM]

As far as I know. If you apply for credit, most companies have an automated system. Unfortunately, that system can read a default on your credit report, but cannot read 'Satisfied' or 'Settled', or even 'Satisfactory'. Therefore, the only way to get credit is to wait the six years (and even then the default may still be there, but then you can ask the Credit Report Company to remove it). Or, you have to contact the peeps who filed for the default and ask them to remove it. This is a horrible process to go through though, as they like to mess you around for messing them around and getting the default in the first place. This happens even if the default shouldn't have been there in the first place.

 

It's like getting shot in the leg. May not have been your fault, but the damage is done and it is a bugger to repair.

[Michelangelo48]

This may be disasterous for credit rating! Since people like MBNA Europe wont be here in 6 years

[Scrapper]

Hi all,

 

This gets more interesting. My mate got NOA from MBNA & Arrow Global as you all are aware. Yesterday morning however he got a letter from Arrow stating that they had returned the account to MBNA given the query he raised ("MBNA doing the dirty & defaulting, terminating his account on agreed F&F date")

 

I've told him to sit it out and wait for their next move. In the meantime the CRA's are still refusing to remove both entries on his file even with a copy of the letter received.

 

Any advice?

 

Thanks as always people

 

Cheers

Scrapper Coco

[Scrapper]

Hi SOD'EM

 

Just read you response. Cheers for the heads up.

 

Made me laugh "It's like getting shot in the leg. May not have been your fault, but the damage is done and it is a bugger to repair."

 

Cheers

Scrapper Coco

[Scrapper]

Evening,

 

My mate got a call from Fairfax today and a letter is in the post. He explained the situation about MBNA and their royal cock up's & about the letter he received from Wescot advising that the account has been passed back to MBNA.

 

That put paid to that and they said ignore their letter and they would close the account on their system.

 

I do have one important question for anyone who can answer it though.

 

If Arrow was assigned the account on behalf of Wescot how can they just pass it back????????

 

Thought the point of assignment was to get it off MBNA's books for sweet FA so they can right it off against tax, then let the bottom feeders chance their arm?

 

Seems somewhat of a pointless exercise to me if they can just pass it back when they realise this is going anywhere?

 

Thanks & Happy Easter

 

Scrapper Coco

[Michelangelo48]

HI scrapper! If all of the financial transactions/purchases occured on my account prior to March 2006- Is the a/c SB'eD!

[Scrapper]

HI scrapper! If all of the financial transactions/purchases occured on my account prior to March 2006- Is the a/c SB'eD!

 

It is my understanding that basically, if a lender doesn't contact you about the money you owe them - and you don't make any payments or contact them about it either - the debt may become unenforceable, meaning the lender is no longer allowed to do anything to try and recover the money. If a borrower simply ignores their lender's phone calls and letters, that won't qualify. It's only possible for a debt to become unenforceable if the lender doesn't do anything about the debt and the borrower doesn't pay some of it off / contact the lender about it.

It's all in the Limitation Act 1980, which lays down the rules about when a debt can be considered 'statute barred'.

 

I would double check around the forum though as I am no expert on the subject

Hope that helps

Scrapper Coco

[victoria_siempre]

Hi scrapper

 

I find that the following discombobulates them somewhat:

 

"

43 Regulation 36 of the EU Directive Regulations.

16. ASSIGNMENT OF RIGHTS

here any rights of a creditor under a consumer credit agreement (for example the right to be repaid the money) are sold or transferred to a third party, notice of that assignment must be given to the borrower as soon as reasonably possible, except in the circumstances described below. This requirement applies to all regulated consumer credit agreements other than agreements secured on land. This requirement is in new section 82A of the CCA43.

 

t is the responsibility of the assignee (the creditor acquiring the rights) to ensure that notice is given. However, he does not have to give notice himself, but can agree with the assignor (the creditor assigning the rights) that the assignor will give notice instead, depending on what is more sensible in the circumstances. It is important, however, that notice is given as soon as reasonably possible and in a way that is clearly understandable by the borrower.

 

otice does not have to be given where arrangements for servicing the credit are unchanged as far as the borrower is concerned. For example, if Creditor A sells his rights under a credit agreement to Creditor B but Creditor A still collects the borrower’s repayments in the same way and is the only point of contact for the borrower on matters regarding the agreement, notice does not have to be given.

 

here notice has not been given, and arrangements for servicing the credit do subsequently change, the borrower must be informed of the assignment on or before the date that change happens. Again, this must be readily comprehensible to the borrower.

 

The definition of “creditor” in section 189 of the CCA applies to this new requirement on assignment of rights. This means that when an assignee purchases debts (or otherwise acquires rights under a credit agreement) it also acquires certain obligations to the borrower including the duty to comply with CCA requirements (such as the rules on statements and notices and other post-contractual information). The assignee becomes the creditor under the agreement. This ensures that essential consumer protections under the CCA cannot be circumvented by assigning the debt to a third party.

 

 

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[Michelangelo48]

Thanks Scrap! IfI never got a counter-signed agreement back is the Agreement enforceable?If Mbna breached "Credit Limits-a core and express term of the Contract-and split the account into 2 to try and fix the prob-eg go back under the Credit Limit in blind panic-

[Michelangelo48]

Hi Victoria is this piece oflegislation from the EU Credit Directive. M

[Scrapper]

Thanks Scrap! IfI never got a counter-signed agreement back is the Agreement enforceable?If Mbna breached "Credit Limits-a core and express term of the Contract-and split the account into 2 to try and fix the prob-eg go back under the Credit Limit in blind panic-

 

You would have to ask someone with more experience than me on those issues you have raised.

 

If you start your own thread and I'm positive you will get the answer you are looking for from some of the great minds on CAG. I don't think you will get those answers on this thread as it's a different topic completely.

 

Thanks

Scrapper Coco

[Old Cogger]

Read this I have fouind, might help you understand!

2003 onwards no force sale of property if joint owned.doc

[means2anend]

Hi Scrapper,

 

Wait and see what they cough up in the SAR and get claiming any charges etc.

 

Your mates not alone, this has happened to many on here!

 

YES!!! Hi Dotty

This has EXACTLY happened to MY MATE too when I was interceding on his bhalf...THEY have ALL buggered off and left him alone now...just waiting for SB...except for Barclaycard who give an occasional call 'every now and then)...NgGuffick V RBS:loco:

[means2anend]

Hi Dotty

 

Thanks for the info. I have been looking around the forum and you are right. MBNA have been very busy assigning old accounts. Perhaps they are having a spring clean before the new tax year. Always good to keep your house in order. Shame they didn't keep the CCA's in order LOL

 

I'm hoping that given the age of his account there are going to lots of charges dating back a few years.

 

Correct me if I'm wrong but I downloaded the spreadsheet for calculating compound interest and for example if he was charged £35 late fee back in 2000 that works out to £1276.42 with interest. Is that correct?

 

The reason I ask is that I myself have requested statements for my Barclaycard and asked for them dating back to when the account was opened (1992) and I know for a fact that I was always getting stung for over limit and late fees etc. This could amount to thousands of pounds effectively wiping out the debt completely. Or am I getting this wrong?

 

Thanks as always

 

Scrapper Coco

 

Hi Scrapper have a look at mixman who got all his PPI and charges from 'way back 'then'

http://www.consumeractiongroup.co.uk/forum/showthread.php?341507-MBNA-Charges-and-PPI

 

[Scrapper]

Morning all & happy Easter

 

Thanks for all the comments. He's already done the SAR and unfortunatley no PPI but plenty of charges. In fact using the CIC the current possible reclaim is nearly £5K. That being the case and it being returned to MBNA by Arrow (Wescot) I think he should wait for their next move and then hit them with it. See if they think it's worth proceeding when he issue's a counterclaim and half the debt will be wiped out.

 

Thanks

Scrapper Coco

[victoria_siempre]

Hi Victoria is this piece oflegislation from the EU Credit Directive. M

 

Hi M

 

Yes. The Directive amends the CC Act. Just as they play silly buggers about which bandit has rights and responsibilities, we can pin the tail on the donkey doing the current harassing; I also like that an EU directive gives me some recourse against a potentially perverse judgement in a lower UK court (like ignoring the provisions of the Act as amended by the Directive) under Article 6 of the Human Rights Act.

 

As I say to DCAs: 'Please do not ignore this issue; it will not go away. Valid even if not read by you.'

 

 

My copy of Carl von Clausewitz has arrived which I am reading avidly prior to responding to Arden's latest insipid missive; Arden are allegedly the appointed recoveries agent of Idem Servicing which is in turn a trading style of Idem Capital Securities Ltd.

 

 

Oh what a tangled web we weave,

When first we practise to deceive!

 

Sir Walter Scott, Marmion, Canto vi. Stanza 17.

 

love

 

vic

[Michelangelo48]

Hi Vic not 2 make You mad but-@ MBNA ARE CHECKED BY FLA!!! AN FLA CHIEF X O/ AUJUDICATOR- SHE IS AN HOS AT PARAGON GROUP-WHO OWN ARDEN CM AND "IDEM SERVICING"

[Michelangelo48]

Hi Vic not 2 make You mad but-@ MBNA ARE CHECKED BY FLA!!! AN FLA CHIEF X O/ AUJUDICATOR- SHE IS AN HOS AT PARAGON GROUP-WHO OWN ARDEN CM AND "IDEM SERVICING" conflict of Interest or what!

[victoria_siempre]

Thanks M

 

That is interesting; I had not before come across FLA:

 

"The FLA’s understanding of industry issues means we can communicate on behalf of our members at the heart of government. Our dialogue with policy makers and the regulators helps to shape policy and regulation across the wide range of industry issues. We actively lobby decision-makers both at home and in Europe in order to create the right regulatory environment..."

 

Though I fear that this will not help them in colleagues' investigations:-) of their tax avoidance arrangements.

 

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