MBNA Section 87(1) default notice

[Northdowns]

Hi,

 

hope this is in the right place

 

It is with some sadness that I feel the need to post here.

I don't like debt (who does!) but circumstances over the last year have come to a point

where my credit card debts have built so that I have been unable to cover the minimum.

...and I now am in desparate need of help before things get really serious.

 

So, details:

MBNA 1: £19k owing - no payments for 5 or 6 months

MBNA 2: £5k owing - no payments for 4 or 5 months

 

A few months ago after being hounded with phone calls I did a family budget statement for them,

along with a request to suspend charges, and they responded by actually freezing the charges.

They also concluded that I could not afford a formal payment plan.

 

As I have been unable to secure significant employment

we moved out of our previous rented property to find cheaper accomodation,

so I am currently looking closer to home for employment.

I hope to secure this over the next 3 months, and then want to attempt to replay some of this debt, rather than going bankrupt.

 

Notice:

"to remedy your breach we must receive payment of £2,800 (ish) by 20th Dec 2014.

 

If the action required by this notice is take before the date shown no further enforcement action will be taken in respect of this breach.

 

If you do not take the action required by this notice before the date shown then the further action set out below may be taken against you.

 

On or after the date shown, your account will be closed, your credit agreement terminated and we may sell your debt to a third party company which may decide to bring court proceedings to recover the amount owed by you under the agreement. If we terminate the agreement your full balance will become payable immediately"

 

I am unable to pay this, as all finances MUST be diverted to rent/council tax etc.

 

So, what to do...?

 

My first instinct is do offer a £1 per month agreement via a pleading letter,

indicating that I want to repay this when my circumstances improve - say in 6 months time.

 

 

Surely it has to be in the best interests of both parties not to escalate this right...?

I must have run well over £150k through them since having these cards, so they must think twice about it hopefully.

 

I'm going to give them a new budget planner statement for the new address too,

as they don't know about that yet.

'll respond to them tomorrow via their digital portal as time is short !

 

Am I on the right track...?

 

Please help !!

 

Cheers

[Northdowns]

Additions:

 

I will dig out all my old bills and calculate exactly how much money has gone though MBNA on these 2 accounts,

and throw that in to the pleading letter.

At one time I was putting 3-4K a month n these and paying it off every month.

 

Should I mention the orgins of these accounts do you think...?

 

One was a N&P building society card,

that I got because it was the first to offer a photocard option.

I am unsure how many companies it went though before it got to MBNA but I'm sure Abbey National was involved somewhere.

 

The other was a Homebase credit card they used to give vouchers depending on spend levels.

 

 

This was sold to MBNA at some point along the line.

 

Do you think they will actually have the original signed agreements....?

 

 

Does it make a difference if they don't...?

[dx100uk]

odds on they'll sell it anyway

 

 

that's their MO now since being taken over by the foreign investors.

 

 

whats the status on PENALTY chares & PPI?

 

 

got those?

 

 

dx

[dx100uk]

wait the sale then CCA the DCA that buys it.

 

 

MBNA themselves don't do court now, not that we've seen anyway

 

 

dx

[Northdowns]

whats the status on PENALTY chares & PPI?

 

got those?

 

 

dx

 

Never seen any on any statements, so not pursued it. Digging them out later anyway, so will double check.

[Northdowns]

wait the sale then CCA the DCA that buys it.

 

dx

 

Will look up CCA. You mean for the original signed agreements IIRC...?

[theoldrouge]

Far better to default

 

MBNA will sell regardless

 

Then CCA and then decide

 

which course of action to take

 

depending on replies

[dx100uk]

CCA REquest

[Northdowns]

Thanks all.

 

Do you still think it's worth trying to get a £1 agreement...? Can it hurt in any way...? Is there anything I SHOULDN'T say in my pleading letter....?

[dx100uk]

plead what?

 

 

if the cards are that old

send MBNA 2 CCA requests.

blank PO's

 

 

do not sign the letters.

 

 

they've had their pound of flesh

now prove it!!

 

 

dx

[Northdowns]

plead what?

 

dx

 

Plead to MBNA not to default and sell on the account, but rather give me 6 months for my situation to improve so that I can start making amends.

[Northdowns]

 

they've had their pound of flesh

now prove it!!

 

Did some calcs from my statements and on one of the cards they had over £300k going through the account over the last 10 years.

[dx100uk]

pes I'd cca them on both.

 

 

dx

[theoldrouge]

Plead to MBNA not to default and sell on the account, but rather give me 6 months for my situation to improve so that I can start making amends.

However hard you plead

 

it's MBNA mo to default and sell the account