what do MBNA do with your debt if they dont accept your DMP

caz876

Hi everyone,

I was just wondering if anyone could tell me what MBNA are likely to do as they have not accepted my DMP payment arrangement, as they say its not enough.

They have asked for £45.00 a month more which I simply do not have. They are my bigest creditor and I owe them £9500 approx.

I have been looking for a part-time job that would allow me to pay them the additional amount but alass as of yet no luck..

Thank you in advance for any replies

Deep_In_Debt

Hi
Actually MBNA have been good with me. They are my largest creditor and I owe them about the same as you. They did send me a letter to say they wanted more money per month otherwise they would issue a default. That was 4 months ago and I've heard nothing more. They've been quiet with me apart from the letter since I started my DMP in January.

They will probably sell it to a DCA eventually who will be easier to deal with as they pay peanuts for the debt so will probably accept your dmp payments.

Good luck with it.

longforthesun

OH and I have 2 MBNA CC owing a total of 16k. They did not accept either of our repayment amounts set by CCCS but a women on the phone told me to make the proposed payments anyway and that interest and charge would still be stopped but they would pass the accounts onto a hardship list (no idea what this is) and they would eventually sell onto a DCA. Not heard a thing from them for a while but at least they did stop interest etc so debt is not increasing. Think this means that when it gets to DCA stage it will be accepted but in my eyes if they are prepaired to stop interest and charges then they are accepting that my offer is all I can afford and they have no choice but to accept it.

Deep_In_Debt

longforthesun wrote: »

OH and I have 2 MBNA CC owing a total of 16k. They did not accept either of our repayment amounts set by CCCS but a women on the phone told me to make the proposed payments anyway and that interest and charge would still be stopped but they would pass the accounts onto a hardship list (no idea what this is) and they would eventually sell onto a DCA. Not heard a thing from them for a while but at least they did stop interest etc so debt is not increasing. Think this means that when it gets to DCA stage it will be accepted but in my eyes if they are prepaired to stop interest and charges then they are accepting that my offer is all I can afford and they have no choice but to accept it.

Yeah, likewise. Forgot to mention that they did freeze interest and charges on my account. The only contact I've had with them is just before I started my dmp in January and then the default letter I received in April, but they are still freezing interest and charges. They've been one of my better creditors.

bauctu

MBNA have also been very good to me, no interest or charges. If I were you I'd write again with a copy of your I&E and say that there is no way you can offer more than you already have. They might default you and pass it on to a DCA ( proberbly a good thing - no interest) there only other options (I think) is to try to get it through the courts, but this is expensive and time consuming so it's unlikely.

You can't pay what you don't have and if you did get a second job you would have to pay more to each of your creditors because you have to treat them all equally.

caz876

Thank you for your replies

I have been on my DMP for four months now!


The reason I ask what MBNA do with your dept if you do not pay them is because after being bombarded with letters advising me they require more money, I stupidly decided to phone them to explain my circumstances. The girl I spoke to on the phone was a for want of a better word REVOLTING and aksed me what I had done with all the money I said that I had spent it trying to surface the dept that I had got myself in. To which she asked for my income and expenditure which I (stupidly) gave her and when she found out how much equity I had in my house told me to either mortgage it to pay them off or sell it to pay my debts. I explained that I i certainly would not be getting a morgate as due to my credit rating being trashed I would not be able to get one, and as far as selling my house I said that this was not a vialbe idea as I would not be able to find somewhere to rent for the same as what I pay in mortgage payments. She stated but at least you would have paid us what you owe us.

My fear now is that now they will be aware that I have enough equity in my property they may try and make me bankrupt.

I have since written to them on the 23rd August stating that I am looking for a part time job in order to increase my DMP payments. But have not received a reply..

All my other creditors up to now have been alright..

This is the only one that I am worried about!!

Thanks

oscar52

I wouldnt worry too much. MBNA can never be bothered with court, bankruptcy etc. As stated they will just sell to the highest bidding DCA. The girl you spoke to (Im assuming it was Customer Assistance?) would have just been reading their normal script - the reason she was pushing you to pay by any means was to increase her pay packet. Most of them there are idiots (there are a few intelligent ones) who just spout the rubbish they are told to.

Its the one department I wouldnt want to work in there (but i do unfortunately work for them)

cenobitehell

well i am with MBNA and my debt is in the 6k region (possibly more this month due to charges etc.....)

i simply can no way ever ever afford what the minimum payments are! over 300 a month! i am unemployed at the moment and in difficulty getting jobseekers due to my self employment status in my previous line of work (no type 1 NI contributions, but you dont when self employed!)

anyway, thats a separate battle...

MBNA....

i am still trying to freeze interest and charges with them, they just wont seem to budge. they wont let me go on an arranged payment plan cos i am not earning any money and they wont get a guarantee of any cash from me. but surely its better than what they are asking for! which i could never afford!

finally, today, i have got them to agree to accept a lower minimum payment of 70 a month, which i can afford on my savings and when i eventually get my JSA sorted (or get employed) i will deffo be able to afford this amount i offered.

but some people at MBNA are suggesting simply ridiculous solutions to my financial problems. i had one person say i should steal it from a family member! one person even told me to sell an organ! most of them suggest getting a loan from the bank (more debt)

i just dunno where i am heading with it, but im trying to not let it stress me out. this can easily happen and it will take over my life. i don't want that. i will try again (in writing) to get them to freeze interest and charges, if i get no luck i will suggest they pass it onto a DCA. which would benefit both parties.

i really am not bothered about it affecting my credit rating, after this ordeal i NEVER want credit ever again.

another thing MBNA have been doing, which i am sure is illegal, is contacting my friends and family to get in touch with me. they even reveal my balance to them.

one person who i lived with at my previous address got a TEXT from them asking him to get me to call them on the above number regarding my balance of £......

and my parents have been getting calls too, which isn't on. they get worried enough with their own problems. i really was unhappy that this has been happening. i rang and asked for MBNA to take every other contact detail for me off their system but the girl who i spoke to didn't understand how this happened. but anyway. the worse part is, its not even like i have been avoiding them! i am on the phone to them all the time and when they ring me i have never ignored them! so i dont know why they have been harassing my peers.


anyway. my rant is done now! lol