MBNA have sold my debt

Jellybeagle

Hi

I need some advice - after being made redundant I could not afford to pay my monthly amount so agreed to pay them £36 a month - now they have told me they are in the process of selling my debt - what will happen now and where do I stand.

maninthestreet

Who are they selling it to - a debt collection agency?

Jellybeagle

They wont tell me they say it is up for sale and wont give me any other info and tell me there is no way to stop it either

PNPSUKNET

sounds like a dca will be buying it, have they given you a default notice?

NickX

Jellybeagle wrote: »

I need some advice - after being made redundant I could not afford to pay my monthly amount so agreed to pay them £36 a month - now they have told me they are in the process of selling my debt - what will happen now and where do I stand.

The DCAs (Debt Collection Agencies) are an unscrupulous bunch. They will hound you and threaten you and generally bully you into paying them.

Do not let them intimidate you, they actually have very little rights and although they may threaten doorstep visits and removal of your belongings they have no such rights.

You have a right not to be harrassed and you can request that they deal with you in writing only, which they are then obliged to adhere to - if they don't you can report them for harrassement.

However, the upside is that they probably purchased your debt from MBNA for a fraction of its face value, therefore they are far more likely to accept a lesser amount in "Full and Final" settlement. If you do go down this route, ensure that you have it in writing that any agreement is "Full and Final" before paying them a penny.

Good Luck.