Letter from MBNA

Toto

I got a letter from MBNA this morning saying they had sold my debt on to a DCA. My first reaction was well that sucks because I was about to make you pretty much a full payment when my house sells, I had just written to all of the creditors with offers to tide them over until the house sells and I can clear the lot.

Now, I am expecting a bit of flaming for this, but I don't want to make a DCA rich. I want to pay back my creditor who loaned me the money in the first place. I realise as I have defaulted what I want isn't important. But, DCAs profit out of peoples misery and make their lives hell in the process, they can't even be gracious about it. So, I am wondering if going for a full and final is the way to go here but pitching lower than I would have with MBNA (after all the DCA paid pennies in the £ for the debt) leaving me more cash to pay the other actual creditors. I was always planning to go for full and finals but was going to offer the full amount minus their silly charges.

I am almost tempted in the first instance with the DCA to start demanding paperwork to make their lives difficult. Ugh! Creditors I have no issue with, they loaned, I defaulted, they have a right to be mad at me. DCAs imho are just nasty scum who prey on the vulnerable and make millions in the process. I would rather give the money to charity than line their pockets more than I have to.

Mike_St_Helens

Hey TOTO. My turn for some advice

I have great experience with MBNA, they paid me a wage for 8 years. They have sold the debt and you have no chance of them even being vaguely interested in speaking with you now.

make DCA an offer, a ' fair but firm ' offer, but tell them your woes and emphesise and enhance them. just stick to it and tell them you have no other way of paying and that this is the only offer you can make, if they do not accept then you will pay your next creditor in line and settle their debt instead...then make their lives hell.

Its fine mate, go get em

MD

Toto

Thanks Mike, that's good advice. I will do that. I am going to shoot at about 50% think with this one which will leave me a little more headroom to negotiate full and finals with the other 'real' creditors. Assuming of course they haven't sold in the meantime. Egg are being pretty cool so I don't think they will. Bank of scotland have engaged Wescot's services but I haven't have the 'we've sold your debt' letter yet, I guess that doesn't mean they haven't. So far Wescot are being the worst to deal with, they have cashed my cheque (surprise surprise) for my monthly offer payment, but haven't acknowledged my letter yet. Who knows, not much I can do until the house sells anyway.

Mike_St_Helens

MBNA will have sold the debt for between 10p & 20p in the £... 50% is high mate.

Wescott are fools... just ignore them until they send your debt elsewhere.. they will... and they will be easier to deal with. I think Ive dealt with all bloody DCA's recently... you know.. the best are Egg.

CLAPTON

just an observation and i make no judgement about the morality of wanting to repay the original creditor rather than a DCA but you are much more likely to strike a 'good' deal for F&F will a DCA than the original creditor.

Toto

Ok maybe I will pitch at 25% then LOL, after all if I were to do an IVA they wouldn't get much more. especially after all of the IVA charges and then they would have to wait 5 years.

I found myself feeling bad for MBNA; they should have waited a little bit longer!

Thanks for the help Mike, I really appreciate it.

Mike_St_Helens

Yeah, poss go in at 30%, they have made at least 10% on you from mbna. Really dont feel bad for mbna...see my 'what goes on in a credit dept' thread !

Im loving this site....