Greedy Banks being supported by FOS

John_Bains

What on earth is going on?

MBNA Bank doubled my debt over night from £5000 to £10,000 and demanded immediate payment. They refuse to tell me how they came about the charges that amount to £5000.

When I could not pay them they sold the debt to Reston's solicitors who demanded full payment within 7 Days.

I complained to FOS ( Financial Ombudsman Service). Before FOS even got a chance to look at my complain, Reston's applied to court for the full amount stating they now owned the debt.

Judge decided not to take into account my circumstances , the fact I am disabled or the Information from CAB and awarded Restons the second charge on my home and full payment within fourteen days.

In the mean while FOS wrote to me saying that because Reston's are a Law firm they are not regulated by FOS and do not require a consumer credit license in order to buy debt from Banks. The response from FOS implied that Reston's could add whatever amount they liked to my debt and did not need to explain the charges to anyone.

So it appears to me that any solicitors can start lending money without regulation or the requirement to have a consumer credit license.

This can not be right.

How can FOS make such a big mistake and to how many other people have they said that they cannot regulate solicitors who buy debt from banks?

If this is the case then how are solicitors who buy, own and administrator debt regulated?

I have written to my MP but am not holding my breath for A response.

Looks like it's Business as usual for the Banks and their good friend the FOS !

Fiddlestick

John_Bains wrote: »

What on earth is going on?

MBNA Bank doubled my debt over night from £5000 to £10,000 and demanded immediate payment. They refuse to tell me how they came about the charges that amount to £5000.

How did they "refuse"?

Did you ask them on the telephone or in writing?

Red_Rabbit

The judge should have set-aside the judgment. I'd be arguing with the courts as to why they went ahead and proceeded to allow a 2nd charge when the original balance was in dispute, presuming you did mention it was disputed?

PNPSUKNET

Anyone can purchase a debt, the wouldnt need a fsa license as they are not lending money.

izools

I get the feeling there's a good 18+ months of story missing from the original post.

Brian1966

izools wrote: »

I get the feeling there's a good 18+ months of story missing from the original post.

Totally agree :beer: Reading the OP's other posts he has lost a high-end BMW, repossessed unlawfully, Barclays bank were on his back now MBNA are at fault by doubling a debt overnight, obtaining a court order and getting a second charge on his home.
Unlucky or exagerrated...you decide :eek:

HouseHuntr

John_Bains wrote: »

What on earth is going on?

MBNA Bank doubled my debt over night from £5000 to £10,000 and demanded immediate payment. They refuse to tell me how they came about the charges that amount to £5000.

When I could not pay them they sold the debt to Reston's solicitors who demanded full payment within 7 Days.

I complained to FOS ( Financial Ombudsman Service). Before FOS even got a chance to look at my complain, Reston's applied to court for the full amount stating they now owned the debt.

Judge decided not to take into account my circumstances , the fact I am disabled or the Information from CAB and awarded Restons the second charge on my home and full payment within fourteen days.

In the mean while FOS wrote to me saying that because Reston's are a Law firm they are not regulated by FOS and do not require a consumer credit license in order to buy debt from Banks. The response from FOS implied that Reston's could add whatever amount they liked to my debt and did not need to explain the charges to anyone.

So it appears to me that any solicitors can start lending money without regulation or the requirement to have a consumer credit license.

This can not be right.

How can FOS make such a big mistake and to how many other people have they said that they cannot regulate solicitors who buy debt from banks?

If this is the case then how are solicitors who buy, own and administrator debt regulated?

I have written to my MP but am not holding my breath for A response.

Looks like it's Business as usual for the Banks and their good friend the FOS !

Another run of the mill thread here on MSE which is complete and utter trolling tosh with the usual suspects putting their pointless 2 penneth in :rotfl:

Brian1966

HouseHuntr wrote: »

Another run of the mill thread here on MSE which is complete and utter trolling tosh with the usual suspects putting their pointless 2 penneth in :rotfl:

Of which YOU are normally the main culprit :mad:
Can't say that I am totally convinced by this one but do you ever contribute anything of actual worth to the boards other than calling EVERYBODY a troll?

HouseHuntr

Sometimes, but I'm mainly here to P E E the Trolls off! If that upsets those who treat themselves as high n mighty, then so be it!