MBNA sell debt

tote_alley_stressed

Advice please. Those nice people at MBNA (yes really :mad: ) have informed me that my debt will be sold on in about 4 months. Heard horror stories about external DCAs in particular Link who I gather are collectors for this CC. Mbna won't accept pro rata payments - what happens next?

flaura

MBNA sold my debt to link financial and i've never spoken to a nicer bunch especially in comparison to the harrasment i got from MBNA oh and worth checking if you have any money you can claim back from MBNA i got half of what i owed to them back ! plus an extra £63.00 because the bodged up actually paying it to link..MBNA wouldn't accept redueced payments even when payplan were telling them i couldn't afford any more and Link financial were more than helpful..

Good luck

tote_alley_stressed

Thanks for that. Did Link stop the interest? MBNA won't.

james32_uk

It's more likely to be a good thing!

MBNA are notoriously difficult to work through repayment plans with and the likelyhood is the DCA will be alot easier on your stress levels. If they threaten that again tell them to hurry up and do it!

sgx.saint

Yes, my MBNA debt has been passed to Link, and I've had no real problems.

Does anyone know whether typically Link purchase the debt from MBNA or are they merely representing them?

chuckles1066

sgx.saint wrote:

Yes, my MBNA debt has been passed to Link, and I've had no real problems.

Does anyone know whether typically Link purchase the debt from MBNA or are they merely representing them?

The debt is sold on (at a substantial discount).

So you owe £500..............the debt is sold for, say, £200.

The original creditor is happy because they've got £200 which they wouldn't have got otherwise (not worth pursuing via legal channels).

The company purchasing the debt will be taking a risk that they can turn the £200 they've paid for your debt into the £500 that you actually owe.

The higher the debt, the more risk you have of being actively pursued for it.

sgx.saint

Yes, thank you for the clarification.

livinginhope

Hi there TAS,just wanted to say that MBNA sold our debt to Link financial and like others have said we have found them very pleasant,we have had no calls for months but all of a sudden in the last 2 weeks we have had calls from Link,MBNA haven't paid them and they were just trying to find out what was going on,now we are left alone again.
BTW,MBNA stopped interest and charges at the beginning of our DMP with Payplan with no questions although they did harass us the most.
Good luck
LIH

flaura

MBNA wouldn't stop the intersest on my DMP with payplan but link did they were very reasonable at negotiating. it probably is a good thing rather than bad..

chuckles1066

flaura wrote:

MBNA wouldn't stop the intersest on my DMP with payplan but link did they were very reasonable at negotiating. it probably is a good thing rather than bad..

It's a moneyspinner?

You owe MBNA £500 and I've bought that debt for £200.

So instead of steaming in heavy like MBNA, I say, charmingly, "pay the £500 back over 4 years, I'll charge you minimal interest, repay me £15 per month x 48 months = £720 total repayment"

You're happy cuz you're only being charged about £4.50 per month interest over the 4 years and no hassle, CCJ or bailiffs; I'm happy cuz I'm making £520 profit over 4 years.

It's so easy to sort these things out if they really wanted to..........

Pobby

Me I think that MBNA are very nice.Sent me a little Christmas card.Oh how sweet,the dirty bar stewards!