Credit Card Sells Balance - Any Options??

FrankLeopold

Hi

I've got a Balance on an MBNA C/Card that was frozen and I pay an agreed amount each month by SO.

I've got a letter to say they have sold the debt to Britannica Recoveries administered by Moorgate.

From other readings I guess this has been sold on at a substantial discount.

Is there any mechanism whereby I can "buy out" my o/s balance from MBNA for a similar discount?

If not; do you think rules should be in place to make c/card companies to ask clients for an offer before such a sale takes place?

Any info/thoughts much appreciated!

[Deleted User]

It's always possible to make them an offer at any time, as a full and fina settlement. Which they may or may not accept.

Gromitt

But of course, unless its the full balance outstanding, the accepted offer will appear on your credit report for all other lenders to see for the next 6 years. This may well put them off lending you any funds in the fear that you'll do this to them also.

Buzby

Your MBNA T&C's should show that you've already agreed to the debt being assigned to any trhird party of their choosing. It is a commercial decision they have made, and clearly offering YOU the same discounted deal will be counter productive - after all, why would anyone pay if they simply had to wait until the magic day dawned when they offer you a 10p in the £ repayment plan?

This will be the primary reason why this will not happen, however, the firm that bought the debt WILL be in a position to negotiate in this way if you are prepared to ride it out then make them an offer.