MBNA Loan/ getting default removed!!

JuicyJesus

Daedalus wrote: »

But people don't really do that do they. People ring up, ask how much to settle early, given a figure, pay that figure, and assume it is all done, no contact for months reinforces this.

To me, it is more likely that MBNA has screwed up.

You'd be surprised. A lot of people will either do their own calculations or just pull a figure out of the air and assume that's correct, rather than actually checking. Being on MSE for a long time, you end up seeing a lot of people who just assume things about how things work/how things are and then blame the banks when those assumptions don't match reality.

Note that the OP says they "thought" the settlement figure was £X, and then "discovered" it was £Y. That implies to me that they either made that number up or worked it out themselves incorrectly, without any reference to MBNA. It's certainly *possible* that MBNA screwed up, but I don't think it's the case at this point.

j2010oe

Hello all and thanks for all the responses!

I know some think that I am wasting my time but I thought I'd crack on regardless!!

So I paid my £10 and today recieved my loan agreement, account notes and copy of loan transaction history...is also says should we hold any correspondence for the account this will forwarded separately in the next 21 days.

I have looked through at all the pages and they don't say much at all! I can work out that on 21st Feb 2008 I called for a settlement figure and on 20th March 2008 I paid £3,300 - it's very odd that I paid it short!!

There is nothing here the date that I paid the money and nothing at all on the days when I paid the outstanding amount in 2011 and the various conversations I had with people at MBNA...is that odd??

Also I have no letters here, but I suppose they will be on the way in the next couple of weeks....

Any thoughts or any other info required then let me know.

Thanks, Joe

Thrugelmir

Daedalus wrote: »

But people don't really do that do they. People ring up, ask how much to settle early, given a figure, pay that figure, and assume it is all done, no contact for months reinforces this.

To me, it is more likely that MBNA has screwed up.

There was no contact as the OP moved. Many people do likewise assuming that finance houses will write off what is a small amount owed. Now with CRA databases the event can be recorded . Only to reappear like a ghost when people least wish it too.

marty2be2000

j2010oe wrote: »

I have looked through at all the pages and they don't say much at all! I can work out that on 21st Feb 2008 I called for a settlement figure and on 20th March 2008 I paid £3,300 - it's very odd that I paid it short!!

The settlement figure, is the settlement figure on that date. Interest will still be accruing daily, so when you settled nearly 4 weeks later, the settlement figure would have been different. I would have called again, got a new settlement figure and paid that whilst on the phone.

j2010oe

Hello again and thanks for the responses

Just a quick one....as I said, after I paid the £3,300 'settlement figure' it was £452 short leaving me with a balance left on the loan.

In the terms, it says that I may make a part payment but I need to leave a balance of at least £1,000.

So if it wasn't a settlement amount that I paid and it wasn't a part payment then what was it???

Also is it possible to work out the settlement figure? There are no actual numbers mentioned in the SAR notes I received.

Cheers, Joe

matttye

j2010oe wrote: »

In the terms, it says that I may make a part payment but I need to leave a balance of at least £1,000.

That must be why they hung onto the money and reduced your debt each month rather than taking it as a part payment. You should see if the terms say anything about sending in money that would take the balance to below £1k.

Seems to me that reducing your loan balance each month means they get two bites of the cherry because they can charge you interest on your outstanding balance even though they already have money from you, that will also be attracting interest.

I wonder if they should have rejected the payment on the basis that it left less than £1k outstanding.

j2010oe

Thanks Mattye,

I'm going to wait and see what else (if anything) arrives in the post over the next couple of weeks before deciding on my next move.

If there are any other thoughts/ pieces of advice then I'm all ears!

If you need any more info from me then let me know too.

Cheers , Joe