MBNA and Section 78

rasputintintin

Hi there,

I'm new here, so hello! I just have a quick question to ask about an MBNA credit card account that I owe money on, taken out in April 2004 as originally part of an Alliance and Leicester current account and later spun off to MBNA.

I am (luckily) finally in a position to pay the full balance of £2500 but before I pull the trigger, I just wanted to be absolutely clear on something I read about years ago with these cards. I beleive it is Section 78 amd the creditor's duty to keep an original copy of the credit agreement. Is it worth pursuing this routein order to reduce the monies owed? If so, how would I go about it?

I remember reading about this story:
[edit: as a new member, no links, but it's a BBC story about the guy who won against MBNA with a £20K credit bill 'cause they couldn't find the original agreement]

And it's probably along similar lines to this thread: [edit: title of thread is "MBNA have sold what i thought was an unenforecable debt"]

If there is another thread or somewhere better to post this then please let me know.

Many thanks!

opinions4u

A judge has subsequently ruled that they don't need the original copy. A reconstituted copy (unsigned) is enough.

rasputintintin

Thanks, I suspected that the answer may be as such but just wanted to check, kind of begrudge giving them all that money after the interest they've charged me...but then I did sign the agreement in the first place!

I shall get it over with and give them the boot...thanks again

YorkshireBoy

rasputintintin wrote: »

I shall get it over with and give them the boot...

Principles and emotion should not get in the way of clear thinking.

MBNA offer some of the highest limits and best existing customer deals around. Don't cut off your nose to spite your face, especially if you have debts elsewhere which you may want to BT to them at 0% at a later date.

rasputintintin

It's an expired card with an owed balance on it, otherwise yes I would have kept it!

They won't renew it without a reapplication so it's a credit card with all of the drawbacks and none of the benefits I'm afraid.