CONFUSED Full and final NOT WITH zero balance?

DogandBone_2

glentoran99 wrote: »

who did that? MBNA didnt zero my account, they sold the account to Aktiv with an outstanding balance, Aktiv kapital effectively paid off the account with what they paid mbna, then it was recorded as Debt assigned, with that payment aktiv bought that debt, now that debt no longer exists as the amount outstanding to activ is now zero so nothing to sell to anyone else

Had you defaulted before MBNA sold to Aktiv?

Were Aktiv collecting on behalf of MBNA or did MBNA fully assign to Aktiv?

When MBNA defaulted you, they will have terminated the agreement, charged off the account, i,e written off the balance as uncollectable. Zeroed the balance you owe them & closed the account.

The debt will then be placed on MBNA's bad debt books as an asset & it is that asset (debt) which they sold to Aktiv, not the account.

A creditor won't sell a live paying account.

glentoran99

DogandBone wrote: »

Had you defaulted before MBNA sold to Aktiv?

Were Aktiv collecting on behalf of MBNA or did MBNA fully assign to Aktiv?

When MBNA defaulted you, they will have terminated the agreement, charged off the account, i,e written off the balance as uncollectable. Zeroed the balance you owe them & closed the account.

The debt will then be placed on MBNA's bad debt books as an asset & it is that asset (debt) which they sold to Aktiv, not the account.

A creditor won't sell a live paying account.

They did, I was paying an amount that would have cleared the debt in 5 years, i was still paying them several months after default, it was later they sold on to aktiv, (now settled for 80%)

Boi also defaulted me and the account stayed with them collecting through an agent, (now settled for 25%)

Halifax defaulted me and it also stayed with them (now settled for 70%)

1 other MBNA account which is now with moorgate hasnt been defaulted and has been sold to them, again i am paying them a significant amount


Creditors seem to do what they want with no consistancy

DogandBone_2

glentoran99 wrote: »

They did, I was paying an amount that would have cleared the debt in 5 years, i was still paying them several months after default, it was later they sold on to aktiv, (now settled for 80%)

Boi also defaulted me and the account stayed with them collecting through an agent, (now settled for 25%)

Halifax defaulted me and it also stayed with them (now settled for 70%)

1 other MBNA account which is now with moorgate hasnt been defaulted and has been sold to them, again i am paying them a significant amount


Creditors seem to do what they want with no consistancy

I Completely agree, they do seem to do what they want, often in breach of regulation & legislation too :mad:

Can i ask what type of arrangement you were in, was it a DMP?

It's my understanding that a defaulted running consumer credit agreement is automatically terminated, charged off & closed.

The only thing it leaves then is an outstanding debt, which is moved to a different part of the firms accounts as an asset, the account is closed not open.

The agent for BOI was collecting on a closed account not an open account.

Halifax were collecting on a closed account.

As for the LIVE account MBNA has 'sold' to Moorgate then !!!!!!??

Is Moorgate providing you with a credit card facility?

glentoran99

DogandBone wrote: »

I Completely agree, they do seem to do what they want, often in breach of regulation & legislation too :mad:

Can i ask what type of arrangement you were in, was it a DMP?

It's my understanding that a defaulted running consumer credit agreement is automatically terminated, charged off & closed.

The only thing it leaves then is an outstanding debt, which is moved to a different part of the firms accounts as an asset, the account is closed not open.

The agent for BOI was collecting on a closed account not an open account.

Halifax were collecting on a closed account.

As for the LIVE account MBNA has 'sold' to Moorgate then !!!!!!??

Is Moorgate providing you with a credit card facility?

Yeah was/is a DMP the moorgate one is a strange setup alright, it was a loan so no credit card facilty, they have 'stopped' all interest, however i actually dont know if the interest was added at the beginning of the loan so dont know id the current balance includes that, as i cant find any paper work, and it seems neither can they as they wont reply to my CCA request, (but thats another issue)

But MBNA sold a non defaulted account that was although not meeting contractual payments wasnt far off them.

Moorgate are currently reporting to the CRA that the account is 'ok' and up to date

DogandBone_2

glentoran99 wrote: »

Yeah was/is a DMP the moorgate one is a strange setup alright, it was a loan so no credit card facilty, they have 'stopped' all interest, however i actually dont know if the interest was added at the beginning of the loan so dont know id the current balance includes that, as i cant find any paper work, and it seems neither can they as they wont reply to my CCA request, (but thats another issue)

But MBNA sold a non defaulted account that was although not meeting contractual payments wasnt far off them.

Moorgate are currently reporting to the CRA that the account is 'ok' and up to date

Right ok, accounts are closed when you enter into a DMP.

Yes, loans are a different beast to credit cards.

If Moorgate have failed to & are refusing to comply with a CCA request then they have committed a criminal offence by not placing collection on hold haven't they?

Sounds like they have no agreement/contract or the agreement is improperly executed.

When did you take the loan out? was there ppi included?

So the account is in Moorgates name with the CRA? Its absolute assignment not equitable then?

DogandBone_2

glentoran99 wrote: »

They did, I was paying an amount that would have cleared the debt in 5 years, i was still paying them several months after default, it was later they sold on to aktiv, (now settled for 80%)

Boi also defaulted me and the account stayed with them collecting through an agent, (now settled for 25%)

Halifax defaulted me and it also stayed with them (now settled for 70%)

1 other MBNA account which is now with moorgate hasnt been defaulted and has been sold to them, again i am paying them a significant amount


Creditors seem to do what they want with no consistancy

Just to clarify as well.

Only a live account can be settled. A defaulted (closed) account can only be satisfied, there is a massive difference.

Settled = account was live when concluded.

Satisfied = account was closed when concluded.

thechippy

The criminal offence part was revoked, so no.
They've simply failed to comply with the sec 78 request which places the account in dispute. All the time the failure continues, they should not be chasing the debt.

DogandBone_2

thechippy wrote: »

The criminal offence part was revoked, so no.
They've simply failed to comply with the sec 78 request which places the account in dispute. All the time the failure continues, they should not be chasing the debt.

Thanks for clearing that up thechippy.

Should be on hold though, that's what i thought.

If it were me i'd send the CCA to MBNA to see if they throw it back to Moorgate, then send Moorgate a nice letter reminding them of their section 78 obligation & that the account is in dispute & i have no further obligation 'until' they fulfill theirs.

Only risk with that is if they comply with the CCA in say 6-12 months even, then they 'may' be able to re-age the account, not sure :-/

sourcrates

DogandBone wrote: »

If Moorgate have failed to & are refusing to comply with a CCA request then they have committed a criminal offence by not placing collection on hold haven't they?

There is now no criminal offence connected with section 77-79, this was withdrawn in the Consumer Protection from Unfair Trading Regulations 2008.
But as stated above, while they are in default of your request, they cannot obtain a judgement against you.

thechippy

DogandBone wrote: »

Thanks for clearing that up thechippy.

Should be on hold though, that's what i thought.

If it were me i'd send the CCA to MBNA to see if they throw it back to Moorgate, then send Moorgate a nice letter reminding them of their section 78 obligation & that the account is in dispute & i have no further obligation 'until' they fulfill theirs.

Only risk with that is if they comply with the CCA in say 6-12 months even, then they 'may' be able to re-age the account, not sure :-/

Send the request to who owns the account - they will have to contact the OC. I wouldn't think ahead too much, just see what they come back with.