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MBNA refused claim
kokkari54
Posts: 8 Forumite
I put a claim into MBNA for P.P.I. They refused it saying as I had been declared Bankrupt I was ineligible to claim.
I was not Bankrupt, I was in an I.V.A. Completion certificate issued 2 years ago and a letter of no interest in any claims from the I.P.
Also the debt was sold on by MBNA to Max Recovery
Should I try again or go through the F.O.S.
I was not Bankrupt, I was in an I.V.A. Completion certificate issued 2 years ago and a letter of no interest in any claims from the I.P.
Also the debt was sold on by MBNA to Max Recovery
Should I try again or go through the F.O.S.
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Comments
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IVAs and Bankruptcy are both forms of insolvency. They both appear on the register.
If you were bankrupt or an IVA then you are not entitled to receive any redress from PPI.
The redress on an upheld complaint about PPI goes to the creditors that were left unpaid as a result of the bankruptcy or IVA.
Hopefully, you havent used a claims company as they are allowed to charge you for the work done even though you wont see a penny.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
My IV.A completed 2 years ago and I have letter of no interest in claims from the I.P..0
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Best case scenario is that you paid all of your debts during the IVA, ad you are then entitled to complain.
Worst case sceanrio, you didn't, and IP has a right to any redress you may get back.
Also, if you owed MBNA any monies, they are entitled to remove that from any redress - this means amounts written off, interest waived, defaulted/arrears amounts.
Get in touch with your IP and ask them.Non me fac calcitrare tuum culi0 -
My IV.A completed 2 years ago and I have letter of no interest in claims from the I.P..
It doesn't matter, it's an asset from before the IVA and the money does not necessarily belong to you. You can ask your IVA company about it but the money rightfully belongs to the people who were not paid back as a result of the IVA, you may well get anything left over however so worth an ask. That said, the IVA firm may have already done this hence MNBA rejecting you.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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If you are in England & Wales, then the IP should use the money to place against unpaid debts, including amounts written off as part of the agreed settlement. Not just the reduced settled payment. If you are in Scotland, you should get the money.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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The letter from my I.P. says, Following issue of the completion Certificate in relation to your IVA on 26th October 2016, I have no interest in any PPI complaint or subsequent awards that you may have.
As such, any funds may be paid directly to you.0 -
Give a copy of that to MBNA. You may still not receive anything if MBNA's debt was not paid in full (and the amount settled had an amount written off). However, cross that bridge if you come to it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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MBNA no longer own the debt it was sold on to Max Recovery.0
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MBNA no longer own the debt it was sold on to Max Recovery.
They may have clawback on their contract though.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Can they claw back if Max Recovery bought all respective rights, title and interest.0
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