MBNA and selling my debt on - already BR?!

hbp2008

Hi all

Went BR in May this year.

I got a letter the other day from MBNA saying that they know I'm BR and they have sold the debt to Arrow?

Is this correct? Do I have to do anything? I'm very confused as I thought I shouldn't be receiving anything and it shouldn't be sold to a collections agency?

Thanks

[Deleted User]

They can sell it but it doesn't change enforceability.

They are required to tell you who owns it in case you have any future queries.

You don't need to do anything.

National_Debtline

Hi hbp2008


It is surprising if MBNA have sold a debt on since you were made bankrupt as they are no longer entitled to pursue you for the debt. However as long as you have not been asked to make a payment there is no need to worry about the letter.


If Arrow contact you chasing the debt, refer them to your bankruptcy order that was made in May. It would be a good idea to inform your OR as well.


Best wishes


Susie
@natdebtline

tigerhull84

I had exactly the same thing with MBNA as did my wife, sold to a different company but same scenario. I had the initial letter from the new company, that stated they know I am bankrupt, and that's been that really. They haven't chased me or anything so I wouldn't worry about it like the other posters say.

I can only assume they purchase the debt for peanuts in the hope that they might get some money back i.e. through an IPA or maybe they are bought as a larger package of bad debt and its a case of win some lose some for the buying company - who knows?

maxmycardagain

DCA's pay 10-15% of face value for debts

If the creditor asked the debtor for 20% (or settled for 20%) theyd probably get it


odd world int it

Jennym80

Ive had exactly the same thing happen to me too. Went br in may got a letter this week from mbna saying it had been sold to arrow global.
I will speak to the or next week as she way on holiday at the moment

Craig1981

When in my IVA, HSBC, Santander, and EGG card (at the time) were all sold on

as previously said, they get it for a whole lot cheaper than face value, so if you honour your terms of payment in your insolvency, they make money, easiest way to make money for them.

all debt however goes live with them if you fail your insolvency

hbp2008

Thank you for all of the replies, I'll let my OR know anyway, but hopefully it will all be okay and I can just show them the BR paperwork.

Thank you x

maxmycardagain

Keep 10 copies of your BR by the front door ready to hand out to any DCA collectors or baillifs/sherrifs