MBNA and selling my debt on - already BR?!

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hbp2008
hbp2008 Posts: 40 Forumite
in Bankruptcy & living with it
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 :)

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    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
    National_Debtline Posts: 7,998 Organisation Representative
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    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
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • tigerhull84
    tigerhull84 Posts: 3 Newbie
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    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
    maxmycardagain Posts: 5,747 Forumite
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    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
    Now we all know how it felt to play in the band on the Titanic...
  • Jennym80
    Jennym80 Posts: 8 Forumite
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    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
    Craig1981 Posts: 769 Forumite
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    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
    hbp2008 Posts: 40 Forumite
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    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
    maxmycardagain Posts: 5,747 Forumite
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    Keep 10 copies of your BR by the front door ready to hand out to any DCA collectors or baillifs/sherrifs
    Now we all know how it felt to play in the band on the Titanic...
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