New advice from MBNA

[Doug9898]

Hmmmm Could be new tactic on their part. I wonder if the fact you said you would go bankrupt if it fails will influence their vote ??????
Hopefully they have started to look at numbers and will begin to soften their current stance on IVA'S

Good luck

I had a phone call from MBNA last night, was thinking Oh here we go but to my suprise spoke to a very nice lady, asked if I had my creditors meeting date yet, asked if I had considered their offers, said I had but they were not the best soultion for me, she left it at that asked what I would do if my IVA proposal failed, told her I'd go Bankrupt, she thanked me for my time and that was it.
That kind of phone call I can deal with, the beg, steal or borrow but pay us conversations I'm having with Morgan Stanley are another matter.
Good luck for your creditors meeting

[zoe]

Well as you know doug they have been a pain with me!
Hopefully what i have said to them will stand in good stead for 29th!
Z
x

[jamesfalla]

The different comments from everyone here just goes to prove that there is no rhyme or reason to the chasing tactics of creditors. In my experiance, different people get different treatment from the same creditor and there is no telling why.

The best advice is hang on in there until your creditor meeting. As Melanie says, i am not sure why MBNA are claiming that they get noting in an IVA. They get at least 25 pence in the pound and more often than not 40 as per the terms of the IVA - just like everyone else.....

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk

[zoe]

Hi James
hope you are well
I agree - seems it depends who you speak to - Just seems another scare tactic to me!
Z
x

[freelili]

They should be wired up to a lie dectoctor machine.

They would blow up, czzzzzzzzzzz there goes another one. Can you imagine the job description, errr how well can you err lie??

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.

[thebear29uk]

Hi everybody

Just thought I'd update you on my position. I haven't paid my creditors since Oct 06 but my IVA is stalling due to my remortgage taking a long time. My current mortgage company are not exactly being cooperative in providing the info required to complete and as Mel needs my monthly amount to work out my disposable income the proposal is still waiting. Its hopefully reaching the end now and I'm hoping for a date for my creditors meeting in the next few weeks.

My creditors are: Coop, Egg, MBNA, Marbles, Amex, Barclaycard and Nationwide. Letters of authority were sent in Feb. Since then I have had limited contact with Capquest dealing on behalf of Egg but all they wanted was a copy of the letter of authority. Nationwide contacted me 2 weeks ago but just wanted an update on where I was up to. Coop passed my details to their legal department who rang me 3-4 times a day until last week but no calls so far this week. Nothing since the letters were sent from Barclaycard/Mercers, Amex, Marbles/HFC.

MBNA called me up to the end of March. I was dealing with one of their senior debt advisors. They were fully conversant with IVA's but wanted me to explore other options - namely short settling with them for 40p in the £. As a member of this forum I was able to talk to them and inform them I wasn't going into this blindly. DMP wasn't an option as it would take 15 years or more. I didn't have sufficient funds to offer short settlement with everybody. I wanted to avoid BR. But ultimately I couldn't short settle with only them as this would favour them over all my other creditors. As March drew to a close I was told my debt would be sold on 31st March unless I agreed to short settle or at least paid approx £200 to hold the debt. A flurry of calls between 28th and 31st all ended with me saying sorry but I was reliant on the advice of my IP which was I cannot favour MBNA. At this point they offered a short settlement of 25p.

April arrived and I was told if I didn't arrange something by 28th the debt would be sold on. The calls continued throughout April and I continued to answer them as I didn't want them to think I was ignoring them. Around the 23rd April a new tactic happened. I got 2 postcards through the post (I have 2 MBNA accounts). On the front was a picture of a mobile phone and on the screen was the txt message "Hi David I'll be giving you a call real soon" or words to that effect. I again pre-empted them calling me and rang them. I explained that my circumstances hadn't changed and the guy I spoke to offered me a short settlement of 20p in the £. He pointed out that the company operated on UK and US banking rules and if the debt was 8 payments in arrears they had to sell it on. I told him that by posting on this site I was familiar with the fact that they might sell my debt on for 10-15p in the £ so getting 20p from me now was still in their interests and he agreed. However I still wasn't in a position to offer settlement.

I haven't heard from them since 28th April!!!

I haven't heard from the company they may have sold my debt to.

I hope this helps anybody dealing with MBNA. In the early days you will get the rottweilers trying to force payment from you but once the debt reaches a certain age it moves to the more knowledgable people. They always told me they would update the notes on my file but I dont know if the IVA decision makers see these notes.

Regards

Dave

[thebear29uk]

Hi everybody

Just thought I'd update you on my position. I haven't paid my creditors since Oct 06 but my IVA is stalling due to my remortgage taking a long time. My current mortgage company are not exactly being cooperative in providing the info required to complete and as Mel needs my monthly amount to work out my disposable income the proposal is still waiting. Its hopefully reaching the end now and I'm hoping for a date for my creditors meeting in the next few weeks.

My creditors are: Coop, Egg, MBNA, Marbles, Amex, Barclaycard and Nationwide. Letters of authority were sent in Feb. Since then I have had limited contact with Capquest dealing on behalf of Egg but all they wanted was a copy of the letter of authority. Nationwide contacted me 2 weeks ago but just wanted an update on where I was up to. Coop passed my details to their legal department who rang me 3-4 times a day until last week but no calls so far this week. Nothing since the letters were sent from Barclaycard/Mercers, Amex, Marbles/HFC.

MBNA called me up to the end of March. I was dealing with one of their senior debt advisors. They were fully conversant with IVA's but wanted me to explore other options - namely short settling with them for 40p in the £. As a member of this forum I was able to talk to them and inform them I wasn't going into this blindly. DMP wasn't an option as it would take 15 years or more. I didn't have sufficient funds to offer short settlement with everybody. I wanted to avoid BR. But ultimately I couldn't short settle with only them as this would favour them over all my other creditors. As March drew to a close I was told my debt would be sold on 31st March unless I agreed to short settle or at least paid approx £200 to hold the debt. A flurry of calls between 28th and 31st all ended with me saying sorry but I was reliant on the advice of my IP which was I cannot favour MBNA. At this point they offered a short settlement of 25p.

April arrived and I was told if I didn't arrange something by 28th the debt would be sold on. The calls continued throughout April and I continued to answer them as I didn't want them to think I was ignoring them. Around the 23rd April a new tactic happened. I got 2 postcards through the post (I have 2 MBNA accounts). On the front was a picture of a mobile phone and on the screen was the txt message "Hi David I'll be giving you a call real soon" or words to that effect. I again pre-empted them calling me and rang them. I explained that my circumstances hadn't changed and the guy I spoke to offered me a short settlement of 20p in the £. He pointed out that the company operated on UK and US banking rules and if the debt was 8 payments in arrears they had to sell it on. I told him that by posting on this site I was familiar with the fact that they might sell my debt on for 10-15p in the £ so getting 20p from me now was still in their interests and he agreed. However I still wasn't in a position to offer settlement.

I haven't heard from them since 28th April!!!

I haven't heard from the company they may have sold my debt to.

I hope this helps anybody dealing with MBNA. In the early days you will get the rottweilers trying to force payment from you but once the debt reaches a certain age it moves to the more knowledgable people. They always told me they would update the notes on my file but I dont know if the IVA decision makers see these notes.

Regards

Dave

[thebear29uk]

Hi again

Still all quiet on the MBNA front.

Dave

[Adam Davies]

Dave
Thats interesting and the quote "I hope this helps anybody dealing with MBNA. In the early days you will get the rottweilers trying to force payment from you but once the debt reaches a certain age it moves to the more knowledgable people." should help those who are receiving the dreaded creditor calls...........stay strong and they will subside.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[lesley]

MBNA was one of my creditors and my debt was sold on after only two missed payments. They sold it on to eversheds and they wrote to me telling me to not pay anything they would deal directly with IVA supervisor. This morning I have received a bill for immediate payment. I don't think so, my IP will be getting that one.

[DebtDummy]

MNBA is an American company but, US consumer laws apply in the US and UK consumers laws apply in the UK. What was that debt collector talking about? Next time Bear you hear nonsense like that give them this link:http://www.mbna.com/
Good luck Bear.

All I have left is my humour.

[sinking_further]

Hi,
Regarding MBNA, With the help of my family I recently settled a 13k debt for 27% full and final settlement. The last payment MBNA recieved was around April 06.

I had the "Boys will come round" etc. When they realised that the money to settle wasn't coming from me they agreed inside 24hr's.

The halifax are pushing for full payment ie around 19k, Has anyone dealt with the Halifax regarding a full and final settlement ?

The other line to settle with the Halifax is raise cash from the house, BUT I am tied in untill 2010 (early redemption fee around 5K). I have looked into secured loans but seem as bad if not worse than the Halifax.

Is a second mortgage an option ?. there is 45k in the house and as the Halifax is my last creditor.

I can after 14 years of debt and the abuse that goes with it, see the sun starting to rise.

I would like thank everyone on this forum for there help support and advice.
It should be a legal requirement to read the stories on this forum before people accept credit cards or loans

I am now conviced that if you can't pay cash you don't need it.
Debt is evil and I see now it has destroyed my life for the last 14 yrs.

Thanks again.