MBNA DEBT WRITTEN OFF

blacksmith105

This is a long story but since losing my job 15 months ago I have not been able to meet the repayments on my MBNA credit card. I have tried to make a small payment every month but this was consumed by the interest and late payment fees .

Anyway I told them that I was not working and asked them to help as I could not meet what they were asking for , received lots of calls from their India credit collections office and every time I explained i could offer a little every month but would they freeze the charges and interest to allow me to catch up .
That was six months ago and then they sent me an income and expenditure form to show my ability to meet repayments on the card
Then about two months ago I only received calls from the Irish office and they were very nice and understood what I was going through
I sent them all my social welfare income sheets showing that i was unable to meet repayments , anyway they have sent me a letter today saying that they are now giving me notice to write off the debt in full , its about 2800 euro in full . I called them to find out what this means and was told that they have written off the debt in full and its off their accounts , they did not know if this would be bought by a third party ie a debt collector but to check back in a week and they would know by then

Has anyone had anything similar happen to them and how did it end up

Royal Irish

I seriously doubt it will be written off. My guess is it have been sold on to a debt collector who will still pursue the money.

Please update this thread when you find out what the outcome of it been written off is.

chris85

It will definitely be passed onto a debt collection agency. No bank gets rid of the debt that easy for good. The debt collection agency will then collect most likely on behalf of the bank (most of the agencies here dont buy debt, only a few and on very specific accounts). If there will be a lot of work involved MBNA may feel the cost involved in carrying out all the work to have you pay it would be better to have it with an agency where they do all the work and the bank just get the money in.

WildBoots

When the debt collection agency starts asking you to cough up, ask them for a bill and also for any contract between you and them. If they are unable to do this send any further mail you receive back to them. Blank out your name on the envelope and write "No contract, return to sender" on the envelope.

For more information see freemanireland.ning.com

chris85

WildBoots wrote: »

When the debt collection agency starts asking you to cough up, ask them for a bill and also for any contract between you and them. If they are unable to do this send any further mail you receive back to them. Blank out your name on the envelope and write "No contract, return to sender" on the envelope.

For more information see freemanireland.ning.com

ok fair enough but the debt is owing. MBNA will have contract and bills on file, they are very good for that. Get them if you need them but main thing to to deal with the agency and get an arrangment made with them that you can afford, then keep to the payments agreed and contact them if any issues.

MADoverMBNA

Watch out now blacksmith, theres people on here who might see your post and give out to you for being a bold little boy for not having paid MBNA like a good little boy!
No names were mentioned in the making of this post!

Toots

MADoverMBNA, if you have no helpful advice to add, please don't bother posting.

Mick41

Hi,
I have been unemployed for a while and have just started a temp job this month. I explained to MBNA that I would try and pay off some of my card each month when I was unemployed which I did. I noticed after complaining bitterly about the harrasing 7 phone calls a day from a machine that couldnt even pronounce my name correctly that it all went quiet even though I had asked them to keep in contact with me and how much do I need to pay each month to keep them off my back. Never got an answer to that and everytime I asked they pulled back. Got a letter in March telling me they had overcharged me 330 euro but I still need to pay a payment that month ( law upon themselves ).
They have now served me with a notice of intention to file a debt write-off/default.

I have not told them I am starting to work again and was going to do it this week. I have to ring them in the morning as they are uncontactable after1 pm Sat and Sunday and I was only home on Saturday evening.

I am being made to feel like a common crook by a shower of bullies.

As one of their customer service people told me on sat after holding for 20 mins that they were not helped out by the Irish Tax payer and they didnt need nama I now discover they are part of Bank of America which was bailed out beyond believe,

Any advice before I try to talk to them in the morning is very much appreciated,
Thanks,
Mick

blacksmith105

Letter from MBNA states as follows

We write to you to advise of our intention to register a debt write off/default on your account as you have informed us that you are unable to maintain your contractual monthly payments , this will result in the registration of a write off with the irish credit bureau and a default with the experian credit reference agency

That registration will happen no sooner than 28 days after the date of this letter and it may impact your ability to obtain credit in the future. To assist you and help avoid the impact to your credit files , you many avail of the following options, if you financial position has improved since our last contact with you .

If your circumstances have changed recently and you are now able to

Pay the outstanding balance in full or
Pay a lump sum against that balance

Any ideas

funkyjebus

if you cant pay debt this is put to your credit rating and stays thedre for five years. in that time you wont get any loans or credit cards. afaik if you apply and get turned down within those five years that is also noted for five years. the bank wont have written that off, a debt collection agency will be on to you.

Mountjoy Mugger

Please also note, that if a judgement is issued against you it will remain on file for life in the ICB - according to Pricewatch in today's Irish Times

blacksmith105

i am not too concerned about my credit rating at the moment to be honest , i think the banks and cc companies tend to stick their head in the sand and assume that we are still in full employment and all is well

Over the past 10 years I reckon i have paid thousands in interest and fees to mbna , i did receive a letter to say they had overcharged me and gave me 56.00 euro but i have no idea how to calculate how much they really owe me

Anyway I cant pay them its not i dont want to pay them I CANT simple as that I dont have it to give to them .
This credit rating thing is being used as a stick to frighten people with , banks will have to adopt a system to look at a persons overall circumstances and take into account whats going on in the real world. I have no plans to take on any extra credit in the near to medium future
So now its down to dealing with a debt collection agency ,has anyone got any tips on how to deal with these people
I owe MBNA 2000 but they wacked on interest and late patment fees to the tune of 800 over the past 10 months despite me begging them to freeze the interest

chris85

blacksmith105 wrote: »

i am not too concerned about my credit rating at the moment to be honest , i think the banks and cc companies tend to stick their head in the sand and assume that we are still in full employment and all is well

Over the past 10 years I reckon i have paid thousands in interest and fees to mbna , i did receive a letter to say they had overcharged me and gave me 56.00 euro but i have no idea how to calculate how much they really owe me

Anyway I cant pay them its not i dont want to pay them I CANT simple as that I dont have it to give to them .
This credit rating thing is being used as a stick to frighten people with , banks will have to adopt a system to look at a persons overall circumstances and take into account whats going on in the real world. I have no plans to take on any extra credit in the near to medium future
So now its down to dealing with a debt collection agency ,has anyone got any tips on how to deal with these people
I owe MBNA 2000 but they wacked on interest and late patment fees to the tune of 800 over the past 10 months despite me begging them to freeze the interest

Some offer of payment will need to be made. If this is not done the agency will have instrcution to obtain a judgment against you so try to make some offer forward.

Mick41

Spoke to MBNA today and what a company to deal with. Felt at the end like a common crook and when I said to them they had taken 18 million for their customers was told we admitted our mistake. They are looking to screw people to the ground and then dance on them. They seem to have forgotton that I am still a customer. Going to go to MABS and then the finanicial regulator and report the conversation I had with them. They told me they gave me a figure 6 months ago that I could pay each month and I called them liars as they never did. They are looking to get money back at all costs and I am still negotiating with them and they are to come back to me but the way I was spoken to and dealt with them means I will not let this drop as I have already won a case after 9 months against the HSE which was overturned by the omsbudsman to pay my rent as an unemployed father. My case recieved alot of press coverage so bring it on MBNA and treat people as human beings as you are part of the greedy that put us were we are.

chris85

Mick41 wrote: »

Spoke to MBNA today and what a company to deal with. Felt at the end like a common crook and when I said to them they had taken 18 million for their customers was told we admitted our mistake. They are looking to screw people to the ground and then dance on them. They seem to have forgotton that I am still a customer. Going to go to MABS and then the finanicial regulator and report the conversation I had with them. They told me they gave me a figure 6 months ago that I could pay each month and I called them liars as they never did. They are looking to get money back at all costs and I am still negotiating with them and they are to come back to me but the way I was spoken to and dealt with them means I will not let this drop as I have already won a case after 9 months against the HSE which was overturned by the omsbudsman to pay my rent as an unemployed father. My case recieved alot of press coverage so bring it on MBNA and treat people as human beings as you are part of the greedy that put us were we are.

TBH why did you bring up the matter of overcharging. Its got no relevance to you repaying the debt and just gets matters off topic. yes they overcharged and are refunding the money so wont help matters and has no relevance.

You must put in a complaint with MBNA and get a final response for the financial services ombudsman will take on any case and there is no way about that. Complain to them formally and get the response. If unhappy with it then go to ombudsman.

also do go to mabs and get help to pay this back.

And seriously we all must take responsibility of where we are now. The banks ran loose and wild but we were loving it. People going mad buying second houses and keeping up with Jones. it was all a massive bubble we all created and burst right in our faces. I know plenty of people who got in debt by buying the latest car and the best entertainment systems on their credit cards and so forth. Madness to be honest. The banks played a big role in it alright.

Mick41

TBH Chris I feel the MBNA overcharging people has alot to do with it they set their own rules for repayment to people. I am in debt due to unemployment, paying for a ex wife who used the system in this country and trying to keep things going with the banks for me and my son. I have done the right thing in Ireland and followed the rules and when I ask for some compassion I am slaughtered by a company that have been bailed out. Who are they to tell people that have tried to do the right thing and be HONEST they are wrong. Yes there is the jones out there but I am not one of them. I just tried to survive

mortgage

blacksmith105 wrote: »

This is a long story but since losing my job 15 months ago I have not been able to meet the repayments on my MBNA credit card. I have tried to make a small payment every month but this was consumed by the interest and late payment fees .

Anyway I told them that I was not working and asked them to help as I could not meet what they were asking for , received lots of calls from their India credit collections office and every time I explained i could offer a little every month but would they freeze the charges and interest to allow me to catch up .
That was six months ago and then they sent me an income and expenditure form to show my ability to meet repayments on the card
Then about two months ago I only received calls from the Irish office and they were very nice and understood what I was going through
I sent them all my social welfare income sheets showing that i was unable to meet repayments , anyway they have sent me a letter today saying that they are now giving me notice to write off the debt in full , its about 2800 euro in full . I called them to find out what this means and was told that they have written off the debt in full and its off their accounts , they did not know if this would be bought by a third party ie a debt collector but to check back in a week and they would know by then

Has anyone had anything similar happen to them and how did it end up

yea the exact same thing except i actually did a deal with a guy in clare offices. he asked me a series of questions about my current situation and basically wrote down the loan. i had been repaying an agreed sum monthly but soon after i lost my job and am recieving letters from intrum justia now, threatening me with a debt collection agent. (i hope he can find something when he calls, cause i cant!) anyway they have also told me that my credit is affected but i really couldnt give a **** about that as i havent banked for nearly 2 years and never will either. my advice to you would be to call the number and ask for the details of the original loan and the details of any agreement made. they will continue to send you bull**** threats but now return the letter, return to sender no contract. if a guy actually calls (he wont) he cant take anything as he dosent know who owns it. in my case if he calls and takes something i will be instructing my wife to call the garda and tell them his name and the reg of the car and that he stole her property. i only advise this as i actually paid thousands more than the loan anyway and am confident that no judge in ireland would even entertain their claim. anyway even if they get a judgement they will then have to get an enforcement order at a later court sitting. the judge will then ask what you can afford and if you are like me, unemployed it will be about €5 per week, i will pay thay ammount! but it will have cost them thousands. DO NOT AVOID COURT SHOULD YOU GET A SUMMONS as the judge will look poorly on this. this is the advice my solicitor gave me.

chris85

Mick41 wrote: »

TBH Chris I feel the MBNA overcharging people has alot to do with it they set their own rules for repayment to people. I am in debt due to unemployment, paying for a ex wife who used the system in this country and trying to keep things going with the banks for me and my son. I have done the right thing in Ireland and followed the rules and when I ask for some compassion I am slaughtered by a company that have been bailed out. Who are they to tell people that have tried to do the right thing and be HONEST they are wrong. Yes there is the jones out there but I am not one of them. I just tried to survive

What i am saying is its not just the banks fault we are here so it wont help with the chip on the shoulder with them. We all created a culture inflating the bubble which burst. The banks have a massive responsibility for this but not solely them to blame. The staff may be rude and do put in a formal complaint over it as they should treat you with respect.

Negotiate with mabs to make payments. If you are unable to meet the banks demands then do put in what you can afford into the account until mabs can get you in. Write to them clearly outlining this effort until mabs get on board.

The staff in there will be sick of hearing about bank crisis and so forth. MBNA are not part of Irish bailout eitherway so not costing our taxpayers any money for them. Bringing up the overcharging issue will be something the staff wont take very well as not relevant. They overcharged, admitted the mistake and are working to fix it. What more cant they do about it now.

Mick41

Yes Chris I agree that greed has caused alot of problems but MBNA are owned by Bank of America and were bailed out in the US. I rent a house and the guy that was here before me owes 10.2 million to the bank and fraudently used this house to borrow for his business. Staff in banks have signed off fraudlent loans all over the world yet not one has been held accountable so thats why I have a chip on my shoulder because in this instance it looks like the bully boys will win

chris85

Mick41 wrote: »

Yes Chris I agree that greed has caused alot of problems but MBNA are owned by Bank of America and were bailed out in the US. I rent a house and the guy that was here before me owes 10.2 million to the bank and fraudently used this house to borrow for his business. Staff in banks have signed off fraudlent loans all over the world yet not one has been held accountable so thats why I have a chip on my shoulder because in this instance it looks like the bully boys will win

I would imagine the chip is what is halting negotiations in this case. ITs very common and completely irrelevant. It wont help you in any way.

They were bailed out elsewhere and not by the Irish taxpayer so why would that bother you? And about your friend fraduently borrowing on the house, thats a massive deal and he has defrauded a bank. They might have lacked security checks fair enought but obviously both in the wrong.

I wont debate banks and bailouts as that has its own thread elsewhere but the attitude coming accross in the posts will not help negotiations with the bank.

Mick41

Firstly the guy in the house before me was not my friend!! Never met him.
As for bailing out the banks everybody is suffering and what has my back up is accountablitity. They are going after easy targets and if poeple saw that it was across the board they wouldnt be as annoyed and angry

stepbar

Mick41 wrote: »

Firstly the guy in the house before me was not my friend!! Never met him.
As for bailing out the banks everybody is suffering and what has my back up is accountablitity. They are going after easy targets and if poeple saw that it was across the board they wouldnt be as annoyed and angry

So Mick are you trying to say that you shouldn't have been given the credit card in the first place? Sounds like it.

Might be time you started taking "accountability" yourself as well.

Mick41

Stepbar go back and read the thread. Idiot

chris85

Mick41 wrote: »

Stepbar go back and read the thread. Idiot

easy on there. no wonder you are having no luck with the bank. maybe loose the attitude first.

Mick41

Too be honest shouldnt have called u what I did Stepbar but to be honest both you and Chris seem to come across as lecturing people without any experience of situations and what life throws at you. Myabe I am wrong

Ash121

Hey, I received the same letter from MBNA today. I am now a mature student, having lost my job 2 years ago. I will be in college for another 3 years. I used to find MBNA very hard to deal with but in the last year I have found them pleasant. They do sometimes in fairness try to scaremonger me with the "this will effect your credit rating" but it fails to scare as my credit rating went downhill many years ago. Before I received this letter today my current understanding that I have with them is that they ring me a week before my payment needs to be made, usually its no more than €100. I pay it and I do not hear from them for the rest of the month. My last conversation I had with them was when I was giving them my lazer card number for a payment a few weeks ago. The lady told me they would be calling me soon to try and get a 5 year payment plan sorted so that the debt will be payed of in that time. I said this was fine and I would be happy to talk to them about that and then i receive this letter today. I cannot imagine that they will not be handing this over to some sort of debt collecting company but I cannot see why a debt collecting agency would bother taking my account off MBNA. I have no assets and my current circumstances will not be changing for many years. I suppose I am hoping that they really are going to write it off as it would mean I might actually be able to afford the bus to college next year!!!

stepbar

Mick41 wrote: »

Too be honest shouldnt have called u what I did Stepbar but to be honest both you and Chris seem to come across as lecturing people without any experience of situations and what life throws at you. Myabe I am wrong

Lecturing!!!!!!

You don't seem to think you've done anything wrong. You seem to be angling towards the view that you should get some sort of bailout because of your "circumstances". I don't see why I (and others) should have to suffer because you can't manage your finances.

chris85

Mick41 wrote: »

Too be honest shouldnt have called u what I did Stepbar but to be honest both you and Chris seem to come across as lecturing people without any experience of situations and what life throws at you. Myabe I am wrong

very arogant view there. I am basing my opinions of you clearly on your statements so far. i have given very clear advice that will help which hasnt been acknowledged at all. Your attitude is so far off and no wonder cant deal with MBNA.

Mick41

Yet again Stepbar I ask you to read what I wrote instead of your knee jerk reaction. Never once did I ask for Bail out just some compassion to peoples circumstances.


Chris. thanks for your advice

Mick41

You don't seem to think you've done anything wrong. You seem to be angling towards the view that you should get some sort of bailout because of your "circumstances". I don't see why I (and others) should have to suffer because you can't manage your finances

ripo

I am a mature student, took out a loan before the economic crash for college, and house experiences. I originally took out the loan with AIB.

At this point in time I had a full time job too and was making enough money to be comfortable. MBNA posted me a letter to apply for a credit card, and an option to transfer my loan for 0.0% APR for first 6 months - which I thought was great (at the time)

I decided to apply to MBNA for a credit card, and when i was accepted I transferred my loan from AIB to MBNA officially closing my loan with AIB.

The first 6 months was great with MBNA, no interest and things were a lot easier. when the 6 months free APR ended I also was let go from work, as the economic crisis was starting to have an effect on the jobs market. The problems were just warming up for me at this point in time.

I though very little of the problem, as I have a good combination of skills & certificates to get new employment. This proved wrong when each job application was turned down, as the jobs market was suffering.

To summarise in short. I had roughly €4200 debt with MBNA, in which I arranged a settlement to pay pay €89 per month. they freezed interest too.

I was falling behind in rent, ESB, and other general bills and could no longer afforf the €89 per month, as bad as it sounds i was living of toast and beans at this stage...

As good as social welfare payments are in Ireland, I was struggling to pay for high end rates in Dublin, and walked everywhere (unable to afford a bus)

a couple of months passed and MBNA are contacting me on a daily basis, as I can't afford I did the worst possible thing, and ignored their calls as was frighted of what could happen. Ireland is one of few countries with a back dated system, (1940's) that still imprisons people who fail to pay debt.

Today I got a call from a lady indicating she where she was from, quite rude (but this I can understand) as never paid my bills.

for the sake of a future criminal conviction and possible imprisonment I have decided to take responsibility pay my debt, through a debt relief agency. I'm looking to pay back €5 Euro per week, until I get employment again.

I have a feeling if I leave the debt unattended it may get worse, and I could find my self being sent to court,

The banks must also take responsibility as they lent money to everyone in the boom, to maximise there earnings, although I understand i must take responsibility to as I took out the loan. (when the economy was good) . how was I to know i was going to lose my job and witness a world wide economic crash. it 3 years now, that we are in this economic mess, and looks like another decade to come.

I have being feeling pretty down with my self in the past year, and find it hard to see anything positive, although hanging in there to handle this mess out!

Cegla010

Mick41 wrote: »

Firstly the guy in the house before me was not my friend!! Never met him.
As for bailing out the banks everybody is suffering and what has my back up is accountablitity. They are going after easy targets and if poeple saw that it was across the board they wouldnt be as annoyed and angry

Bank of America paid off the bailout somewhere last year along with interest on top-they never needed any bailout in the 1st place.

Cegla010

Ash121 wrote: »

Hey, I received the same letter from MBNA today. I am now a mature student, having lost my job 2 years ago. I will be in college for another 3 years. I used to find MBNA very hard to deal with but in the last year I have found them pleasant. They do sometimes in fairness try to scaremonger me with the "this will effect your credit rating" but it fails to scare as my credit rating went downhill many years ago. Before I received this letter today my current understanding that I have with them is that they ring me a week before my payment needs to be made, usually its no more than €100. I pay it and I do not hear from them for the rest of the month. My last conversation I had with them was when I was giving them my lazer card number for a payment a few weeks ago. The lady told me they would be calling me soon to try and get a 5 year payment plan sorted so that the debt will be payed of in that time. I said this was fine and I would be happy to talk to them about that and then i receive this letter today. I cannot imagine that they will not be handing this over to some sort of debt collecting company but I cannot see why a debt collecting agency would bother taking my account off MBNA. I have no assets and my current circumstances will not be changing for many years. I suppose I am hoping that they really are going to write it off as it would mean I might actually be able to afford the bus to college next year!!!

Guys, what needs to be fully clarified is the word Write Off- this happens after you credit card bill falls over 6 months in arrears and is Written Off the lenders book as bad debt and registers as a W on your ICB or as a Default on the Experian-you are still liable to pay this amount in full. There's loads of options there for everyone. It all comes down to a simple question of how much can you afford to pay on a monthly basis. MBNA has their own regulations i.e. longest repayment period accepted is 5 years and if you cannot afford this other options will be looked into.

Cegla010

ripo wrote: »

for the sake of a future criminal conviction and possible imprisonment I have decided to take responsibility pay my debt, through a debt relief agency. I'm looking to pay back €5 Euro per week, until I get employment again.

I have a feeling if I leave the debt unattended it may get worse, and I could find my self being sent to court,

Really sorry to hear about your situation but going to a 3rd party debt management company only makes sense if you have enough disposable income left- what makes you think that MBNA will accept €20/month through a 3rd party when they have put you on €89 payment plan? a 3rd party can only do as much as you yourself provided that you gave details of your financial statement to MBNA. Going to MABS is fair enough as it's free but paying to 3rd party for something you can do yourself makes no sense at all where you have no monies to make reduced payments in the 1st place. Regards

lilmissmoo

Hi Ripo,

Really sorry to hear about your situation. I got into difficulty myself after being let go from my job and of course couldn find another one. So I started to ignore letters and payments to my bank. I had a loan with AIB and a credit card with MBNA. The amounts weren't huge but I cudn afford the repayments and the interest on the creditcard was unbelievable. I made phone call after phone call and got nowhere with either lender. They wud not negotiate repayments or anything with me. Eventually I was getting phone calls a couple of times a day and I ended up changing my number.....I no, not the best way to go about things. Anyway it got so stressful bcos I know I'll need loans/mortgage in the future.

My auntie actually told me about this interview she had seen on Ireland am. It was a man who ran a debt management company and a woman who was struggling from debt. Of course her situation was way worse than mine but I felt like I could relate to it in a way. After watching it I went online to their website www.moneyvillage.ie and was able to email in my question. Within half an hour I received a phone call from one of the reps and I was able to see a financial advisor free of charge 2 days later. I have signed up with a plan with Moneyvillage and I'm extremely happy with the service. They negotiated with both of my lenders and got MBNA to write off 63% of my debt and AIB 40% of my loan.

I can see why people would be put off by fees but I never would have been able to secure a write off myself. Hope this helps....sorry for the length!

Cegla010

lilmissmoo wrote: »

Hi Ripo,

Really sorry to hear about your situation. I got into difficulty myself after being let go from my job and of course couldn find another one. So I started to ignore letters and payments to my bank. I had a loan with AIB and a credit card with MBNA. The amounts weren't huge but I cudn afford the repayments and the interest on the creditcard was unbelievable. I made phone call after phone call and got nowhere with either lender. They wud not negotiate repayments or anything with me. Eventually I was getting phone calls a couple of times a day and I ended up changing my number.....I no, not the best way to go about things. Anyway it got so stressful bcos I know I'll need loans/mortgage in the future.

My auntie actually told me about this interview she had seen on Ireland am. It was a man who ran a debt management company and a woman who was struggling from debt. Of course her situation was way worse than mine but I felt like I could relate to it in a way. After watching it I went online to their website www.moneyvillage.ie and was able to email in my question. Within half an hour I received a phone call from one of the reps and I was able to see a financial advisor free of charge 2 days later. I have signed up with a plan with Moneyvillage and I'm extremely happy with the service. They negotiated with both of my lenders and got MBNA to write off 63% of my debt and AIB 40% of my loan.

I can see why people would be put off by fees but I never would have been able to secure a write off myself. Hope this helps....sorry for the length!

this is ridiculous! what do you mean by written off? do you gave a settlement in mind? sounds to me like you work for the moneyvillage yourself-why haven't you mention that only the 1st visit from financial advisor was free?

lilmissmoo

Cegla010 wrote: »

this is ridiculous! what do you mean by written off? do you gave a settlement in mind? sounds to me like you work for the moneyvillage yourself-why haven't you mention that only the 1st visit from financial advisor was free?

Hi Cegla, sorry I shud have explained better. By written off I mean a final settlement. My parents helped me out with a lump sum which moneyvillage then offered to aib nd mbna on my behalf. Like I said it wasn huge amounts so maybe that's why I was lucky and they accepted. Of course there was a fee charged for the final settlement but it was all worth it. I already have a bad credit rating and as a younger woman was glad to have some1 take the worry away. It may sound silly to you to be using 3rd parties but its all a bit daunting to me as I wouldn have a clue how to negotiate with a lender. Didn't mean to cos friction on this, was just tryin to tell how my story went and possibly give advice to another.

Chipboard

stepbar wrote: »

Lecturing!!!!!!

You don't seem to think you've done anything wrong. You seem to be angling towards the view that you should get some sort of bailout because of your "circumstances". I don't see why I (and others) should have to suffer because you can't manage your finances.

Actually its an accepted principal that a person who has no prospect of repaying their debts should get them cleared so that they can resume being a productive member of society. Thats why the concept of bankruptcy exists.

Some posters seem to love venting at people who come on here looking for advice. If they haven't got the money they can't pay. Simple as. No point in being a child about it.

It is true that some people who can pay are choosing not to these days, and taking advantage of the protection being afforded to people who are genuinely unable, but this doesn't sound like one of them cases.

People who are in serious financial trouble should remember that this recession will not be fondly remembered by anyone, politicians, bankers, solicitors etc and that thousands of people (including many politicians, bankers and solicitors) will have judgements against them by the time it is over.

I firmly believe that there will be a certain amount of forgiveness for what has happened because banks will simply not be in a position to refuse to deal with anyone with a blot on their copybook - because there will be so many.

I know for a fact that banks were lending money in the last few years to people who had to skip the country in the early eighties because they were ruined. They got forgiven because the country was a basket case and everyone was under pressure in the early eighties so it would have been hypocritical to single them out.

If your in bother;
- talk to the bank as long AS LONG AS THEY ARE PREPARED TO NEGOTIATE
- keep copious notes
- document agreements
- do your best
- mind your health and that of your family

And don't listen to people who don't know what their talking about, of which there are many on forum such as this.

stepbar

Chipboard wrote: »

Actually its an accepted principal that a person who has no prospect of repaying their debts should get them cleared so that they can resume being a productive member of society. Thats why the concept of bankruptcy exists.

Some posters seem to love venting at people who come on here looking for advice. If they haven't got the money they can't pay. Simple as. No point in being a child about it.

Bankruptcy has not been mentioned here and in fact it would be the worst possible thing the OP could do at this point. In case you're not aware, a person who declares bankruptcy remains a bankrupt for life unless the debt is discharged (within a 12 year timeframe). The High Court must be satisfied that every effort has been made to discharge the debt. Until the laws change, it's not a route I would recommend.

If someone hasn't the money, then fine they haven't many options. The OP hasn't demonstrated this.

It is true that some people who can pay are choosing not to these days, and taking advantage of the protection being afforded to people who are genuinely unable, but this doesn't sound like one of them cases.

People who are in serious financial trouble should remember that this recession will not be fondly remembered by anyone, politicians, bankers, solicitors etc and that thousands of people (including many politicians, bankers and solicitors) will have judgements against them by the time it is over.

I firmly believe that there will be a certain amount of forgiveness for what has happened because banks will simply not be in a position to refuse to deal with anyone with a blot on their copybook - because there will be so many.

The OP has come across as someone who has either refused to negotiate or stick to a repayment plan. All I'm hearing is the word "compassion" being used a lot. Compassion is a word that gets abused a lot. A bit like if someone owed you money and all you heard was "next week". Eventually you'd get p1ssed off.

I know for a fact that banks were lending money in the last few years to people who had to skip the country in the early eighties because they were ruined. They got forgiven because the country was a basket case and everyone was under pressure in the early eighties so it would have been hypocritical to single them out.

If your in bother;
- talk to the bank as long AS LONG AS THEY ARE PREPARED TO NEGOTIATE
- keep copious notes
- document agreements
- do your best
- mind your health and that of your family

The OP has not indicated if he has done any of the above. I get the impression he hasn't.

And don't listen to people who don't know what their talking about, of which there are many on forum such as this.

Well if that's a vailed attack at me it doesn't bother me, unless you're going to tell me you're a banker (which I am) yourself I'll take that with a pinch of salt.

Chipboard

stepbar wrote: »

Bankruptcy has not been mentioned here and in fact it would be the worst possible thing the OP could do at this point.

You don't have to be declared bankrupt to have your debt forgiven. I didn't suggest he opt for bankruptcy. I stated that the principal of debt forgiveness exists.

stepbar wrote: »

If someone hasn't the money, then fine they haven't many options. The OP hasn't demonstrated this.

You cannot demonstrate that you don't have money on a disussion forum. He has clearly stated that he doesn't have money. You'll have to take his word for it but his 'real life' Banker can have him investigated as to his means.

stepbar wrote: »

The OP has come across as someone who has either refused to negotiate or stick to a repayment plan.

No he hasn't.

Mick41 wrote: »

Hi,
I have been unemployed for a while and have just started a temp job this month. I explained to MBNA that I would try and pay off some of my card each month when I was unemployed which I did. I noticed after complaining bitterly about the harrasing 7 phone calls a day from a machine that couldnt even pronounce my name correctly that it all went quiet even though I had asked them to keep in contact with me and how much do I need to pay each month to keep them off my back. Never got an answer to that and everytime I asked they pulled back. Got a letter in March telling me they had overcharged me 330 euro but I still need to pay a payment that month ( law upon themselves ).
They have now served me with a notice of intention to file a debt write-off/default.

I have not told them I am starting to work again and was going to do it this week. I have to ring them in the morning as they are uncontactable after1 pm Sat and Sunday and I was only home on Saturday evening.

I am being made to feel like a common crook by a shower of bullies.

As one of their customer service people told me on sat after holding for 20 mins that they were not helped out by the Irish Tax payer and they didnt need nama I now discover they are part of Bank of America which was bailed out beyond believe,

Any advice before I try to talk to them in the morning is very much appreciated,
Thanks,
Mick

He contacted them.
He told them his story.
He offered to do what he could.
They reacted by phoning him seven times a day. I find it hard to believe that they did this via a machine but if they did it is a disgrace.
He asked them to keep in contact but they didn't.
He asked how much they would accept per month - they didn't respond.
They overcharged him.
They did nothing to help him.

stepbar wrote: »

All I'm hearing is the word "compassion" being used a lot.

I didn't use it but I do believe in it - where appropriate.

stepbar wrote: »

The OP has not indicated if he has done any of the above. I get the impression he hasn't.

He talked to the Bank. You should note the piece in block capitals - AS LONG AS THEY ARE PREPARED TO NEGOTIATE. They only person who doesn't need to negotiate in any transaction is someone who is in a position of absolute power. A bank which is trying to recover an unsecured debt is in anything but a position of power. If they aren't prepared to negotiate he is wasting his time.

The fact is that the OP started on the right foot but the Bank handled it badly which resulted in him getting annoyed (I would too if I was treated like this when I was already under enough pressure) and this caused him to vent at them in relation to them being bailed out. This won't help but it certainly is understandable.

stepbar wrote: »

Well if that's a vailed attack at me it doesn't bother me, unless you're going to tell me you're a banker (which I am) yourself I'll take that with a pinch of salt.

I guess your going to have to take it seriously so because I am a banker and I've been at it for a while. Back in the day it was a civilised occupation and got some respect but they let anyone in these days hence the current difficulties.

ripo

Thanks lilmissmoo and Cegla010.

This is the update so far. Its long so please bear with me.





Dear Sir/madam





I am writing to you regarding the above account.

The purpose of this letter is to inform you that I am currently experiencing financial difficulties and am in the process of trying to resolve them.



I am at present assessing my full financial situation and working out how much I can pay to each of my creditors taking into account all my living expenses and commitments.



While I am undertaking this process, it would be of immense help to me if you would put a hold on any action being taken to recover this debt, also if you would suspend any interest and other charges currently being added to this account.

May I take this opportunity to thank you in advance for your co-operation.

Yours faithfully


You are currently on an arrangement of €85 per month.
Your fees and interest have been suspended since 23/11/2009.
We have not received a payment since 05/06/2010 so your account is falling further into arrears.
Your account is presently falling 4 months behind and when the account gets to 7 months, it will be written off, potentially sold to a third party and this will register as a default with Credit Reference Agencies.

Can you call us on <snip> to let us know when you will be making a payment to this account.

Regards

<snip>


Further to our recent correspondence, I am writing to advise you that I have now completed a full assessment of my current financial situation taking into account all my living expenses and commitments.



As a result I am now putting forward an offer of €25.00 per month as being realistic in my current circumstances. Should circumstances improve to the extent where I can to increase this offer, I will contact you immediately.



In the meantime, I hope that this proposal will be acceptable to you.



I look forward to hearing from you.

Yours faithfully


Unfortunately this account will probably end up being written off and potentially sold to a third party.
As I advised in my previous email, you are already on an arrangement on this account for €85 per month which cannot be altered. When the account reaches the 7 months it will register as a default with credit reference agencies for the next 6 years.
We already have a copy of your financial details which we used to set up the first arrangement and we cannot accept less than the €85.


Regards


<snip>




Dear <snip>,

Thank you for your email. Unfortunately my financial circumstance changed dramatically since the last financial details was recorded by MBNA in 2009. my current circumstances prevents me paying €85.00 per month, and is unrealistic taking into consideration other living and family costs. It would be mutual for both of us if MBNA accepted the monthly re-payments of €25.00.

Perhaps a senior member may be able to accept this offer. Payments will increase when I re-enter employment, and MBNA will be notified immediately. this offer is beneficial for both of us in recovering the amount owed.


Yours sincerely



We cannot accept this offer so your account will be written off and potentially sold.
If we sell it on to a third party Debt Collection Agency, they may be able to accept this payment, as they have longer to collect on the debt than ourselves.
It will however register as a default with credit reference agencies for you for the next 6 years.
We have no other option available to you apart from a short settlement which you have already advised, is not an option for you.
Feel free to contact the office to speak to a manager who will advise you of the same information.

Regards




<snip>

ripo

That's the exchange we had. circumstance change all the time, the idea that they stuck me on a 2009 plan that was un-realistic to start off with is so annoying.

Last year I arranged a plan after they contacted me. The problem here is I never got advise from MABS or other agencies and ended up accepting the offer they gave me - rather than my own offer .

Anyway, looks like I'll be dealing with a debt collector now.

I just wanted to share this information with anyone in the same boat - so you know what the outcome is. I'll update this post with any news or updates in this issue - as I can see its going to be a long one!

thanks for everyone's help too ! really appreciate it

Bogger77

ripo,
Since your name has been omitted from the above, you should remove the name of the person in MBNA whose emails you are publishing , without consent.

dudara

ripo Please do not post names and contact details without the consent of the individual involved.

dudara

ripo

Oh sorry guys, completely forgot, sorry

ripo

Chipboard wrote: »

Actually its an accepted principal that a person who has no prospect of repaying their debts should get them cleared so that they can resume being a productive member of society. Thats why the concept of bankruptcy exists.

Some posters seem to love venting at people who come on here looking for advice. If they haven't got the money they can't pay. Simple as. No point in being a child about it.

It is true that some people who can pay are choosing not to these days, and taking advantage of the protection being afforded to people who are genuinely unable, but this doesn't sound like one of them cases.

People who are in serious financial trouble should remember that this recession will not be fondly remembered by anyone, politicians, bankers, solicitors etc and that thousands of people (including many politicians, bankers and solicitors) will have judgements against them by the time it is over.

I firmly believe that there will be a certain amount of forgiveness for what has happened because banks will simply not be in a position to refuse to deal with anyone with a blot on their copybook - because there will be so many.

I know for a fact that banks were lending money in the last few years to people who had to skip the country in the early eighties because they were ruined. They got forgiven because the country was a basket case and everyone was under pressure in the early eighties so it would have been hypocritical to single them out.

If your in bother;
- talk to the bank as long AS LONG AS THEY ARE PREPARED TO NEGOTIATE
- keep copious notes
- document agreements
- do your best
- mind your health and that of your family

And don't listen to people who don't know what their talking about, of which there are many on forum such as this.

Sorry for such a late reply. Thanks for taking the time, and your advise. I'm more than happy to deal with them and start paying something each month, something I can actually afford.

I really don't want to be seen as abusing the system, but looks like the banks did that themselves.

thanks for your advise

ripo

stepbar wrote: »

Bankruptcy has not been mentioned here and in fact it would be the worst possible thing the OP could do at this point. In case you're not aware, a person who declares bankruptcy remains a bankrupt for life unless the debt is discharged (within a 12 year timeframe). The High Court must be satisfied that every effort has been made to discharge the debt. Until the laws change, it's not a route I would recommend.

If someone hasn't the money, then fine they haven't many options. The OP hasn't demonstrated this.



The OP has come across as someone who has either refused to negotiate or stick to a repayment plan. All I'm hearing is the word "compassion" being used a lot. Compassion is a word that gets abused a lot. A bit like if someone owed you money and all you heard was "next week". Eventually you'd get p1ssed off.



The OP has not indicated if he has done any of the above. I get the impression he hasn't.



Well if that's a vailed attack at me it doesn't bother me, unless you're going to tell me you're a banker (which I am) yourself I'll take that with a pinch of salt.

Thanks for your comment,

Yes I have arranged a repayment plan when my job was cut from full-time to part-time. This was arranged with MBNA. I was sticking to these payments which were always paid.

The problem occurred when I lost my job, due to layoffs, and the arranged payment plan was based upon PT work rather than social welfare income (which I did not receive for 8 weeks)

So i contacted MBNA as soon as the problem occurred, informed them that there was people laid off, and I was one of them and had to re arrange my payment plan in line with recent events.

MBNA said they could only do this once, and could not assist me unless I stick to the old payment plan ( which there was no way I could afford)
I never planed o losing my job, i never thought the economy would crash overnight and i never thought i would have to be on social benefit.

mbna should re arrange payment plans according to changes in life!

RachaelVO

I might be a bit late on this. There is no way in all hell that MBNA has written this off. The other posters are correct they sold it to a collection agency. If you have any dealings with the agency, and you will, PLEASE keep a note of everything you do.

The first thing they will do is send you a pretty legal looking letter. This will look a bit scary, but that is the impact it is designed to have. Reply to the letter, via email, as an attachment and then in the post. If you speak to one of their reps (and I'm putting this in capitals, cos I cannot stress it enough)
1. GET THEIR NAME AND POSITION
2. WRITE THE DATE AND TIME DOWN BESIDE A SUMMARY OF WHAT WAS AGREED
3. KEEP ALL THE INFORMATION TOGETHER AND IF POSSIBLE CONSECUTIVELY.

Don't allow them to bully you, and again if they do, document it and ensure you get the name!

They may well be a very reasonable company, and will be happier to come to an arrangement with you than not but don't take any risks and keep a solid record of ANY dealings you have with them.

rolion

Hi,

Let's say you owe to CC bank €1,000 as today's balance.Late payments and charges applies...

What options do you have in dealing with them:
-can you freeze/reverse any late charges?
-can you negotiate a new interest rate,from credit card rate to simillar a personal loan?
-can you still keep the card opened for use ?

Assuming that the bank sells this account to a debt agency,the new owner of the loan,will they charge interest for remaining time or will be same amount until is fully paid !?

Thanks.