# Mbna Debt being sold on-what happens next



## Bennie (18 Sep 2012)

Hi all
1st post  here.
im really  very worried & stressed out and would like  to hear from anyone   who can   tell me  what will  happen next.
Basicly my mbna  credit card  debt(9000)  was turned into a payment plan with them  when i ran into trouble.i  agreeded to pay 180 a  month which i did for a year then i lost my job &  could barely pay 40/50 a month.
they sent me  all the   threatening letters & about 2months back the advised me i will no longer hear from them & that the will not send me out  monthly statements as my debt has been sold on.
i havnt heard from the debt collection people yet but what can i expect?will they call to my door? will i get an order to go to court?
im so worried & stressed out,i can barely function or talk to my wife & kids.


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## wbbs (18 Sep 2012)

Give the MABS helpline a call in the morning and they will advise you, try not to worry too much about it, you are not alone, there are thousands in your position.


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## Bennie (19 Sep 2012)

thanks for replying.
im already waiting to speak to my local mabs but they are very busy.
i guess i really just wanted to know what happens next & if the debt collection people will  demand full payment etc.
thanks anyway.


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## vandriver (19 Sep 2012)

I guess they will demand full payment,but what of it?
If MBNA have sold on the debt at a large discount,then offer them a small monthly payment that you can afford.You would be better only dealing with them in writing.


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## wbbs (19 Sep 2012)

That's why I suggested the MABS phone helpline, at least you will get a fairly instant conversation with someone, their waiting lists for appointments are huge.   Give a ring today anyway just to find out the basics, fear of the unknown is the worst thing.


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## fogfurn (19 Sep 2012)

Please read my post on mbna


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## Bennie (19 Sep 2012)

fogfurn i have just read it thanks,well done on paying your debt of but unfortunatly i would no be able to pay them any settlement figure as i have no savings & live hand to mouth each week
pied pieper im still waiting to hear from mbna on who the agency that will collect my debt is.eighter that or they will take me straight to court


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## Kev (19 Sep 2012)

Let them take you to court, also make a budget of your income and outgoings and see what you got left over at the end of the month after all you priority out goings.  What you have left will be able to pay them.  

Write to them and tell them what you budget is and what you got left after all your priority outgoings and see what they say, you may only have a 1 to 5 euros left after your outgoings at the end of the month, do not be afraid to offer that amount.  

The court will only make you pay what you can afford do not be afraid to go to court as that will be binding on the creditors.

Make sure you record your letter and get it signed for or fax it to you to them as they will deny receiving it.


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## Kkma (19 Sep 2012)

I'd say the first thing might be a phonecall or a letter. I understand that you are worried sick, and I'm guessing that fear of the unknown is making it worse. There are lots of people you can get advice from. Citizens Information are brilliant over the phone - they probably will say go to Mabs but they will give you more information about what might happen next. Your local TDs' offices will also give information and support, as do senators' offices. If you are getting very anxious a trip to your GP might be an idea. Please take care of yourself first and your family. I know it's a cliche but your health is your wealth. Have you tried the money makeover section here, it might give you a clear idea of how much a week you could give these guys, than you could write to them and tell them... They can't get blood from a stone. Best of luck with it and take care of yourself


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## Bronte (20 Sep 2012)

Bennie said:


> I have no savings & live hand to mouth each week


 
Well then you quite clearly cannot pay, you're better off going to court and if you've no surplus income or are on the dole they court will most likely order you to pay nothing or a very small amount like 5 Euro's a week/month or whatever. Don't be scared of the threatening letters. Go and talk to someone who can help you to understand what is happening, such as MABS. 

Threating letters are sent to try and make people pay up, but these guys know if someone hasn't got the money then they may back off.  It would be a waste of time and money bringing you to court.  

Do you have any assets such as a house?


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## Bennie (20 Sep 2012)

yes i own my home with a mortgage.im on interest only untill febuary then back to full payments.i genuinely realise i owe the debt to mbna but i racked up thousands in interest & late fees over the years untill they came up with the unrealistic repayment plan of 180 per month(i havnt used the card since 2008) which i stuck to for a year untill i lost my job & exausted my savings.i have a 8 year old car which is worth very little as i cant afford to nct it.
i will ring for advice once i buy  credit for my phone..but do you think the will get the debt collection people in or will it be court?


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## Bronte (20 Sep 2012)

Bennie said:


> i will ring for advice once i buy credit for my phone..?


 
That's just desperate.  From what you've outlined, your lack of income, I wouldn't be afraid of either the courts or the debt collectors.  You'll be reassured when you talk to Mabs.  

Do you have any equity in your house or are you in negative equity?  If you are struggling now to pay interest only I cannot see how you will be able to go back to full repayments?  Maybe the new insolvency legislation will be of help to you, but only time will tell on that one.  

Are you good at budgeting Bennie, are you claiming all you are entitled to?  Do you want to post up the figures on income and expenditure and see if you can get some tips, or look at other people's posts for ideas.


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## Bennie (20 Sep 2012)

our house is roughly worth less than half than what we owe on it,so pretty grim really.i also have a personal loan that i took out almost 7 years ago with same bank as mortgage provider which is a killer but the last payment is in january.
we are very careful with money & the wife budgets for everything but we still dont have enough & our utilities are in arrears now.
we have looked into moving to canada as in my work i could get a job no problem but we just dont have the money for visa/flights so we stuck here now with no prospects & Debt & no hope of getting out of it.
Thanks to everyone for helpfull replies.i appreciate it & have taken everything onboard.


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## Bronte (20 Sep 2012)

Bennie said:


> we have looked into moving to canada as in my work i could get a job no problem but we just dont have the money for visa/flights so we stuck here now with no prospects & Debt & no hope of getting out of it.
> .


 
Yes it is pretty grim Bennie, but you've thrown a chunk of light there. If the only thing stopping you going to Canada is money than the solution you're forced into is saving that money by not paying the mortgage or personal loan until you have enough to get to Canada. You might feel bad about doing that, but you should concentrate on what's best for you and your family. The banks and the Irish government don't seem to be coming with any viable solutions for people like you, so it's each man to himself. 

I live abroad, so I know it's not an easy decision to make but with no prospects in Ireland, a mountain of impossible debt, no solutions and a possibility of a new life in Canada, all debt wiped off, well you need to think about it. 


In relation to the MBNA debt, it's better that you are in negative equity, they surely won't waste money on putting a judgement mortgage on your home. Don't be afraid of them, that's what they and the debt collectors work on. 

In relation to utilities and priorities. It is far better that you pay for food, utilities, and then mortgage, in that order not the other way around. You'll always be housed, even if you lose the place you are currently living in.

And well done on taking steps by posting on here about the stress, have you a family member you can talk to. You know there is also the St. Vincent de Paul as well, they do wonderful work. Just a listening ear can be wonderful. Remember there are plenty more like you, in the houses near you, but it's hard to spot it as everybody is so tied up in their own problems and hiding them that people don't realise they are so many in the same situation as themselves. Seek out whatever will eash your mind on the stress that MBNA is putting you under.


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## Kkma (20 Sep 2012)

Bronte said:


> Yes it is pretty grim Bennie, but you've thrown a chunk of light there. If the only thing stopping you going to Canada is money than the solution you're forced into is saving that money by not paying the mortgage or personal loan until you have enough to get to Canada. You might feel bad about doing that, but you should concentrate on what's best for you and your family. The banks and the Irish government don't seem to be coming with any viable solutions for people like you, so it's each man to himself.
> 
> I live abroad, so I know it's not an easy decision to make but with no prospects in Ireland, a mountain of impossible debt, no solutions and a possibility of a new life in Canada, all debt wiped off, well you need to think about it.
> 
> ...


 
Absolutely agree 100%. Well said Bronte. Your well being is far more important than anything else. You have to put yourself first.


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## Bennie (20 Sep 2012)

thank you..it even just helps writing it down here & having some helpfull replies as to what  to do as it can be hard to see the word for the trees sometimes.
I cant & wont talk to my family as they have all done very well for themselves & as im the eldest in the family by a good few years its embarresing that my life is what it is..my friends were good people that  i met through my job but i dont see them now due to  being made redundant.
thanks again


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## MisterMarkie (20 Sep 2012)

Bennie, I am in a very similar position. I have been in regular contact with MBNA concerning my outstanding debt and have had the account closed and passed onto MBNA Debt recovery department. I have not heard from them since my last letter in the first half of the year. I got the same letter that you have received in October 2011 and no action has been taken thus far. I have a number of debts to pay and am reducing them as best I can. I see the MBNA debt as my lowest priority and have found that only communicating by letter has been far less stressful. Stay positive, it's only money you owe them.


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## Bennie (20 Sep 2012)

hi mistermarkie
Thanks for sharing,do you mind me asking were you on a 'payment plan' with them where they freeze interest etc? thats what i was on but i broke it as i couldnt keep up  the repayments anymore,i asked them to   reduce the amount the required monthly but the said that i had agreed to it so therefore cannot be changed.
last letter i recieved said i would no longer get monthly statements & that our agreement was terminated & that the debt was being sold.


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## MisterMarkie (20 Sep 2012)

I wasn't on a repayment plan or any sort of reduced payment agreement, I made offers to MBNA of a fixed monthly amount after I could no longer afford the minimum payment. I received the letter about the account being sold on in July 2011 and am still surviving. I hope this helps to reassure you.


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## Kev (21 Sep 2012)

Please do a budget and either send or take it to your bank as well as the people that you owe the loan to, let them know your circumstances and that you cannot pay anything at present, if you do nothing then they may keep putting interest on your loan and that will add up.  You must contact them to let them know that they cannot get get blood from as stone and no point in adding anything on to your loans. It will go in your favour if you do that and not ignoring them.


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