Debt Questions forum. General questions on debt issues.

Moderators: TalbotWoods, JaneClack

By gkdmturner
#426803 hi all
just received a ppi settlement from mbna for £9000!!!
mbna sold my debt to equidebt, who went into admin. cabot now own my debt of £13,400. im on a dmp with payplan.
in my letter from mbna it says if my debt has been sold on, they may try to buy the debt back and use some or all of the ppi payout towards the existing debt. my question is, would it pay me to make a f&f offer to cabot at a low rate, before mbna try to buy it back?
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By TalbotWoods
#426813 Maybe

It will depend on the terms of business that were in place between MBNA and Equidebt.

This has been more complicated by the sale to Caboot.

If Caboot have there head screwed on they would jump at a nice lump sum, BUT that may be overruled by the terms of business.

So it may pay to hint to Cabot that you may be in the position to offer a sizeable F&F, which will temp them to keep hold of the debt, but MBNA may tell they they are goign to wipe £9000 off the debt either way, by paying Cabot the money directly (and that happens).

These are always difficult to call, and to be honest the best advice I can give right now is wait and see who gets the cheque, then the cheque holder calls the shots!!

Tim
By gkdmturner
#426833 thanks tim, interesting.
mbna have already said they are sending the cheque to me within 28 days. i won my case through the ombudsman, as mbna would'nt talk to me about the ppi mis-selling case, as i could'nt answer the security questions. they then promptly sent me a letter closing the ppi claim. the ombudsman ruled in my favour. :D , needless to say mbna will have their backs up!
i think i will wait and see what happens.
by the way the ombudsman is dealing with another ppi claim for me with barclaycard, fingers crossed i get that one as well. :D
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By TalbotWoods
#427403 LOL.

He who hold the cheque holds the balance of power.

I woudl be inclined to think MBNA will send you the cheque because they have sold the debt on, rather than arrange for Equidebt/Cabot to collect on their behalf! So they have already had their compensation.

Good luck with Barclays, they do no alike being told to pay out, which is ironic really as they were the one that started the PPI miss-selling in the first place.

I would also chat to PayPlan, as the PPI windfall could be used to clear down a lot of the other debts by way of low F&Fs........without showing preferential treatment and a free for all of the other creditors!

Tim