Debt Help needed
Nov 22nd 2004, 12:12 am
#31
British/Irish(ish) Duncs
Joined: Jan 2003
Location: Cambridge MA, via Mississippi and Belfast Northern Ireland.
Posts: 700
Re: Debt Help needed
Originally Posted by Jenney & Mark
I don't know -- I think Big D has a point here.
MBNA is a US company with its international headquarters in Delaware with several overseas operations, including in the UK. Ultimately MBNA is a US bank, so it's not too far-fetched that they made an internal decision to charge off this account and sell it to a 3rd party debt collector in the States, where the OP is now living.
To answer the OP's question, "Is it legal to sell my debt and info to a US company?" -- my answer would be yes, I believe it is, since MBNA is a US bank, and you currently live in the US.
FWIW, I opened an MBNA (US) account last year, and when I asked if I could transfer a balance from my husband's British credit card account, I was told yes -- as long as his account wasn't with MBNA (UK). If it was then that would be considered an internal balance transfer, which MBNA (and most credit card companies) doesn't allow. The fact that my account was MBNA (US) and his was MBNA (UK) was irrelevant -- MBNA=MBNA.
~ Jenney
MBNA is a US company with its international headquarters in Delaware with several overseas operations, including in the UK. Ultimately MBNA is a US bank, so it's not too far-fetched that they made an internal decision to charge off this account and sell it to a 3rd party debt collector in the States, where the OP is now living.
To answer the OP's question, "Is it legal to sell my debt and info to a US company?" -- my answer would be yes, I believe it is, since MBNA is a US bank, and you currently live in the US.
FWIW, I opened an MBNA (US) account last year, and when I asked if I could transfer a balance from my husband's British credit card account, I was told yes -- as long as his account wasn't with MBNA (UK). If it was then that would be considered an internal balance transfer, which MBNA (and most credit card companies) doesn't allow. The fact that my account was MBNA (US) and his was MBNA (UK) was irrelevant -- MBNA=MBNA.
~ Jenney
Honestly i am not trying to be smug but the walls of national legal soveriegnty have not collapsed yet.
Nov 22nd 2004, 4:10 am
#32
Account Closed
Joined: Mar 2004
Posts: 2
Re: Debt Help needed
I thought when debt was sold, assuming the contract did not allow debt to transfer, that effectively the buyer took over the rights of the seller and acted as agent in pursueing those rights.
Must have a look at my UK CC accounts, but I would also expect that the contract is with a UK entity with specific jurisdiction to the UK courts.
But there is a seperate issue in where the collection agency is and where that agency would have to take matters further if legal action was required.
Must have a look at my UK CC accounts, but I would also expect that the contract is with a UK entity with specific jurisdiction to the UK courts.
But there is a seperate issue in where the collection agency is and where that agency would have to take matters further if legal action was required.
Nov 22nd 2004, 4:22 am
#33
Homesick....
Joined: Nov 2003
Location: Melbourne (Ex Christchurch U.K)
Posts: 69
Re: Debt Help needed
In hindsight and it may not be "sensible" as such, but for future reference.. maybe if people leave a country and a handful of debt, and once have a job, they could get a "personal loan" or whatever you call them in U.S etc.. to consolidate your debts... that way you pay off the debt in the said country, and then have 1 loan payment in your current country, and if you have difficulty keeping the repayment, call the compnay that holds your loan to re noegotiate payments. Company's just want there money which is fair enough, so if you call and advice when you have a change of circumstance they are usually more than willing to help. It cost them more money if you go into bad debt, some of which you get lumbered with ontop of your outstanding debt. The earlier you call the better.
Yes your getting a new debt, to pay off other debts, but it is ONE loan, and ONE repayment and personal loans are almost always a lower interest rate.
The bottom lines are debt will not go away, despite changing countrys, it will follow you, the longer you leave it the higher it gets, and they will find you, you will have a bad credit rating, and bankruptsy should be your last and final option as this is the worst form of debt escape. It should also be noted that when you "declare" bankruptsy that its not just a case of poof your debts are gone, in some cases you still have to pay a certain amount per dollar of your debt, and it ruins your life, much much worse than a "bad mark" on your credit file.
You cant just run and hide.. you have to ACT, to avoid strife, if your old enought to get a loan your old enought to be responsible for it, no matter what life throws at you. Circumstances change, companys/lenders get that. They are not the devil..... until you let it go to far.
Yes your getting a new debt, to pay off other debts, but it is ONE loan, and ONE repayment and personal loans are almost always a lower interest rate.
The bottom lines are debt will not go away, despite changing countrys, it will follow you, the longer you leave it the higher it gets, and they will find you, you will have a bad credit rating, and bankruptsy should be your last and final option as this is the worst form of debt escape. It should also be noted that when you "declare" bankruptsy that its not just a case of poof your debts are gone, in some cases you still have to pay a certain amount per dollar of your debt, and it ruins your life, much much worse than a "bad mark" on your credit file.
You cant just run and hide.. you have to ACT, to avoid strife, if your old enought to get a loan your old enought to be responsible for it, no matter what life throws at you. Circumstances change, companys/lenders get that. They are not the devil..... until you let it go to far.
Nov 22nd 2004, 5:35 pm
#34
Lost in BE Cyberspace
Joined: Feb 2004
Posts: 14,577
Re: Debt Help needed
Originally Posted by Yosser
calm calm down.....everyone needs to take a chill pill.
There is no easy way to pay off credit card debt back in the U.K, out of my $250 check I send, only 65 quid actually comes off the account, its ball breaking I know, but its just got to be done.
I have noticed though, that people tend to jump down new-posters neck on similar subjects, so lets not be hasty and help a little.
There is no easy way to pay off credit card debt back in the U.K, out of my $250 check I send, only 65 quid actually comes off the account, its ball breaking I know, but its just got to be done.
I have noticed though, that people tend to jump down new-posters neck on similar subjects, so lets not be hasty and help a little.
I had to pay a UK CC off when I first got here, the money went from my Citibank account to Halifax in the UK then to the CC company via wire transfer. The international transfer fee from Citibank was about $20, out of the $250 I was transferring monthly at least £100 was being paid off.
-tom
