MBNA sold debt - Can Charge On Home Be Removed?

MBNA sold debt - Can Charge On Home Be Removed?

Postby chateaux69 » Sat Jun 30, 2012 2:16 pm

Hi all,

A couple of years ago, I had an outstanding cc debt with MBNA who took me to court and obtained a second charge on my main residence. After paying them £10/month for several months I just received a letter from them saying they had sold the debt to a third party company.

Am I correct in thinking "Great" debt paid = debt extinguished (Bills of Exchange 1882) and would I be able to have the 2nd charge removed as MBNA sold the debt?

I've used the Notice & Demand method from "http://www.getoutofdebtfree.org/" in the past with excellent success but am just a little unsure with this one due to the 2nd charge scenario.

Any help would be much appreciated.

Love n Light :sun:
Human Race Get Off Your Knees, The Lion Sleeps No More - David Icke
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Re: MBNA sold debt - Can Charge On Home Be Removed?

Postby MikeThomas » Sat Jun 30, 2012 3:51 pm

When the 'Third Party Interlopers' write to tell you that they have 'aquired' your debt please be polite and thank them properly :yes:

For a point of referance on this try here: http://debtbust.fmotl.com/
We are the people our parents told us NOT TO PLAY WITH
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Re: MBNA sold debt - Can Charge On Home Be Removed?

Postby chateaux69 » Sun Jul 01, 2012 1:00 pm

Thanks Mike, that's what I was thinking but would I be correct in saying that the 2nd charge can legally be removed as it was in favour of MBNA. Would they be able to pass this across to the interlopers?

I'm quietly confident but would like some reassurance from someone who's been here and got the t-shirt :cheer:

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Human Race Get Off Your Knees, The Lion Sleeps No More - David Icke
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Re: MBNA sold debt - Can Charge On Home Be Removed?

Postby pedawson » Sun Jul 01, 2012 7:02 pm

This needs no more thinking than what is obvious.

Scenario:
Who owns the DEBT?
If you have a house and you are paying for it and the OWNER of the HOUSE (YOU) decides to sell.
Do you tell the people or ask the people you are paying that you are selling the house?
The HOUSE is a liability to your account, is it not?
Who is OWED the DEBT?

The point here is that two parties are involved The BUYER and the SELLER

YOU entered into a contract with the seller, ignore the other MORTGAGE illegalities for now. It is important but disregard it for now.
You have NOT entered into a contract with anyone else OTHER than the SELLER, the transfer of the property was handed over to you.

Any contract HAS to have the consent of all parties before any modification or alteration can become legitimate.
Have you agreed to the transfer of the debt?
Have you reneged on the contract, are you in default as per the contract?
If not the contract stands as it were, now if the other party walks away from the contract there is now only one party.

What may have happened here is the other party has valued the debt and put it on the market for a buyer. The object in question is not tangible it is speculative. Nothing has a value other than the value of last transaction and that value is not valid in future sales.

Let me clarify:
If I buy something and later sell it I may get more than I paid for it or I might not. The value is entirely dependant on the buyer. I could hold out for a better offer BUT on sale THIS is the new value of the object in question.

Now here's another point, the contract is with YOU and unless you have reneged on the contract YOU are the legitimate owner of the property.

What is it the new buyer thinks it is they are buying?
In this transaction, did the new buyer ask you if you were willing to sell the property?
Had they done this and you agreed then they are the new owners. However if they had asked, I Know as you know, you would have doubled the price of the property and sold. OR, you would have told them you do not wish to sell.

Your CONTRACT is with the OTHER person, always was and will remain so until they are either PAID in full or they renounce the debt as paid.

Since the new people have PAID for the debt the contract is now PAID in full and is no longer owed. Your CONTRACT is now remedied.

Have you signed a contract with the other party, otherwise known as the interloper?

Now these are my own thoughts and NOT to be used or understood as advice. You on the other hand may agree with my thoughts, however what you do is out of my control.

Namaste, rev;

Just as an after thought, If the people who bought the debt found an empty property WHO are they going to chase? They paid your debt in full there is NO DEBT. Then again you could just thank them, it's the very least you could do.
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