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Does the credit card company need to inform me they have employed a Debt Collection Agency to retrieve the debt?
Does the credit card company need to inform me they have employed a Debt Collection Agency to retrieve the debt? I have £15,000 outstanding to MBNA and they have suspended my card and I have been trying to negotiate with them for repayments but they have now brought in a debt collector who are calling me all the time and say I must only talk to them not the card company.
There is no obligation to tell you they have passed it to a debt collection agency.
The debt collector in this case may well be working on a percentage of the debt they collect from you and thus will demand you speak to them and not the credit card company in an attempt to preserve their position.
In the early stages of the debt the debt collector may be employed by the bank to collect the debt but as time goes on the debt may be sold on by the bank to debt collectors working on their own account.
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