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MBNA Partial Settlement accepted???


fernack
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Hi,

 

I recently offered a full and final settlement to MBNA on a credit card debt. Had no correspondence from them at all so last week sent CCA request.

 

Today I have received a letter accepting £3000 in Partial settlement. They confirm no further action will be taken to recover the remaining balance. My account will be registered Partially Settled with credit reference agencies.

 

My questions are : am I safe to pay them the £3000 and rest easy?

 

have they done this because I sent CCA and they dont have an enforceable agreement?

 

Any and all advice greatly appreciated.

 

Regards, Fernack

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Hi Again,

 

I have written to MBNA asking for them to accept full and final settlement at £3000 and confirm neither they nor any other company will pursue the balance. I have asked for confirmation of this in writing, basically saying that if they are willing to accept part settlement and not pursue the balance, then they may as well accept full and final.

 

Was this the right thing to do?

 

Thanks, sorry to harp on but dont want to miss the opportunity to settle. Also, my claim for Charges is on going but have not mentioned this to them

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Hi,

 

I recently offered a full and final settlement to MBNA on a credit card debt. Had no correspondence from them at all so last week sent CCA request.

 

Today I have received a letter accepting £3000 in Partial settlement. They confirm no further action will be taken to recover the remaining balance. My account will be registered Partially Settled with credit reference agencies.

 

My questions are : am I safe to pay them the £3000 and rest easy?

 

have they done this because I sent CCA and they dont have an enforceable agreement?

 

Any and all advice greatly appreciated.

 

Regards, Fernack

 

No! A partial settlement means they can come after you for the entire rest of the money.

 

And, yes, absolutly.

  • Haha 1

i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.

 

I am not a qualified or practicing lawyer.

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Hi,

 

Sorry to all who are sick of me by now!

 

CCA request to MBNA ... 12 days is up tomorrow.

 

I had offered a full and final settlement a while ago and lo and behold, since I sent CCA I have had a letter stating they will accept the money in partial settlement and not pursue the rest. I sent another letter basically saying that if they wont pursue the rest then why not just state in writing that it is full and final?

 

If the CCA does not turn up tomorrow, should I write again offering Full and Final? I dont want to drag this out any longer than necessary and I suspect they do not have the CCA.

 

Many thanks again, Fernack

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If they don't reply by tomorrow then you can put the account in dispute (write and tell them that it is in dispute puruant to s78(6) of the CCA 1974 as they have not met their statutory obligation to provide you with a copy of the executed agreement within the statutory time period.

 

If the account is in dispute they may not enforce it, ie they may not:

1) ask for payment

2) add any charges or interest

3) communicate with any third party concerningh the account, including with any CRA

4) they most certainly can't put a marker against your credit record concerning this account.

 

They have 1 month to recify the situation (ie send you the agreement) or they commit an offence (again under s78(6)).

 

It is best to wait a couple of days before doing this as their reply may have been held up in the post. However, you may not want to do it anyway.

 

The problem is that, by offering a partial settlement, you have acknowledged the debt. That means (I beleive) that you cannot tell them to push off completely, even if they cannot come up with a copy of the agreement.

 

It might be best to wait until Monday an then ring them. Tell them that the account is effectively in dispute for the reasons given above and that the offer of settlement is still on the table and see if they accept it. They should easily grasp that it is probably the best they are going to get under the circumstances.

 

I will ask some of my more experienced colleagues to have a look too.

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Hi,

 

Sorry to all who are sick of me by now!

 

CCA request to MBNA ... 12 days is up tomorrow.

 

I had offered a full and final settlement a while ago and lo and behold, since I sent CCA I have had a letter stating they will accept the money in partial settlement and not pursue the rest. I sent another letter basically saying that if they wont pursue the rest then why not just state in writing that it is full and final?

 

If the CCA does not turn up tomorrow, should I write again offering Full and Final? I dont want to drag this out any longer than necessary and I suspect they do not have the CCA.

 

Many thanks again, Fernack

 

you absolutly should not accept any partial settlement offer. It must be full & Final.

 

people take different tacks after a CCA request has failed. Lots of people decide not to pay, but there is a risk if the CCA ever turns up they could enforce the agreement.

 

others go for a F&FS offer, but if you decide to do this start LOW. 20% of debt at most.

 

The settlement MUST be full & final, otherwise they can come back at you at any time.

i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.

 

I am not a qualified or practicing lawyer.

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Thanks for replies, most helpful.

 

Milk Tray Man ... yes probably ... also been advised to start thread for each company etc ... also some of my posts seem to have dropped out of sight with no replies!

 

I did apologise for harping on!

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Thanks for replies, most helpful.

 

Milk Tray Man ... yes probably ... also been advised to start thread for each company etc ... also some of my posts seem to have dropped out of sight with no replies!

 

I did apologise for harping on!

No probs fernack...I wasn't having a dig at anyone in particular.

It's just easier for U to get the correct advice that's all.

Perhaps U could persuade a friendly passing MOD to collate your same Bank Threads for U??

 

Here's a link to a Thread that had similar probs of dropping of the 1st page of a Bank's Forum...

http://www.consumeractiongroup.co.uk/forum/lloyds-bank/86135-bev-ltsb.html

I think I explained the dropping off thingy in #13 to the other Poster?!

 

For the future fernack, if U want to find your Threads just do the following...

Log on.

Scroll down to where U can see a list of Members who are currently Online.

YOUR Username should show at the start of the list (Top left-hand side).

If U click on your Username, your profile page will show + from that, U will be able to find any Thread that U have started or any of your last 100 Posts...;)

 

 

...:)

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:eek: MBNA have sent me my CCA ... I would like to know if it is enforceable? Any moderators are welcome to collate my related threads and put them into one.. sorry for multiple postings!

 

The covering letter says here are 1) Copy of the original credit card application. 2) Terms and conditions. 3) recent statement.

 

The T&Cs are seperate pages titled Credit Card Agreement regulated by the CCA 1974

 

Any help greatly appreciated. Thanks. Dont know how to make pics bigger!

 

th_ccambna.jpg

th_mbnacca.jpg

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Hi Fernack, i'm afraid I can't see these, it might be worth downloading them to photobucket...I or anybody else cannot work out if they have the prescribed terms and are properly executed......did they just send you these 2 half pages or are you missing some of the information out ?....

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Also is this any help ?....from the brilliant Peter Bard

IS MY AGREEMENT ENFORCEABLE( Via section 127(3) CCA1974)

PRESCRIBED TERMS FOR THE PURPOSES OF SECTIONS 61(1)(0) AND 127(3) OF THE

CONSUMER CREDIT ACT 1974 Taken from sced.6(1983/1553) regulations

(If you just want to find out, skip the bits in between the stars it’s just some extra information)

 

**What do we mean by unenforceable?

In the Consumer Credit Act section 127 there is a provision for making an agreement unenforceable if it does not contain certain pieces of information.

Subsections 1,2,3,4 state which pieces of information these are, and everything mentioned there must be included within the body of the agreement, if one is missing the agreement is unenforceable.

 

How does unenforceable differ from enforceable with a court order only?

When an agreement is unenforceable it means that the court or the judge cannot make a ruling on it. The court cannot make it enforceable.

When an agreement is enforceable only by ruling of the court it means that the agreement can be stopped by the debtor but the court has the power to re-instate it and allow the credit to continue to enforce.**

 

The Pescribed Terms are these

 

A Amount of credit

A term stating the amount of credit

 

B Repayments

A term stating how the debtor is to discharge his obligations under the agreement to make the repayments, which may be expressed by reference to a combination of any of the following-

(a) Number of repayments;

(b) Amount of repayments;

© Frequency and timing of repayments;

(d) Dates of repayments;

(e) The manner in which any of the above may be determined; or in any other way, and any power of the creditor to vary what is payable.

 

C Rate of interest

A term stating the rate of interest to be applied to the credit issued under the agreement

D Credit limit

This may be a term or the manner in which it will be determined or that there is no credit limit.

--------------------------

 

Which of these applies to you depends on the type of agreement you have?

 

For a Running Account (credit card) agreement

 

BC and D Apply

 

For a Restricted Use Debtor Creditor Supplier

  • Where the dealer is the supplier and the creditor is the one providing the finance.
  • The money can only be used for the purpose it is given.
  • There is no interest on the purchase (the cash price is the same as the total price)
  • And there is no advance payment

A is applicable

 

For a fixed Sum Credit Agreement

A conventional credit agreement with none of the above restrictions

 

A and B apply

 

For a Hire Agreement

 

B is Applicable

 

This paper only covers section 127(3) of the Act agreements can also be unenforceable by contravention of sections 1 and4 this will be the subject of the next paper.

Please note that these Prescribed terms where not changed in any way by the 2004/1482 Ammendments although the form in which they appear on the agreement was. Subsection127(3) was repealed on the 6th of April 2007 so that unenforceability due to 127(3) will only apply to agreemens executed before that date.

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hi there

 

im assuming that what they have sent you is in A4 paper format? and you have scanned it in and this is what is being produced on the screen

 

 

now are the documents they have sent you clearly legible as you are looking at them infront of you?

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