MBNA & Abbey cc, full and final settlement advice.

[allthebestintentions]

thanks for that kb and good luck again:)

[kb_ba1]

Ok... Have received an email reply offering me a settlement:

 

"I have spoken to the Director with regards to your accounts, and the lowest amount that we are prepared to accept as a short settlement is £5500.00 across both of your accounts.

This would need to be paid as follows:

Account ending XXXX would need a debt/credit card payment of £135.12 to be paid by the 28th August at the latest, and the remainder of £2188.27 to be sent by Cheque immediately.

Account ending XXXX would need a debt/credit card payment of £139.68 to be paid by the 28th August at the latest and the remainder of £3036.93 to be sent by Cheque immediately.

On the basis that this goes ahead we will register a partial settlement with the Credit Reference agencies for six years and you will no longer be liable to pay the remainder of the balance. Neither MBNA EBL nor any of its subsidiary companies or collection agents will ever pursue you for the remaining balance."

 

I can only afford to offer £4100 and that's what I'm borrowing from my partner. And there is no way I can magic up the extra £1400 in 3days. Not sure how next to proceed. Even if I didn't pay any rent or bills this month and didn't eat my salary wouldn't cover the extra. That's more than I get paid!

 

Any ideas???!

[kb_ba1]

*bump*

 

sorry, got a stress on now! 28th August??? HOW is that possible???!!!

 

Gah!!!!!!!! I need a lay down...

[Talbot]

tell them what you can afford, going through something similar myself and in the process of telling them i can only afford a certain amount. my view is your desperate as am i to get something sorted so you think you can get 20% at a stretch they ask for 40% so you start thinking of borrowing more or using another credit card (if you have one) but at the end of the day you don't want to get yourself in the same position. Offer what you can if they don't except you've got a great chance with the debt collection agencies to do the same (as i have been told on many occasions) just calm down and make a rational decision they know this is an olive branch for most people, a way to get out of the hole they are in. sorry for rambling (had a beer) but make a decision which suits not just whats available.

[kb_ba1]

Hi Talbot. Thanks for your input. I'll give that a go. What I have offered is all I can afford. The only other option is to say I can give them a bit more (not what they are asking but a bit more), but only if it's stretched over a few months...

[Talbot]

up to you but like i keep telling my OH offering a bit more won't change their decision i.e. not accepting 20% but accepting 23%. They have a set timeline in my opinion and when it gets to a certain time 6 months and ready to sell on they chance their arm in a lot of cases but i have seen partials as low as 15% on here. What percentage are they asking for?

[kb_ba1]

Hi Talbot, they're asking for 34% so I guess there is room to haggle. They've given me until Friday to decide and to get the funds to them which isn't very long considering it's Wednesday!

 

I've gone back and offered them 28%. My first offer was 25% so we'll see.

 

Fingers crossed!

[Talbot]

got them crossed for you

[kb_ba1]

Thank the lord. We've reached an agreement of £4500. A little more than I hoped but at least I can draw a line under the whole saga within two months.

 

Have to pay £135.12 & £139.68 on the 28th of Aug and then the outstanding within 60days.

 

Have also had confirmation that I won't be chased for the remaining debt by them or a third party.

 

Thanks god and thank you all for your help advice and support. Now I hope to be able to give something back.

 

If I wasn't so skint I'd buy you all a drink!

[Jim Pike]

Mine's Water Please kb_ba1

 

And well done, that's a weight of your mind.

 

All the best

Jim

[landy_alert]

Well done kb_ba1 - so pleased you have got a result you are happy with:D

[kb_ba1]

Thanks Jim and Landy. I'll follow your progress with interest.

 

Good luck to you all. I'm sure you'll get there eventually. Keep up the fight and don't let our friends at MBNA win.

 

x

[kb_ba1]

Just wondering now if trying to get my charges back will b e a bit cheeky! Think I'll attempt that once the debt is signed off. Don't want them going back on their word...