Mbna Partial Settlement Help Please

[citizenB]

yes i had read that befor. but there doesnt seem to be any posts of people experienceing problems after paying the partial settlement, well i cant find any.

 

so it makes me think that it my be ok.

 

surely if someone had paid the partial settlement then got chased for the balance after they would be straight on here saying so? dont you think?

 

well the best thing is to wait and see the letter i get.

 

but i am yet to find any posts that have had problems after.

 

if anyone has read anything please post

 

 

I think the reason you wont find any posts is simply because no one has taken the bait.

 

Those people who have been sold the idea over the phone have not received a letter dotting all the i's and crossing all the t's. Some have pursued when they didnt receive a confirmation and were told that THEY had misunderstood. Just as well they didnt part with the funds eh !.

 

Only you can make a choice whether or not to accept an offer that they are refusing to confirm in writing.

 

All you are being advised on here is to protect yourself. MBNA most certainly will only be looking out for their own interests.

[chmai1]

I think the reason you wont find any posts is simply because no one has taken the bait.

 

Those people who have been sold the idea over the phone have not received a letter dotting all the i's and crossing all the t's. Some have pursued when they didnt receive a confirmation and were told that THEY had misunderstood. Just as well they didnt part with the funds eh !.

 

******Only you can make a choice whether or not to accept an offer that they are refusing to confirm in writing.

 

All you are being advised on here is to protect yourself. MBNA most certainly will only be looking out for their own interests.

 

 

 

 

*i am now waiting for the letter of conformation.

 

i was told time and time again on the phone that the account would be closed and neither mbna or and dca would chase the balance...the acount would be satisfied and closed.

 

should i in future try to record my conversations?????

[citizenB]

*i am now waiting for the letter of conformation.

 

i was told time and time again on the phone that the account would be closed and neither mbna or and dca would chase the balance...the acount would be satisfied and closed.

 

should i in future try to record my conversations?????

 

Almost certainly if you have the facility to record telephone conversations then it is in your interests to do so.

 

What you will find time and time again on CAG is reports where people have been told things on the phone on one day, only to be advised the next that they had misunderstood !. Please do protect yourself by keeping everything in writing or record your telephone conversations.

[chmai1]

just saw these......

 

 

 

had a Short Settlement with MBNA a few years back. They settled around £5k on a CC debt of £12k and the letter stated that they wouldn't take any further action to recover, and they haven't - yet. I'm sure they won't as it seems likely that any action to recover after such a letter would be viewed dimly by a judge.

 

They also said they would register it as a partial settlement on my CRF, but as they had the wrong address it didn't matter and I've subsequently obtained further credit - and screwed it up again.

 

 

 

 

my sister recently did a short settlement with MBNA, but she insisted on written confirmation first that her credit file would not show any outstanding amount and that she would not be pursued for the remaining debt at any time in the future. She had to ask them several times for the letter but stuck to her guns and didnt send them a penny till she received it.

 

So be cautious as the others have said, and absolutely definitely do not send them any money until you have proper written confirmation that the balance will be written off and that it will show as settled on your credit file.

 

Most importantly, you have to tell them that the money is being paid by a 3rd party.

[WelshMam2009]

just saw these......

 

 

 

had a Short Settlement with MBNA a few years back. They settled around £5k on a CC debt of £12k and the letter stated that they wouldn't take any further action to recover, and they haven't - yet. I'm sure they won't as it seems likely that any action to recover after such a letter would be viewed dimly by a judge.

 

They also said they would register it as a partial settlement on my CRF, but as they had the wrong address it didn't matter and I've subsequently obtained further credit - and screwed it up again.

 

 

 

 

my sister recently did a short settlement with MBNA, but she insisted on written confirmation first that her credit file would not show any outstanding amount and that she would not be pursued for the remaining debt at any time in the future. She had to ask them several times for the letter but stuck to her guns and didnt send them a penny till she received it.

 

So be cautious as the others have said, and absolutely definitely do not send them any money until you have proper written confirmation that the balance will be written off and that it will show as settled on your credit file.

 

Most importantly, you have to tell them that the money is being paid by a 3rd party.

 

As has been said earlier, it's your call. However, if your agreement is unenforceable then you may not have to pay them a penny in settlement.

[chmai1]

my monthly payment is at the end of the month,if not paid it will be sold on. can i put them off requesting cca?

[WelshMam2009]

my monthly payment is at the end of the month,if not paid it will be sold on. can i put them off requesting cca?

 

No, you have to wait for them to default which is after 12 working days plus circa 2 for post.

 

Have you actually sent them an income and expenditure form with a letter stating financial hardship and asking them to accept a lower payment whilst freezing interest and other charges?

[chmai1]

yes did that in december. they froze the interest and took the £1 monthly payment. i have not been paying for 7 months now.

 

i didnt request the settlement.

[WelshMam2009]

yes did that in december. they froze the interest and took the £1 monthly payment. i have not been paying for 7 months now.

 

i didnt request the settlement.

 

I would just pay them the £1 and send off a CCA.

 

I'm not sure if by saying they 'took' the monthly payment you mean that you currently have a direct debit set up with them. If so, and you've got online banking then, I would check the direct debit figure to make sure that it's showing no more than £1. (Otherwise, ring your bank).

[chmai1]

no its not a dd from my bank account.

 

well got the letter today......was mighty quick!!!only requested it yesterday afternoon!!!!

 

and drum roll..........not good enough!!! no need to post it up i know already!!

 

so back on the dog and bone on monday morning!

[chmai1]

ok, an update. i dont know why i didnt think of this before! my best mates sister works in chester mbna so i contacted her. this is the reply i had:

 

 

I have checked with my friend who used to work in the customer assistance department and she has said it will be a final settlement.

 

It is called partial because you are only paying off part of the debt and not all of it. Rather than MBNA having to write off the whole debt-they will agree to settle for part of it as some recovered money is better than none.

 

I presume you have had to do an income expenditure form etc for them to work out a figure to offer you.

 

Once the settlement has been agreed they won't chase you for more money or sell the rest on. It is not worth their while selling debts on as they only get like 10p back for every pound or something stupid- the debt collectors get all the money you see.

 

So better for them to claw back as much as poss from you in an agreement rather than sell on. (hope this makes sense?)

 

It will register on your credit file as default but also partial settlement-which still looks better than the debt being sold.

[the_shadow]

ok, an update. i dont know why i didnt think of this before! my best mates sister works in chester mbna so i contacted her. this is the reply i had:

 

 

I have checked with my friend who used to work in the customer assistance department and she has said it will be a final settlement.

 

It is called partial because you are only paying off part of the debt and not all of it. Rather than MBNA having to write off the whole debt-they will agree to settle for part of it as some recovered money is better than none.

 

I presume you have had to do an income expenditure form etc for them to work out a figure to offer you.

 

Once the settlement has been agreed they won't chase you for more money or sell the rest on. It is not worth their while selling debts on as they only get like 10p back for every pound or something stupid- the debt collectors get all the money you see.

 

So better for them to claw back as much as poss from you in an agreement rather than sell on. (hope this makes sense?)

 

It will register on your credit file as default but also partial settlement-which still looks better than the debt being sold.

 

 

OH MY WORD!!!

 

After everything we all said... (which has proven to be correct) you would take the word of a bank that they will not chase you DESPITE not giving you the assurance in writing... Oh and can you qualify that last sentence... a default looks bad no matter who puts it on your credit file and officially only one of them DCA/OC can place one for a single agreement/debt

 

Some people appear to be beyond help... I'm unsubscribing from this thread

[chmai1]

OH MY WORD!!!

 

After everything we all said... (which has proven to be correct) you would take the word of a bank that they will not chase you DESPITE not giving you the assurance in writing... Oh and can you qualify that last sentence... a default looks bad no matter who puts it on your credit file and officially only one of them DCA/OC can place one for a single agreement/debt

 

Some people appear to be beyond help... I'm unsubscribing from this thread

 

my friend, being in a possitinn that is not very nice, i am trying to do what i can to rectify the problem.

 

i posted the message i got, i was not written by me.

 

i personaly dont care what is written on my credit record as long as i wont be persued for the remaining balance.

 

now when you say '(which has proven to be correct)' where is the proof? i have not read 1 post that has had someone chasing them after making a partial settlement. as for people saying no one has ever taken the bait then i think that is rubish. if anyone had had that problem dont you think they would be on here saying so?

 

and as for getting it in writing, i will be on the phone on monday as i said previously to get a letter saying that mbna or no one will persue the remaining balance.

[WelshMam2009]

now when you say '(which has proven to be correct)' where is the proof? i have not read 1 post that has had someone chasing them after making a partial settlement. as for people saying no one has ever taken the bait then i think that is rubish. if anyone had had that problem dont you think they would be on here saying so?

 

Can't fathom out whether you are just totally pro-bank or just naive.

 

 

i dont know why i didnt think of this before! my best mates sister works in chester mbna

 

There is something deeply suspicious about this thread and I, for one, no longer believe that you are genuinely in debt and reiterate my earlier comment that you probably work for MBNA just like your best mate's friend.

[chmai1]

Can't fathom out whether you are just totally pro-bank or just naive.

 

 

 

 

There is something deeply suspicious about this thread and I, for one, no longer believe that you are genuinely in debt and reiterate my earlier comment that you probably work for MBNA just like your best mate's friend.

 

 

i am not pro bank........i do not work for mbna!

 

i think its more the case of people wanting to get off scot free and not wanting to pay a penny. i however have a little bit of of self respect and i did spend the money so believe i sounld try and pay a little back. 12k less than what i owe.

 

the person i contacted works for the fraud dept in mbna.

 

i there is no way she would lead me down the garden path.

 

and still people are having a go at me but not 1 person has been able to prove the aftermath of a partial settlement. this i would love to see then this WOULD totaly change my attitude and would not even concider the partial settlement.

[chmai1]

oh and to put the record straight i am in debt that totals £32k and am currently unemployed.

[Talbot]

if thats how you feel pay the full amount and keep your self respect...

 

Unsubscribing.....

[the_shadow]

i am not pro bank........i do not work for mbna!

 

i think its more the case of people wanting to get off scot free and not wanting to pay a penny. i however have a little bit of of self respect and i did spend the money so believe i sounld try and pay a little back. 12k less than what i owe.

 

the person i contacted works for the fraud dept in mbna.

 

i there is no way she would lead me down the garden path.

 

and still people are having a go at me but not 1 person has been able to prove the aftermath of a partial settlement. this i would love to see then this WOULD totaly change my attitude and would not even concider the partial settlement.

 

 

Ok I promised myself I wouldnt bother with this thread but it kept popping up to the top... cheers welshmam2009 not!

 

Heres a scenario... things are bad for banks at the moment... they let you off the 12k (chinny reckon) from the total owed and say its partially settled on your credit file... 2 years down the line the bank is on its last legs.. it goes through its books and hey ho this old debt had 12k that wasnt claimed and its nowhere near stat barred.. we didnt promise not to chase the nice chappy so we'll just pass it straight to a dca..

 

You get my drift.. they may promise it now but if its not in writing and with the banks being like they are who is to say mbna wont come after you in the future... their word... dont make me laugh!

 

For banks there is only one thing that matters.... THE BOTTOM LINE thats american speak for profit!

 

and that definately is my last rambling as I'm going out

[chmai1]

thanks to all for responces but i dont think anyone is listening to me.

 

I WILL NOT PAY A PENNY UNLESS I GET IT IN WRITING THAT MBNA NOR ANY THIRD PARTY WILL NOW OR EVER CHASE THE REMAINING BALANCE.

 

i have previously said twice that i will be on the phone on monday to request this.

 

i am being naive i am not just going to though the money at them.

[chmai1]

sorry throw my money....i dont have any, someone elses money!

[suewiththeblues]

hi

i am in the same position with mbna. they said they would accept my offer in partial settlement. they so far refuse to confirm in writing that they nor any dca will pursue me for the rest (all communications in writing so far) for 6 months this has been going back and forth.

 

i then requested the CCA, havent heard anything yet. they have now written me a default notice and said they have sold the debt to a dca and are no longer dealing with my aco****

 

so i guess i shall wait for the dca to contact me, re-request the cca from them and start the whole full and final drama again

[chmai1]

yes i think that will be the case for me. i am trying to be possitive about the partial settlement but not expecting to get the required and requested wording in a letter.

[WelshMam2009]

hi

i am in the same position with mbna. they said they would accept my offer in partial settlement. they so far refuse to confirm in writing that they nor any dca will pursue me for the rest (all communications in writing so far) for 6 months this has been going back and forth.

 

i then requested the CCA, havent heard anything yet. they have now written me a default notice and said they have sold the debt to a dca and are no longer dealing with my aco****

 

so i guess i shall wait for the dca to contact me, re-request the cca from them and start the whole full and final drama again

 

Did you request the CCA before the debt was sold on? If so, then MBNA should still supply it. Write to them if they are out of time asap.

[jimbo7679]

After reading this I feel like a bit of a fool too. I got partial settlement offer letters for the two MBNA credit card accounts offering partial settlement on my accounts at 30% of the outstanding balance (about £9600 in total) wording on my offer letters was exactly the same. MBNA will not chase the remaining balance but it will register as partial settlement on credit file. No mention of DCAs or not selling the debt on....

 

Having not discovered these forums earlier and having just received a tax rebate I sent off a cheque. Not entirely sure what I should do now though.....

 

I'm planning to sell my car and make Full and final settlement offers on all my debts (about £34k total) and given that I am in the process of being made redundant I don't know that there's an awful lot more I can do short of taking a long walk off a short pier....

[dev123]

hi i am learning about all this myself. keep strong. there are some good people on here.

Edited March 24, 2009 by dev123
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