MBNA no CCA Partial Settlement offer

[summerbreeze]

Hi all MBNA caggers

 

Do we know of ANYONE who has successfully secured a FULL and FINAL settlement from MBNA

 

I just got a partial settlement offer 60% off

 

This account has no documentation supplied after CCA request.

 

I am not planning to pay anything in a Partial Settlement as I feel sure they will sell the remainder of it on to a DCA.

 

They are threatening to sell the whole debt on if I dont pay the Partial settlement or reduced installments.

[out_of_the_red]

I am interested to know this too as I'm hoping they may make me a similar offer but seem to be reading about them only ever making it a partial settlement

[kb_ba1]

Watching with interest... I'm hoping to get to a point where I can offer them a F&F. Not sure I've read of anyone being successful but it would be great to know!

[out_of_the_red]

My whole purpose of going down this route is to hope to be able to negotiate this but as with the OP I don't want to risk leaving myself open to be chased for the balance sometime down the road.....

[estherg]

I have been offered a partial settlement of 40% of my debt with mbna - this was totally unsolicited as I am currently on a plan with CCCS. Does a partial settlement mean they or someone else can try and get the rest?

[out_of_the_red]

That's exactly correct! They'll take that money off you and then sell the remainder of the debt to a DCA who can chase you for it.....aren't MBNA a delight....

[estherg]

Well I'll just carry on paying as I am for now.

[summerbreeze]

Neither did I ask for a settlement figure. They just offered it to me after many letters threatening attachment of earnings , court, bailliffs Etc.

 

I think I am getting very close to the point where they will sell the debt on and this is a last ditch attempt to get some money from me before they do so.

[summerbreeze]

Well it must be my week for letters .

 

Yesterday offer of partial settlement

 

Today a letter that thinks its a DN but isnt and threats of court action if I dont pay up .

 

Not having a good week

[out_of_the_red]

Seems they are just chucking random letters left, right and centre!!

[joemay]

I recently rec'd a settlement figure, completely different bank and through a debt collection agent (although part of their group). Total debt was £20900 they reduced to £13,000, explained didn't have money but family member maybe able to raise. Then offered them £10,000, they finally settled for £10,700, that was a reduction of £10,200. Before the money was paid I insisted they sent a letter confirming that there would be no further liability to me or OH for the debt.

Make sure if you do negotiate a settlement that they confirm this in writing, also get them to confirm that you will receive a discharge letter from them. Make sure you alway keep these letters safe incase another DCA comes knocking.

[out_of_the_red]

And did you receive written confirmation that it was in full and final settlement?

[joemay]

And did you receive written confirmation that it was in full and final settlement?

 

Rec'd letter before payment, (2 overdrafts, one joint with OH, one in my name, letter stated "discounted joint settlement" and "and there will be NO further liability to either party". They refuse to state full & final settlement.

 

I & OH both received letters after payment : "we write to confirm that your outstanding indebtedness to the bank in relation to the above mentioned liability has now been discharged".

 

Although I wanted them to state full & final settlement, they are not obliged to do so, as it isn't full it's only partial, I checked this out with National Debtline.

 

If your making a F&F, be sure to let them know in writing that the offer is coming from a third party, i.e. family or friend, and that you need confirmation of the offer, otherwise the third party will not release the monies.

 

Make sure you are comfortable with what they are confirming, I still feel a lttle apprehensive myself, but I'm sure if another DCA came after me and it went to court, I believe the court would be on my side, as their offer letter clearly states NO FURTHER LIABILITY.

 

Good luck.

[out_of_the_red]

May I ask how long ago this was? I'm hoping this is something they may offer me

[joemay]

May I ask how long ago this was? I'm hoping this is something they may offer me

 

Hi out of the red,

 

I'm sorry if I got your hopes up I was speaking about another bank not MBNA. I was responding to the OP who had an offer of 60% for settlement from the bank, this was the first offer I had from my bank, was pointing out that you could try and go lower, they may or may not agree. One thing to remember is if they'v offered you a settlement figure, they are looking to settle, so there is no harm in offering something less, but I would tell them that you can't afford to pay but a friend or family member can raise XXX figure. They may not accept that but come back with another figure. Then it's up to you.

 

Have you cca'd them yet? Do they have an enforceable cca?

[out_of_the_red]

Yes I CCA'd them but didn't get a definite response on whether it was enforceable or not

[sdoc]

hi, i follow with interest your thread. Do you know , if you have CCA'd them ( MBNA) and they have sent an agreement without signature (unenforceable then ?) can they sell the debt to another DCA ? I think not, and if that is the case, is there a template letter that can be sent sounding more legal than just " bugger off, we are in disoute, you cant do this "?

[joemay]

Yes I CCA'd them but didn't get a definite response on whether it was enforceable or not

 

If they sent a cca, start a new thread "is cca enforceable?" scan and post and I'm sure someone more knowledgeable will let you know if it is or not.

[summerbreeze]

Just answered phone [ it was not a witheld number just a normal mobile number ]

It was MBNA offering 70% off again and stating absolutely that after payment NO-ONE will be asking for any more and the debt WILL NOT be sold on to anyone .

 

They said they had no record of all the letters I had sent and no record of my s78 request for CCA.

Strange that as they have replied to me !

I asked the caller to put everything in writing and send it to me along with my missing agreement. [ especially the part where they would not sell the debt on ].

Was then asked for a payment to stop account defaulting ...hmmm.

 

Didnt pay and again asked for detailed letter.

 

I did say that I would need it all set out in order to try to persuade a family member to lend me the money

 

Wonder what sort of letter I will get ??

[out_of_the_red]

Keep us posted!!

[summerbreeze]

No letter as yet ...

[out_of_the_red]

So keen for your money but not THAT keen!!

[summerbreeze]

So keen for your money but not THAT keen!!

 

:grin:

[MisterV]

Watching this with interest summerbreeze, im in a similar position, MBNA have made me an offer of 40% of outstanding balance . I offered less and am hoping to meet them somewhere between. Let me know how things go for you. If I can be of any help let me know.

[Viscount Stair]

When I was new to CAG, I naively asked about a settlement offer Amex had made me and got the following very helpful reply from BRW:

 

...

 

Tread carefully with any form of discounted offer from a banker, and especially Amex.

 

Many bankers throw out offers like confetti and, in many cases, they are not at all sincere. The vast majority are just blunt tricks to try and get people to Telephone them, the larger the discount, the more they hope people will knee jerk into picking up the Telephone.

 

You can see their logic: if someone is interested in Paying 20%-40% of the alleged Debt, if nothing else, it tells them they can and want to Pay 20%-40% of the alleged Debt. That is probably the whole purpose of the offer. It may, for example, make the Debt more sellable to a DCA, as they can say the Debtor has indicated a willingness and desire to Pay £x, thus making the Debt much more attractive when it goes up for tender or auction sale in DCA Land.

 

However, whilst some offers are a little more sincere, most of these real offers often carry a nasty little sting in the tail. These are the ones that can be called Short Settlements, i.e. they offer a lump sum discount, but neglect to point out they can still chase you for the balance.

 

What you need, assuming you have the funds available to pay any offer, is a binding Full and Final Offer, one that includes a written undertaking from the banker concerned that when you make the Payment, that is the end of the matter for good, no strings attached whatsoever. You'd be wise to include other specific clauses such as the removal of any adverse Data, along with an undertaking that they will desist from ever mentioning the alleged Account ever again, to anyone.

 

Get all of that in Writing before you Pay them a penny, and make sure the F&F Offer Letter is signed by a real banker, not one of the facsimile signatures and invented names you see on many banking letters. For example, one bank in particular seems to use a number of names that do not appear to relate to real people. Amex may do the same, so make sure any Signature is signed in ink, by hand, and by someone with the appropriate level of authority within their organisation.

 

I think you can now see that any offer has to be taken with a pinch of salt, and it may not mean very much. By that, I mean it may not be a reliable indicator of the strength or weakness of their position.

 

Indeed, 97 times out of 100, it's just a vehicle being used to convey other less palatable intentions.

 

Cheers,

BRW