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    • Good morning all,   I have an update for you all, shortly after my first hearing i was told i would need to have a rehearing with another company, Obviously i agreed but after the initial grievance hearing the person then asked me to enter into a private conversation, I have received the settlement offer and are disgusted as its not even half of my monthly  salary, I'm not sure what to do at this stage as i dont have the funds to finance a solicitor,so any advice would be appreciated.  
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CAG Dolphin

Full and Final Settlement - or not?

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Hi,

 

I've had a settlement offer from MBNA that could be acceptable - subject to terms.

 

This is what they have written. I'd be grateful if anyone could tell me if this is sufficient.

 

 

As per our conversation today, I am pleased to confirm that Mbna have accepted £XXX to partially settle your credit card account. The current balances on the account is £XXX. Once the £XX is full paid sixty days after the first payment from June 2009, the remaining balances will be written off and you will no longer be pursued for the debt.

This will register as a partial settlement on your credit file for the next six years.

.............

Kind Regards,

XXX XXXX

MBNA

 

Thanks in advance, any help would be appreciated.

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urm that seems unusually promising, they must be hiding something!

i'd take a browse through the MBNA forum & see what you can find.

 

as a side note: have you checked you are/have been paying for PPI or charges that you could reclaim and further clear the balance first, before accepting this offer?

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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urm that seems unusually promising, they must be hiding something!

i'd take a browse through the MBNA forum & see what you can find.

 

as a side note: have you checked you are/have been paying for PPI or charges that you could reclaim and further clear the balance first, before accepting this offer?

 

dx

 

Thanks,

 

I don't have an issue with the charges. I'm really looking for clarification over the language to make sure there are no hidden traps and that MBNA/DCA/uncle Tom Cobley and all wont come after me for further payment at some point in the future.

 

Ideally I'd also like it recorded as F&F and clearing my credit file, but don't know if this is realistic. These are the two main issues I'm querying. Other than that, the offer is acceptable.

 

Thanks again

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then i don't like the last bit

register as partial settlement.

 

have a look or post this in the MBNA forum.

 

i would not trust MBNA as far as i could kick them & as i said, this seems very unsual for them. it must be a trap!!

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Thanks again,

 

I'll make sure I'm completely happy with the wording, otherwise I'll give it a miss. I'll also take a look at the MBNA forum as suggested.

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"Partial settlement" is not good....it gives them the opportunity to sell on the bit that's not settled to debt collectors, so be careful. If it was a F&F, they would/should have said so.

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This would be my reply

 

 

dear sirs

 

thank you for your letter of xxxxxx Whilst i am happy with then figure quoted in your letter I cannot accept the terms of the settlement

 

in order to be acceptable to me you must agree that this is in full and final settlement of all matters between us, that my credit file will be marked paid in full and that you undertake not to seek to reclaim further payments from me on this account or pass any of this account to third parties for collection

 

I look forward to your early advices

 

In the meantime please find enclosed a formal request for a copy if my credit card agreement

 

(enclose a s78 request and a one pound P O (recorded delivery)

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Thanks Diddydicky,

 

I won't accept without being fully happy with the wording.

 

I've already requested the CCA (and SAR) which they have sent. They have a signed application form - but it is missing some of the prescribed terms.

 

I've been looking on the MBNA forum (which I'd not seen before posting here). It looks like many people have had similar calls/letters, but I've not seen anyone post on final results.

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if you post up the agreement you will get some good advice on it (minus personal details)

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Hiya

 

Just to let you know I have recently accepted a partial settlement offer made by MBNA Virgin. I have paid the amount agreed and I have letters and emails confirming that the account will be closed and I will no longer be persued for any outstanding monies and that the debt will not be sold onto a 3rd party etc etc. They said they couldn't register it as full and final for accounting reasons and to be honest I just wanted this company and this debt over and done with so i didn't argue the case.

for the record i also have to say that i found MBNA/Virgin people on the phone very helpful and kind which made a nice change!! I am now in battle with 1st Credit - but thats a different story altogether!!! xx

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Hiya

 

Just to let you know I have recently accepted a partial settlement offer made by MBNA Virgin. I have paid the amount agreed and I have letters and emails confirming that the account will be closed and I will no longer be persued for any outstanding monies and that the debt will not be sold onto a 3rd party etc etc. They said they couldn't register it as full and final for accounting reasons and to be honest I just wanted this company and this debt over and done with so i didn't argue the case.

for the record i also have to say that i found MBNA/Virgin people on the phone very helpful and kind which made a nice change!! I am now in battle with 1st Credit - but thats a different story altogether!!! xx

 

 

Thanks for this.

 

Are you able to scan in (or write out) the exact wording they used-- without giving any of your personal details?

 

I've been made an offer and would accept it if I could be sure that would be the end of it.

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Hiya CAG Dolphin

 

I can't find my letter anywhere at the mo but I do have this on email:

 

"I can confirm that you will not be pursued for the balance and that it will also not be sold off to a third party"

 

I honestly have no reason to believe that this will not be the end of the matter. I have had no phone calls or contact from them within the month I have paid it off.

 

Good Luck xx And enjoy the relief you will feel when it's done:)

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Hiya

 

Just to let you know I have recently accepted a partial settlement offer made by MBNA Virgin. I have paid the amount agreed and I have letters and emails confirming that the account will be closed and I will no longer be persued for any outstanding monies and that the debt will not be sold onto a 3rd party etc etc. They said they couldn't register it as full and final for accounting reasons and to be honest I just wanted this company and this debt over and done with so i didn't argue the case.

for the record i also have to say that i found MBNA/Virgin people on the phone very helpful and kind which made a nice change!! I am now in battle with 1st Credit - but thats a different story altogether!!! xx

 

its this 'lie' that they cannot mark your cra file as settled, that worries me.

i have done F&F in the past and the result has been 'settled' cra wise.

 

puzzles me.

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Hiya CAG Dolphin

 

I can't find my letter anywhere at the mo but I do have this on email:

 

"I can confirm that you will not be pursued for the balance and that it will also not be sold off to a third party"

 

I honestly have no reason to believe that this will not be the end of the matter. I have had no phone calls or contact from them within the month I have paid it off.

 

Good Luck xx And enjoy the relief you will feel when it's done:)

 

 

Thanks,

 

I'll update you, I just want to be as sure as possilbe.

 

The other thought I have had is, how good will the PR be if MBNA are pulling a stunt with this one and offer X number of customers this deal and then chase them afterwards?

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its this 'lie' that they cannot mark your cra file as settled, that worries me.

i have done F&F in the past and the result has been 'settled' cra wise.

 

puzzles me.

 

dx

 

may i come in on this one with a bit of common sense advice

 

getting the cra file showing full satisfaction after a F & F is the "icing on the cake"

 

we all aim to get it but it is unrealistic to expect it, after all if you have F & F then more likely than not you have acknowledged indedbtedness otherwise you would have stuck out for a total write off.

 

The creditor has a DUTY OF CARE to other lenders (just as he expects other lenders to have a duty of care to him) to ensure that a CRA file represents a true picture of the account and the debotrs behaviour on the account therefore if they insist that they cannot do a F & F AND mark the file fully satisfied then that it not totally unreasonable since they would then mislead other future creditors into giving you a false credit rating

 

just as they would be peeved if they lent someone money and then found out that one of their fellow lenders had massaged the file and failed to show a problem

 

you do have the right to add a note to your cra file and you could simply state "disputed account agreed settlement" for future creditors to see but in all honesty as i said it really is a BONUS if you manage to get them to show full settlement.

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may i come in on this one with a bit of common sense advice

 

getting the cra file showing full satisfaction after a F & F is the "icing on the cake"

 

we all aim to get it but it is unrealistic to expect it, after all if you have F & F then more likely than not you have acknowledged indedbtedness otherwise you would have stuck out for a total write off.

 

The creditor has a DUTY OF CARE to other lenders (just as he expects other lenders to have a duty of care to him) to ensure that a CRA file represents a true picture of the account and the debotrs behaviour on the account therefore if they insist that they cannot do a F & F AND mark the file fully satisfied then that it not totally unreasonable since they would then mislead other future creditors into giving you a false credit rating

 

just as they would be peeved if they lent someone money and then found out that one of their fellow lenders had massaged the file and failed to show a problem

 

you do have the right to add a note to your cra file and you could simply state "disputed account agreed settlement" for future creditors to see but in all honesty as i said it really is a BONUS if you manage to get them to show full settlement.

 

 

Diddy Dicky and DX100UK both make good points form different sides of the arguement, which is the problem. I'm not greatly bothered about what it shows on the credit file, but I am bothered about whether or not they will follow up with a further claim. Whilst the only things certain in life are death and taxes, the phrase 'full and final settlement' does appear to have more certainty to it.

 

The settlement offer is one I can live with, but is still a substantial sum. If I am to agree to it, I need to know that this is the end of the matter.

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Diddy Dicky and DX100UK both make good points form different sides of the arguement, which is the problem. I'm not greatly bothered about what it shows on the credit file, but I am bothered about whether or not they will follow up with a further claim. Whilst the only things certain in life are death and taxes, the phrase 'full and final settlement' does appear to have more certainty to it.

 

The settlement offer is one I can live with, but is still a substantial sum. If I am to agree to it, I need to know that this is the end of the matter.

 

if i may give you a little more advice, from my own experience (or what wil be when i get to that point)

 

i will be getting my solicitor to handle the actual hand over of the cash to the creditor

 

he will charge me around 2/4 hours work on around 7/8 debts (max 500 quid) but i will probably be settling several debts worth quite a few thousand 9and i will already have knocked off 500 to cover his expenses)

 

 

for one agreement i would imagine max 250 for a solicitor to do it for you

 

to me it is well worth the 500 quid to ensure that F & F means exactly that

 

hope that helps

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You don't need a solicitor to hand over money.... just proof that it was indeed handed over.... and never in CASH. A cheque will provide the proof that it passed through your bank account, so all you need to do is retain the statement that says so.

 

If you have a company that agrees a partial settlement, then in my opinion... that's all it is. If they state that they will not be pursuing you and will not be selling any remaining balance on to a 3rd party, then you'll need to keep hold of that letter forever. Without the words "full & final" however, there's no guarantee that it'll be over. Partial is partial.... but final is final.

 

I know which one I'd want to see....

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You don't need a solicitor to hand over money.... just proof that it was indeed handed over.... and never in CASH. A cheque will provide the proof that it passed through your bank account, so all you need to do is retain the statement that says so.

 

If you have a company that agrees a partial settlement, then in my opinion... that's all it is. If they state that they will not be pursuing you and will not be selling any remaining balance on to a 3rd party, then you'll need to keep hold of that letter forever. Without the words "full & final" however, there's no guarantee that it'll be over. Partial is partial.... but final is final.

 

I know which one I'd want to see....

 

thanks i'm well aware of that but 's as it's THEIR money i am spending and as i then have the fallback of holding the solicitor responsible if it goes tits up i'd be fool not to!!

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Well I am happy to have one credit card off my back and I saved a substantial sum by dealing with them. I will keep my letters/emails forever but I am quite sure that I have seen/heard the last of MBNA xxx

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Well I am happy to have one credit card off my back and I saved a substantial sum by dealing with them. I will keep my letters/emails forever but I am quite sure that I have seen/heard the last of MBNA xxx

 

I've taken the same view. It is one card that I can put behind me with an offer that is acceptable.

 

I've still got a big number, but its not as big as it was last week. I'm still fighting this one on several fronts and now MBNA are out of the way I have less plates to keep spinning (talk about mixed metaphors :)).

 

I'm a doubting person, especially with the CC companies, but the wording I have from them is enough for me to accept the offer.

 

The other factor that makes me ok with the deal is that if they don't stick to their words, then they will get so much bad PR that they'll lose far more than they've gained with this one, and even the CC companies can't be that stupid - can they :rolleyes:

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Hiya

 

Just to let you know I have recently accepted a partial settlement offer made by MBNA Virgin. I have paid the amount agreed and I have letters and emails confirming that the account will be closed and I will no longer be persued for any outstanding monies and that the debt will not be sold onto a 3rd party etc etc. They said they couldn't register it as full and final for accounting reasons and to be honest I just wanted this company and this debt over and done with so i didn't argue the case.

for the record i also have to say that i found MBNA/Virgin people on the phone very helpful and kind which made a nice change!! I am now in battle with 1st Credit - but thats a different story altogether!!! xx

 

Hi amsgirl,

 

Do you mind me asking what percentage they accepted? I CCA'd them at the end of April and have not had any repy yet. Want to offer F & F but obviously if no CCA then more of a lever to negotiate. Did you request CCA before settling with them?

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Hiya Dotty, i did CCA them and heard nothing so maybe I jumped the gun with them but My dad offered to lend me 50% of the full amount to get them off my back and they accepted and I have to say they were really nice people to deal with. They wanted my incomings and outgoings which to be honest are dire at the moment so they prob thought they should grab what they can off me:) xx

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i bet they accepted 50% in a heartbeat

i think 10 to 15% is more than enough....see this thread

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/208006-final-settlement-offers-stop.html


[sIGPIC][/sIGPIC]....Please don't bother my master 'cos my sister & I might bite you...

 

I DO NOT offer legal advice

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