Advice needed

[parity4all]

have been offered a partial settlement by MBNA to write off 40% of the debt of a £11,000 debt. They have sent a letter saying paying the 40% will render the accounts as partially settled and that the accounts will be closed. But not sure if MBNA can still sell the accounts to a third party to claim the balance 60%. Also, how damaging is a partial settlement against your credit file?

[dx100uk]

i would NOT accept this

 

there is a reason why MBNA have done this, prob no agreement or an enforceable one?

have you CCA'ed them?

typically MBNA don't have enforceable agreements.

 

i would also look at reclaiming unlawful charges & p'haps mis-sold PPI first.

 

they are up to something & when a Co. does this, it nornally means you can get awhole lot more off/reduced by scrathing the surface a bit harder.

 

dx

Edited December 13, 2009 by dx100uk

[sea-sidelady]

Thread moved. Also it is advisable not to use your actual name on the forums. If this is yours, you can pm me with an alternate and I will change it for you.

[parity4all]

dx100uk. thnkx for creating a new thred and your reply. I did not take out PPI but they did charge me lete fees etc. pls can you explain an unenforceable agreement?. does this mean it cannot be enforced in a County court?. What about the credit file though?, dosent the file get damaged for six years from the last date the debt was acknowledged?. I have acknowledged the debt by paying a holding payment of £200. I got pestered by the collections dept so much that it seemed like the most appropraite thing to do to save any adverese credit rating.

 

would paying 15% of a claimed debt be a win-win for both parties?. that is the Company gets some of their claimed debt, while the debtor keeps creditbitiy of the credit file and does not receive further demands.

[dx100uk]

dx100uk. thnkx for creating a new thred and your reply. - wasn't me!

 

I did not take out PPI but they did charge me lete fees etc. - get 'em back +int.

 

pls can you explain an unenforceable agreement?. does this mean it cannot be enforced in a County court?. - yep

 

What about the credit file though?, dosent the file get damaged for six years from the last date the debt was acknowledged?.- yep

I have acknowledged the debt by paying a holding payment of £200. I got pestered by the collections dept so much that it seemed like the most appropraite thing to do to save any adverese credit rating.

 

would paying 15% of a claimed debt be a win-win for both parties?. that is the Company gets some of their claimed debt, while the debtor keeps creditbitiy of the credit file and does not receive further demands.

 

- nope

 

have you cca'ed them

 

if not do so.

 

how old is this debt?

 

give us some history

 

 

dx

[parity4all]

well, it's three accounts, one being MBNA card, virgin, and VIP card. they are all MBNA. the mbna card I have had since 2003, virgin card about 2004, and I remeber filling the application form for the VIP card at a music festival in June 2007.

 

I have not CCA's MBNA, manly due to hte concerns about the signature being copied. But I guess, I could follow the posts relating to crosing the signature so it cannot be copied.

 

Just say that there is a valid credit agreement. My question then becomes, what effect would settling for a 15% partial settlement have on me obtaining credit in the future?. I was informed by a advisory centre that any settlement must be in writing, and after much discussion with MBNA, they agreed to send me a letter saying paying an amount with relation to the three accounts will satisy all the accounts and that they would then be closed. Nothing mentioned about MBNA not selling them to a DCA. Althout the letter does state that not paying the holding payments can mean the dept CAN be sold to a DCA, who wil persue reclaiming the Debt. SO it is implied (although not explcitly) that only if the holding payment and subsequent remainder partial payment is NOT paid that the debt will be sold on.

 

Maybe MBNA will have to issue a letter saying paying X amount will satisfy hte account(s) in full and that there will be no accounts sold off to DCA's. But then may be this is obvious, when they say "accounts will be closed". i.e. if an account is closed, there is nothing left to be sold on!.

[dx100uk]

no cca = no pay!

if they turn out to be unenforceable, then a lower FnF would be in order.

up to you.

 

pers i think i might write back wishing to confirm that no further collection activities by themnor their agents would ever occur in the future.

 

pers i'd get that in writing , then do some reclaiming to get the bals down further, then pay the closing figure if they agree no further collection & a revised figure after the reclaims.

 

dx

[parity4all]

how bad is a partial settlement registered on a persons credit file?. I will press for a f&f settlement in writing, but say they do not agree to this. would a partial settlement sit somewhere between a default and an account conducted satisfactorily when it comes to obtaining credit in the future?.

 

what I mean is, then it becomes a trade-off whether to persist with the partial settlement route or persue the creditor for the reclaiming interest and charges.