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      • 3 replies
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MBNA Full and Final Settlement


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I am trying to negotiate a full and final with MBNA got it down to £1350 on a £4800 amount last week but I realised I really cant pay that much and £1150 is the max, trying to offer similar amounts to all creditors.

 

My accout went to CCCS in Feb, if I pay a full and final in next month I should stop them registering a default, although not really bothered if they do.

 

Anyway they have told me that they can only ever say my account is a partial payment unless I pay off the total owed. I said how will it really effect you if you put a full and final settlement? They said if they say its a full and final they have to tell the ombudsman and on their accounts it means they essentially have to pay it back??? I think they are trying to bluff me as N.Rock have just replied saying my payment will be a full and final.

 

Anyone else had a full and final settlement approved and not put as partial settlement on their credit file?

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Have you got a copy of your CCA? Do you know if this agreement is enforceable? If it isn't tell them it will be £1150 or nothing and Make it a condition of your settlement that you will only pay this amount if they mark your credit files as fully satisfied.

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Hi rennuz,

it has to be full & final or nothing. You could pay off your £1k and then they will probably sell the rest on to a debt collection agency. Be very careful otherwise you could end up with a default, a DCA chasing you and £1k down for nothing.

 

Did the initial F&F offer come from MBN@ was it a 35% one?

 

As Horsemad has said have you got a copy of your CCA? I wouldn't bother with an SAR until they sell it on, which they always do.

 

Rule of thumb never believe MBN@ especially on the phone, even in writing is it signed or just MBN@ in a fancy font.

 

 

Pumpytums

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I will call again today and try and sort out a full and final but the guy was pretty adamant that they have never done that before..... and rei-iterated that they cannot cancel off £3k which is what they would have to do as a full and final instead of a partial.

 

They have also just sent me a letter about registering a default in the next 28 days. If this is not sorted out before then can they withdraw a default after it has been added on or should I try sort this out before hand. I feel its worth doing to stop the default.

 

With regards to the CCA and subject access request, I just think its too much time and hassle to go down that road and if I can get it sorted without that then time wise that might be easier for me.

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Be very careful Rennuz,

if they agree you must get it in writing. Also be careful you need them to say the outstanding will not be collected or passed to another party.

 

I know you want to sort this but you could be throwing £1k away.

 

Until it's in writing don't pay anything,verbal agreements mean nothing. Don't let them pressurise you.

 

A F&F is the only 99.99% way in writing.

 

Pumpytums

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OK MBNA have said they will accept £1k for partial payment. The fella said they would only send out an email and not a letter, they have no facility to send out a letter to me????? ridiculous, it was as though he was doing me a favour by sending me this email and in all his service he has never had to send out a letter. What a Tw&t he was anyway should I accept an email. Also he has said it will not be a full and final settlement.

 

I think I will give this one a wide birth I do not want to have them come back on this.

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I personally think you are 100% correct.

 

There is only one reason not to put it in writing. Not that I would ever accuse a Huge financial company of such things.

 

At the end of the day what a deal to send out a letter with a stamp and get £1k+ back.

 

These people say anything to anyone to get anything, I had one oddly from MBN@ saying that I should borrow against my house to pay them. Strangely I suddenly seemed to receive phone calls and letters from a consolidation company.

 

Pumpytums

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Not great practice from them, after being as diplomatic as I could and posing the question in really as nice a way as I could and reminding the fella that I just want to pay them the money back without them coming after me further down the line, he didnt relent on that initial phone call but has since rang me back and said he has managed to find an envelope and is now able to print off the letter. It made out that he was doing me a huge favour, well I suppose he is £1k is not bad for £4k. Well I will await the letter and see how that goes.

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  • 2 weeks later...

Biggest thieves and deceiptful liars in the world and I wouldnt trust this company as far as I could spit. Pay them nothing until the offer is F&F, in writing and confirms that no attempts will be made by third parties to collect outstanding balance.

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As I said rennuz, if it doesn't say full & final don't waste your money.

 

"Managed to find an envelope" absolutely priceless

 

With regards to the extra borrowing perfectly correct problem was it was a telephone call and they will say virtually anything to get cash.

 

 

Pumpytums

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Well I paid them £1055 yesterday, they sent me a letter and in it said;

 

Once the settlement has been fully approved on your account and payment has been received, I can confirm that no further action will be taken to recover the remaining balance.

 

Please be advised that your account will be registered as a partial settlement with the credit reference agencies.

 

In a few months it was going to default, I have the money now so thought I would get it off my back, I owed them £4800 so as far as I see it, its a result.

 

Whats the worse that can happen, they chase me for the balance plus interest further down the line. I go to court and show them the letter they sent to me. Then I report to you guys and tell you how I did. Sure there is a risk here but the way I see it I have written off £3700, CCCS have said this is OK and the letter is OK. If I didnt pay it would go to a default and I would still be paying them £45 a month via the CCCS so in a few yrs I would have paid £1055 anyway but now I dont have the default. Sure I could pay them £1 a month and leave it at that but a big factor here is I need to show a paid up credit file for my career so this makes sense for me.

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Once the settlement has been fully approved on your account and payment has been received, I can confirm that no further action will be taken to recover the remaining balance.

 

 

So does it mean that its not been approved and they can always come back and say it was not approved and chase you for rest of the amount? In my humble opinion this letter did not change anything for you and be prepared to be chased for rest of the debt. How cunning and deceptive of MBNA.

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From what I have read on here there are a lot of cynics on here who do not trust MBNA as far as they could throw them and when they speak on the phone I would tend to agree they are not the greatest to deal with but I honestly do not think they are that cunning or deceptive.

 

Letter said pay the money and the debt will be wiped. As far as I am concerned thats good enough for me and I think it would be good enough for a judge, it was good enough for the CCCS and I really dont see MBNA or whoever might take on any debt going to court if I have that letter in my hand. Has anyone actually been chased for a debt by MBNA and had it upheld by a court after they did a partial settlement?

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Hi Rennuz,

I'm glad it worked out.

 

I personally don't trust them after the treatment I received. Thats my personal opinion.

 

But again good job it certainly pays to stick to your guns.

 

Pumpytums

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