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MBNA - Full + Final put forward - Short Settlement Offered - Advice Needed


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Howdy All, Good New Year to you all.


Before Xmas i Sent out to 5 of my banks the following letter pleading for them to accept my offer of a final payment.




With reference to my previous correspondence dated 4th October 2006 I am now in a position to make a final payment on this account.

I can confirm that I am unable to offer to pay the money which I owe in full. However, I can raise £xxx.xx and I want to offer this an ex-gratia payment in full and final settlement of the account.

I fully believe that it is in your best interest to accept this offer as my current financial situation is unlikely to change due to me being made redundant in the New Year. I will also be starting a full-time education course in the new term. I have attached with this letter a copy of my current income and expenditure with details of my current pro-rata repayments to my other creditors. As you will be aware in previous correspondence to you, I would only be able to afford a repayment of £xx per month in respect of this debt for the foreseeable future. I therefore reiterate the above offer and hope that you will accept this as a full and final settlement.

This offer is made on the clear understanding that, if accepted, neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that I will be released from any liability. I also request that, if accepted, you will make an entry on a credit reference agency file relating to the above account as "Satisfied" in full.

Payment can be made within two weeks of receiving your written agreement of this offer and will be made by a third party into the relevant account.

This offer is a limited offer and if I do not hear from you within the next two weeks, I will withdraw the offer and use these funds towards paying my other creditors.

I look forward to your considered reply.


Today i received my first reply from the MBNA.


Stating that the if a settlement is agreed it would only be short settlement which inturn would be registered to the credit agencys as "Partial Payment" for 6 years.


I do not and will not except this. period....


i also have a short settlement form to fill in and send to them to make their own amount for this partial payment.


any advice to give me further actions to advance in a Full and Final Ammount?


p.s After i have completed the F+F Settlement, i plan on regaining my charges from the past 6 years too. XD


Much Appreciated.



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