mbna offer

diddygez

Hi just wondering if anyone can help.. to cut a long story short i'm on a dmp with payplan and one of my creditors is mbna ..after several phone calls mbna have agreed to me paying £1500 off a £5000 credit card limit, i have asked for it in writing and the common thread throughout the letter is mbna will not pursue me for the remainder of the debt,they will register it as partial settlement, does this mean they can still sell the debt to a third party and they could pursue me ,,, any advice would be much appreciated

Jo

fatbelly

MBNA routinely offer full & final settlement deals at around a third of the debt.

You are correct to insist on the arrangement being confirmed in writing.

Have you read the ND factsheet here?

The only things I (slightly) disagree with in this factsheet are that you can't always treat all creditors equally and I wouldn't refuse a decent deal if a condition was that they mark the credit file 'partially satisfied' rather than 'satisfied'

My understanding is that these agreements are only legally binding if made through a third party. But I have known several people take advantage of MBNA deals and known no comeback.