is a short settlement payment a full and final or is this letter a load of rubbish?!

thepinkladez_2

hi all had an odd call from mbna about 2 weeks ago. The man basically said that they had sent me a letter offering me a partial settlement for 40% and am i going to accept it!? I hadn't recieved a thing from MBNA so he said he would send the letter again. I didn't recieve the second letter either so called up yesterday and the girl offered to email me a letter,and insisted it was a full and final letter for 40% this didn't appear either! Just called them up again and i was told they would resend the f&f letter now which they have but this is what i have received:


Following you conversation with Gemma, I can confirm we could look to accept £976 as a short settlement payment, this represents 40% of you total outstanding debt with ourselves. Payment will need to be received on your account 7 working days before the end of October. No further action will be taken by ourselves once we have received your payment and the settlement has been confirmed by ourselves.

Thanks

googled short settlement but not much help! Is this a full and final? Is the letter acceptable?Do they need to put in about marking my credit file? Gemma the girl i spoke to said to email her back if i wanted anything adding/changing so any help much appreciated!

thepinkladez_2

sorry but shamelessly bumping this as i really could do with some help!

GeorgeUK

Hi Pinkz

Personally, i would ignore this and send my own letter.
State that you have had telephone conversations with their staff and that you are able to offer a FULL AND FINAL settlement off of £xxx

(This is taken from NDL with a little on the end) http://www.nationaldebtline.co.uk/england_wales/temp/1718_23811.pdf

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 we will be released from any liability.

We 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 and any default notice be removed.

Remember to get confirmation of this before sending payment though. And well done for asking - i thin they are trying to pull a fast one. Just turn the tables on them.

thepinkladez_2

thank you George. I have just emailed them back and played dumb,basically saying can they confirm if its a full and final as thats what they had said and it doesn't say that in letter! lets see what they say!

so it has to say f&f? and a short settlement is not the same then?

mrsspendalot

It definitely needs to say full and final settlement otherwise the remainder of the debt can (and most probably will be) sold on to another collection or recovery company.

thepinkladez_2

right thank you. i will await what they have to say to my questions, lets hope they say f&f!

Runnybabbit

Hi Pinkie !

I've just done the same myself with MBNA. Mine was somewhat a little different to yours. I had the same SHORT settlement on the letter etc however, they also put:

"They would not chase the remaining balance nor would they sell the debt on to external agencies"

However, they did say that my credit file would be marked as Short/Partial Settlement as this was the Law. I've kept all correspondence and will do so for at least 10 years, just to be safe !

I did contact PayPlan and Nationaldebtline to see whether this was acceptable and they said "Yes, it's all above board".

I've paid mine now :eek: someone will now tell me different - but I hope not!.

Good luck and hope it gets sorted soon.
Babbit x

thepinkladez_2

hey babbit,

glad you have got it all sorted now! That's brilliant news. i will keep my fingers crossed that they will play nicely with me too! I think i will give ndl a call tomorrow, and see what they make of the email?!

I hope its all above board as it will be good to clear that off!

So you no longer have to deal with the lovely MBNA, I know you had said before they were a nightmare to you, so i guess you are pretty chuffed!

take care

pinkz x

Runnybabbit

thepinkladez wrote: »

hey babbit,

glad you have got it all sorted now! That's brilliant news. i will keep my fingers crossed that they will play nicely with me too! I think i will give ndl a call tomorrow, and see what they make of the email?!

I hope its all above board as it will be good to clear that off!

So you no longer have to deal with the lovely MBNA, I know you had said before they were a nightmare to you, so i guess you are pretty chuffed!

take care

pinkz x

Thanks for that - do please contact NDL tomorrow for their advice too. I am sooooo chuffed to see the back of that damn company, only other problem now is the credit card - Virgin - payments all up to date, although MBNA are the underwriters !!!!:mad: :mad: :mad: .

So I may never be free from the gorgeous Matt and co at MBNA :rolleyes: :rolleyes: .

Babbit x

thepinkladez_2

oh dear, how bloomin typical!!well keep us posted on how it goes!

Runnybabbit

thepinkladez wrote: »

oh dear, how bloomin typical!!well keep us posted on how it goes!

emmm - we'll see how it goes.

Mind you, I do have to write a letter to them reminding them that I have o% finance deal for 18 months - they've suddenly decided to charge me interest - so will be needing more help with that at some point too :mad: :mad: .

Just when you think you've turned a corner eh ....................