MBNA final settlement offer

Miggie

Thank you all so much - I've a phone number for the lady who gave us the offer so I'm going to call her and tell her that I'm sending her a letter asking for written (and signed) confirmation of the offer. In the meantime I won't be making any payments in addition to those through payplan.
I've bookmarked this page and will update you on what happens.

edinburgher

Apparently when the payment is made it will show on credit reports as a partial payment.

I'll correct this slightly to say that it will appear as 'partial settlement', which is perfectly acceptable. After all, if you borrow £100 and pay back £50, why should you be allowed to claim that you have paid it all back? It would seem to be a small price to pay for being allowed to escape with paying the full amount of a debt that may be causing you great hardship in the short/mid term.

The important things to have confirmed in writing is that by paying said £50 your responsibilities towards the debt will be discharged, they won't come looking for any more and that it will not be passed to any other agency with the intention of having them chase you.

catwoman150

There is a letter on the national debtline website about full and final settlements take a look at that and try and get MBNA to write to you eplaining about the full and final payments. Send it recorded delivery so you have a copy of the letter you have sent.
You can amend the letter on national debtline. Quote from National debtline:
WITHOUT PREJUDICE:D
Dear Sir/Madam
Re: 4563210025897412
We write with reference to the money which you are claming on the above account.We can confirm that we are unable to offer to pay the money which we owe in full.
However, I can raise £xxx and I want to offer this an ex-gratia payment in full and final settlement of theaccount. 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 for any liability.We also request that, if accepted, you will make an entry on a credit reference agency file relating to the aboveaccount as "satisfied" in full. Payment can be made within 2 weeks of receiving your written agreement of this offer and method of payment.We look forward to receiving your reply.
Yours faithfully

funkyprincess

Edinburgher

Sorry for any confusion, I meant 'partial settlement' rather than 'partial payment'.

Miggie

Update

Hi all, sorry for the delay in coming back, but MBNA have been slow to put anything in writing.
I received a letter last week which asked for more than had been agreed on the phone, then another letter asking for the amount that had been agreed. Both letters said that the account would be noted as 'partial settlement' and that MBNA would not chase for the remaining amount.

However, neither letter was signed. I contacted them again and asked for a signed letter. I received a copy of the second letter, again not signed.

I've written to them asking for a copy of the CCA (I didn't sign the letter but did print my name in pen).

I'll be phoning tomorrow to say that I can't go ahead with making payment if I don't have a properly signed letter.

If they don't provide me with a copy of the CCA, I'll ask them to accept the 1400 (we've paid 100 to keep the offer open) as full and final settlement.

I'll keep you posted - and thank you all so much again.

Beerswilla

Just stuff i forgot.

I would carry on paying the £28. They will call, write and bully, but still take the money off you. If they return payment (which they wont) then you may have concerns.

Your credit cannot get any worse than it is unless they CCJ you, which you will know about and be able to fight- quite easily- as they have accepted your £28 payments (note my comment above). Any judge in the land will find in your favour as you are doing all you can with your circumstances.

As an aside i do this for a living so have a pretty good idea of how it works.

Beerswilla

Ok, 2nd time trying ( i was accused of advertising before!!)

I would agree that you carry on paying the £28. If they are accepting payment then what else can they do?

If they send to a debt recovery, they usually sell on for 20-40%. That they offered you 25% i would suggest the lower amount. That means that even if they do you will just make the same offer to them!! They will only usually do this if you are paying nothing whatsoever.

They could CCJ, but you would challenge that and win as you are doing whatever you can with your circumstances.

Or you could try the finance reclaim with them where you get your debt wiped totally!! There are loads advertised, some cheaper than others. But i know of one but cannot recommend as i am accused of advertising!! (i am in the industry!!)

Whatever you do, dont let them bully you!!

I hope it has helped.

MrsTinks

You can't advertise your own business on MSE...
As for my views on paying a company fees for helping with debts? why? When you can come here for free or go through on of the debt charities in my signature.

Please don't tout for business on the boards or Abuse will only end up blocking you

As for CCJing - they can go to court and get the court to agree to CCJ but you woudl probably end up paying the same amount, just have a CCJ that you have to adhere to. It's not a matter of winning - there is EVERY chance a CCJ would be granted if you have breached the original credit agreement.

If you are in the industry you'd also know that debts CAN NOT BE WIPED! They MIGHT be unenforcable - that is NOT the same as "wiped" or "written off".

Miggie

Hi, thank you.
If we went to court and had a CCJ then we would have to pay the full amount, unless MBNA later accepted an offer in full or partial payment. They aren't making any noises about going to court so I'm not fretting about that yet.

We'll continue paying the 28.00 each month as we don't want to change our dmp until MBNA either send a signed letter and we settle, or they withdraw their offer.

We're not trying to get out of paying our debts, just trying to pay them off in a manageable way. The advice I've had on these boards has been invaluable. I cannot stress how much it has changed our lives dealing with our debt.

Miggie

Just a quick update.

MBNA haven't replied to my request for my CCA and its been well over the 12+2 working days.

They have finally sent me a letter confirming that if I accept the offer and pay by 28th February then no-one will chase me for the debt in future. I've paid them another 200 to keep the offer open.

However! Someone phoned on Thursday (must have been keen to work....) and said I needed to pay another 100 this coming week and that I need to pay the remainder by 26th Feb, which I can't do as I get paid on 27th and that's when I'll have the last of the money to make up the full amount.

I explained this and the person got stroppy so I politely said I had to go and couldn't speak right now.

I'm feeling a bit peed off and antsy now.
And am thinking about sending the account in dispute letter....
which I wasn't going to....

then when they call for the payment I'm going to try and hammer them down again, using their lack of a CCA.

Am I right in assuming that MBNA probably don't have a copy of my CCA or are they just slow in providing one generally?

If I cheese them off are they likely to withdraw their offer?

If anyone has experience I'd be grateful for feedback. Thank you.