Sue V MBNA Full and Final Settlement

suewiththeblues

Hi all

Thought i would start my mbna thread to encourage myself to keep on top of it and to hopefully get a bit of advice on how to deal with these lunatics. Chronology so far goes ( will detail the important letters or this will be long to read!)

7/10/08 - balance £953: I wrote offering £525 in full and final settlement, and asking that i am not pursued by them or anyone else for the balance and that my credit file is marked as satisfied in full.

30/10/08 - they sent me an application for partial settlement form. saying the money would only be accepted as partial settlement but they would not pursue me for the balnce. it would also be registered with credit agencies as partial settlement.

7/10/08 - sent me a letter saying i must make a payment to prevent a Default being registered against me.

18/11/08 - i re-sent my original full and final settlement offer letter

26/11/08 - another arrears letter headed 'notice of sum in arrears'.

12/01/09 - Warning letter recieved stating they may either issue legal proceedings against me , or register a default or collection agents may visit my home.

23/1/09 - another letter saying they may issue a default.

5 feb 09 - another letter advising me of the following options: 1. pay £61 and set up a payment plan. 2. pay £9 per month 3. they will accept a partial settlement of £333. 4. wait for a collection agent to visit my home.

options 1.2.3 are available till 20th feb, then a default will be registered and debt sold to a DCA.

I have the £333 to pay them, but am very wary of this 'partial settlement' thing, having read that some people say its fine and other say dont do it as a DCA will chase you for the balance. i also do not want another default on my file!

any advice? i really want to pay and get rid of them as the mountains of letters and the phone calls 3 times a day are stressing me out!

GeorgeUK

There are some letters on the board that you can send to tell them not to call you. I'll look them out later if required.

When making the F&F offers, did you use the letters from either this site or the nationaldebtline site?

suewiththeblues

Hi GEorge

i used the template on national debt helpline, stating that my offer was in full and final, that they nor anyone else would pursue me for the remainder and that my credit file be marked as satisfied.

suewiththeblues

bumpety bump

GeorgeUK

Hi Sue, i'll pop back after work, but you need to be careful of MBNA's phrasing. The partial settlement means that the remainder of the debt will be outstanding and although THEY will not pursue you, it doesn't say anything about a DCA they appoint or sell the debt on to.

fatbelly

The settlement of £333 sounds like a good deal to me.

It's the standard offer they make before selling the debt on.

I have had a few clients take advantage of it, some paying in two or three instalments.

oscar52

Unless you get everything confirmed in writing, dont agree to anything.

I wouldnt trust MBNA as far as I could throw them (and I work there)

GeorgeUK

fatbelly, does it matter that they only state that it is a partial settlement and they do not mention that they will not pass or sell the debt on for others to pursue?

Or as the National Debt Line put it

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.

SerenaGoode

GeorgeUK wrote: »

fatbelly, does it matter that they only state that it is a partial settlement and they do not mention that they will not pass or sell the debt on for others to pursue?

Or as the National Debt Line put it

Yes it matters. MBNA are untrustworthy and believe the law doesn't apply to them. They have been known to use the partial settlement thing to just get some money out of people and then can keep hassling them for the rest.

suewiththeblues

this is my problem that i cannot seem to move forward with! they do say THEY will not pursue me for the remainder but will not put in writing that nobody else will like a dca and i really want to resolve this before i end up with people banging on my door or ccj notices etc

fatbelly

SerenaGoode wrote: »

Yes it matters. MBNA are untrustworthy and believe the law doesn't apply to them. They have been known to use the partial settlement thing to just get some money out of people and then can keep hassling them for the rest.

I've not experienced this. Maybe I've just been lucky...