MBNA - reduced full and final settlement

alby1

What % of the debt is the lowest that MBNA would accept as a full and final settlement regarding credit card debt.

Debt is around £17,000 !!


Anyone know?

loopylu36

MBNA offered me and my other half settlements figures of around 30% on two debts - one was £2,200 and they offered a settlement figure of £600 and the other was £7,500 - they offered to settle at £2,400. Unfortunately we didn't have the money or would have chewed their arm off!

tobedebtfree_2

How did you get MBNA to that stage of offering the settlement figures? I am in a position where I may not be able to even meet my min payments.

oscar52

you usually already have to be in arrears with them - they wont do anything as long as your making the minimum payments.

out of curiosity to be free - your A&L debt, is that a CC (and do you know its also issued by MBNA)

tobedebtfree_2

oscar52 wrote: »

you usually already have to be in arrears with them - they wont do anything as long as your making the minimum payments.

out of curiosity to be free - your A&L debt, is that a CC (and do you know its also issued by MBNA)

Thanks for that, although I do want to try to make the min payments and pay it all back but lets see how it goes.
Yes A&L is also cc debt. I think it was previously administered by the bank but was then taken over by mbna.

Deep_In_Debt

I'm dead jealous!

Just wish MBNA would contact me re F&F. Read it a lot on here. I owe them approk 8k now and have been on a dmp with CCCS for the last year and paying them a reduced amount since then and all they do is write and say they've restructured my repayments and interest still frozen (they've actually been my nicest creditor) and have never offered me a F&F especially when I might be able to get some money to pay them a F&F! Oh well, their loss, I'll do F&F's on my other creditors.

Beginning to think they hate me or do I have a complex???

vw08

hi am a customer with mbna, and in arrears how do you get them to offer you a final settlement? am now owing £663.82 in missed payments i just cant seem to catch up:eek:

loopylu36

I think the reason they offered as a F&F was because for about 4 months we didn't pay them anything. This wasn't a deliberate ploy (see my post on DMP Mutual Support Thread) but after getting nada from us the letters offering F&F started. I don't know how their minds work tbh - if you can't afford even a token/reduced payment, where do they suppose you can rustle up £2.5k from?!

jabba4

You can make an offer to settle your debt any time you like. Anywhere between 30% and 50%. If they don't accept, they may come back with a counter-offer.