MBNA Short Settlement -HELP!!

deth999

Hi Guys I am seriously panicking,

Today is the day that I pay my short settlement to MBNA for £8000 for a £12000 debt. They have completely refused to give me the offer in writing as they claim they are a 'paperless' company which is worrying me a lot. I have the ability to record the calls etc but I don't know if its enough to stop them chasing up the remainder or selling the debt on. They reckon they will send it in writing after i've paid. Problem is, I need to pay it within the next 2 days and I'm worried that I don't have enough time to get one now. What can I do and is there anything I can do to get it recorded on my file as 'positively' as possible?

Thanks in advance

fermi

deth999 wrote: »

They have completely refused to give me the offer in writing as they claim they are a 'paperless' company which is worrying me a lot.

Nonsense. There are plenty of people on DFW who have had offers confirmed in writing by MBNA.

Without an offer in writing, personally I wouldn't part with a single penny.

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

Make sure you keep copies of any letters you send.

• It is very important to make sure the creditor accepts your full and final settlement offer in writing. Make sure you keep a copy in case there is a dispute which can happen years later.
• Never send a lump sum payment before the offer is accepted.
• It is a good idea to get a third party such as a friend or relative to send the money on your behalf. This helps your agreement to be more legally binding if the creditor accepts the money via a third party.
• If you are settling a debt that is large or particularly important, you could have a formal agreement drawn up by a solicitor and signed by you and the creditor. This is not normally necessary.

seikothrill

What is short settlement?

It looks like you make an offer less than your debt and I hope the company agrees to it. Is this correct?

Does this impact your credit rating with Experian and/ or Equifax?

seikothrill

Sorry to get this returned to near the top of the messages but can someone tell me what short settlement is?

Thanks

jonesMUFCforever

Pay back less than you borrow.
Some call it fulland final settlement.

If you intend to do this make sure you don't want any credit for a loan time afterwards.

seikothrill

jonesMUFCforever wrote: »

Pay back less than you borrow.
Some call it fulland final settlement.

If you intend to do this make sure you don't want any credit for a loan time afterwards.

Cheers for the response.

So you borrow what you want and then plead poverty to get a reduction in your overall debt!

If you borrow you should expect to repay the full amount.

Thanks also for clarification that it will affect your credit rating