Barclaycard and MBNA Full Final Settlement

minab_2

Hello there

Well i posted a couple a weeks ago to say that i had offered Barclaycard £1800 as offer for a £3k debt and MBNA £1200 for a £2k debt. Due to being regular payers on a monthly payment plan ive a feeling this is why or offers were rejected. Would it be advisable to keep holding off from paying anything so we default and get referred to the debt collection agencies, and see if we get any where with them?

Many thanks in advance.

Tixy

Hi

Do you have defaults registered with the credit reference agencies on these accounts already?

If not and you do default this will seriously affect your ability to get credit for the next 6years.

I would be very careful about intentionally defaulting and ceasing payments if you are in a position to keep up with your payments as instead of your low F&F offers being accepted the creditors might instead decide to take you to court to obtain a CCJ for the full amount.

Also a debt may not necessarily be referred to a DCA for quite sometime after you default.

Obviously it depends on your situation but I would say that unless you are already in default and have affected your credit file then it is not worth intentionally wrecking your file on the off chance that you might get reduced settlements.

I would say that prior to you defaulting you have no chance of the types of settlement percentage that you have offered. There is no incentive for the creditor to accept this money. Plus as you have now already made the an offer and this is on record if you stop paying I would think the creditors would believe you had the means to pay and make them more likely to take you to court.

minab_2

Hi

Thanks for your reply. Yes we have had numerous defaults on these accounts, and this has been due to being in financial hardship due to my partners accident at work, he was unable to work for 8 months. These companies are aware of the situation we have been in and still are, as we are still struggling financially, and do struggle to find these payments every month. The money we offered them was by means of a loan from a friend, so its not money that we have and are decieving them in anyway. I stated this in the letters i sent to them.

Many thanks

minab_2

Anyone please??

minab_2

bump bump can anyone else advise me on the best course of action? Thanks