MBNA Full and final

zoec35

Hi my husband has a debt with MBNA of £7800, heh as been paying for the last six months regular payments of £14 due to financial hardship. MBNA have been calling regularly regarding this saying they need him to pay more money per month, he spoke with them earlier this week and advised that his dad was going to give hiim some money to pay off some debt , he advised MBNA who agreed to an amount of £3000 to pay this debt off, however when the email has come through confirming the amount they will accept they have advised this is a partial settlement. How do i respond to this as we do not want partial but wanted them to accept a full and final- MBNA have advised a default will be registered if we dont pay this by the end of July.

Please help!!

Thanks

Zoe

thinkpositive1

Hi Zoe

I thought I would reply as something very similar happened to me. I had a large outstanding balance on my MBNA card and they offered me a very good deal (under 30% of the outstanding balance) to settle the account for good.

I asked if this would be a "full and final settlement" and they said it was a "partial settlement" but they would never chase me for the remaining balance.

I was nervous about the "partial" settlement implications in case sometime further down the line they (or a 3rd party) could still come chasing after me for the rest of the balance.

I think you need to check very carefully the wording and terms of this offer - there should be people on here who could advise better.

Some factsheets on "Full and Final Settlements" are available too.

Whatever you do, make sure things are in writing from MBNA.

I tried to raise the money through family but unfortunately could not raise sufficient to pay the lump sum required.

bottleofred

Hi Zoec35,

It should go on your husbands credit file as settled, but will have beside it partial settlement. However, before paying the money, get in writing the fact that this is a full and final settlement figure to ensure they won't come looking for anymore money in respect of this debt. An email should be considered sufficient as in writing, but print it off and keep it as proof they have said full and final settlement for the agreed amount of £3000. Alternately, you could ask them to send you a letter with the same information which you should also keep. Also, don't let them bully you with the threat of the default by the end of July and only pay them if your satisfied they've said full and final settlement in the correspondence.

I hope this helps and you get sorted soon

Bottle of Red