MBNA Partial Settlement Agreement

Ofwolfandbiggs

Hi all, I posted a couple of days ago about a MBNA offering a partial settlement and have recieved a letter detailing it. It basically says:
- no action will be taken by MBNA or any external agency to recover the remaing balance.
- my account will be listed as partial settlement for six years.
- my account will be closed on payment.
- the letter is signed.
I then called them to clarify the partial settlement bit and was told my credit file will say no money is owed even though it only says partial. I just wanted to check that I'm not walking into a trap by agreeing to pay!!

Tixy

Thats fairly typical for them to only agree partial settlement. It just shows other creditors that you didn't pay the full amount be negotiated a reduce figure.
As long as they aren't going to chase you further for the debt you should be fine.

Ofwolfandbiggs

Thanks, I was reassured by the letter but didn't want to leave any room for them to chase me in the future. I'm pretty happy as over a third of my debt will be cleared after this payment!