Advice re Full and Final settlement MBNA

ategid

I have a long standing balance of £4100 with MBNA which has been I think passed on to someone another company. I'm in aposition to pay a percentage on a !!!!!! basis. Can somebody help with a reduced figure that I should realistically achieve. Thanks i also have one with Lowell for £2700 any ideas/ Many thanks

spursfan14

Hi ategid,

Firstly, don't worry. Debt collection Companies have to adhere to a strict set of rules. Essentially-

• Lowell Financial can not force you to repay more than you can comfortably afford each month.
• If you make a reduced payment, Lowell Financial can not refuse it.
• Lowell Financial can not add charges as a penalty for non payment, other than to cover the real costs of collections activity.

So realistically, you can suggest an amount you can afford to pay back each month and if its reasonable they can't refuse it.

I hope that helps!!

ategid

Thanks for that re Lowell - I'm in a lucking postion(first time in over 20 years) that I have some money that I can use towards or clearing both debts if I can get a lower final settlement figure but I do not know what to start offering.

ategid

Bump. Sorry for bumping this up I would like to pay as soon as possible in case in case temptation takes over! Thanks

ategid

Just come off the phone with lowell £2910 down to £2150 to me this sounds good. What does someone with more experience think. As i have paid regularly £80 a month for the last 4 months they said this was the best they could do. What do you think would happen if I dont pay anything for a few months?

michael50

Its roughly 74% of the total so IMO not a great outcome.

ategid

Thanks.How do I go about saving more then? Any idea on what I should aim for with MBNA £4100 balance

michael50

There is no hard and fast rules but i would give you a figure of something like £2460. 60% on £4100

But every situation is different so this is only a very rough estimate.

ategid

Great that gives me something to aim for. And I'll go for something similar for Lowells

terryw

michael50 wrote: »

There is no hard and fast rules but i would give you a figure of something like £1746. 60%

But every situation is different so this is only a very rough estimate.

Where does the percentage of 60 come from? Or the £1746?

michael50

From the Lowell figure of 2910 its 60% of that figure