Advice re Full and Final settlement MBNA

fatbelly

MBNA are well known for offering full & final deals that are quite generous. Usually about 33%. They do this just before they take the commercial decision to sell it on to a third party debt collector (I've seen them use different ones but DLC comes to mind). The offer only stands for a few weeks before they DO sell it on. Then you have to deal with the new owner who may well be tougher to negotiate with.

You start by saying that the MBNA debt 'has been I think passed on to someone another company'. You need to check whether or not it has been sold (assigned) already or the 'other company' is just collecting on behalf of MBNA.

Usual advice applies: do it in writing, say that the money is coming from a family member, start low, give a timescale for response with every letter. Don't part with any money until you have it in writing that the sum will be accepted in 'full and final settlement'.

ategid

Thanks. It has been passed to a third party company AIC, they rang and left a message saying that I should ing a Mrs Wood. Will ring them tomorrow fro an address etc and ask for verbal offer and ask them to email response.

fatbelly

ategid wrote: »

Thanks. It has been passed to a third party company AIC.

Has it been sold (assigned) to them?

If you phone and ask them for an offer you'll get a poor deal (maybe 75%). Remember if they have bought it, they probably paid 6 - 16% for it.

You need to put your offer to them, in writing. And require them to respond in writing.

This factsheet is not perfect but gives the general idea:

Factsheet | Full & Final Settlement offers

terryw

michael50 wrote: »

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

You have edited your original post! What a rotten trick!

ategid

Sorry i did not try and mislead anybody!