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Partial settlement MBNA - same as F & F?
harley92_2
Posts: 9 Forumite
Hi everyone,
I'm currently 22 months into a DMP via the CCCS with debts of £74k, paying £400 per month. I have £4k available to me to clear some of the debt. I've read about full and final offers and also spoken to the CCCS about this who sent me a template letter, and so have approached my largest creditor MBNA who I owe just under £13k to with this and they've said they will not accept a full and final, but will accept it as partial settlement. They said they will put all this in writing, but basically my credit record will show partial settlement for the next 6 years, after which time the remaining amount will be written off. As I'm going to be paying my DMP off for more than 6 years (unless a miracle comes along!) this seems in principle a good offer of wiping £13k's worth of debt off for £4k, despite the adverse comments on my credit records. Can anyone tell me if there are any pitfalls with a partial settlement, ie could they chase me for the remainder at any time and could my other creditors find out and therefore muck up my DMP which is running smoothly at the moment? Thanks in advance for any advice - I've been a lurker for several months now and have been amazed by the amount of support I've read over that time.
I'm currently 22 months into a DMP via the CCCS with debts of £74k, paying £400 per month. I have £4k available to me to clear some of the debt. I've read about full and final offers and also spoken to the CCCS about this who sent me a template letter, and so have approached my largest creditor MBNA who I owe just under £13k to with this and they've said they will not accept a full and final, but will accept it as partial settlement. They said they will put all this in writing, but basically my credit record will show partial settlement for the next 6 years, after which time the remaining amount will be written off. As I'm going to be paying my DMP off for more than 6 years (unless a miracle comes along!) this seems in principle a good offer of wiping £13k's worth of debt off for £4k, despite the adverse comments on my credit records. Can anyone tell me if there are any pitfalls with a partial settlement, ie could they chase me for the remainder at any time and could my other creditors find out and therefore muck up my DMP which is running smoothly at the moment? Thanks in advance for any advice - I've been a lurker for several months now and have been amazed by the amount of support I've read over that time.
0
Comments
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well, you need to see what they put in writing but it doesn't seem any benefit to you. whatever does partial settlement mean?...but wait and see0
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