Mbna cc advise please!

roberts516

Hello guys ,

Need abit of advise after spending 2 years tackling my debt which at its highest was £24,000 ! I now have reduced it to £14,000. So I can finally see some light at the end of the tunnel .
My biggest debt is with Mbna cc which I took out in 2002. I now owe them £8,000. Im paying over £100 interest a month and can only afford min payments . I did accumalate arrears and missed 4 payments for a while so signed up to a DMC . Anyway to cut a long story short I now manage my own debts . I have now cleared the arrears and back on track .

My daughter ( which is highly embarrassing ! ) has offered myself a sum to clear some of this debt interest free.My question is how much do I offer as a f&f ? Also I am aware there is no CCA either, would it be cheeky to use this as a bargining tool ? There is also some PPI to claim back although a small amount.And if I put my offer in writing(which I always do with Mbna, learnt my lesson do not trust them one bit )towards the end of the month ( when they have to reach targets etc) do you think it is worth a try ?

dancingfairy

Hi, I believe National Debtline have a factsheet on their website with advice on full and final settlements. Also I think people tend to start at perhaps 30% of the debt and see how they get on.
Best of Luck
df

david39

If you are now managing the debt and making at least the minimum repayments on time to the card then there is no incentive for MBNA to accept an F&F offer.

They will usually only do so if the card is in serious arrears and they consider that they are unlikely to recover the full amount.

If you had lent someone £1,000 and they were paying you back at the agreed rate to the point where the debt was now £600 and you were charging them a high rate of interest, would you agree to them giving you £200 and writing the rest off?

paulmapp8306

Yep - F&Fs will only be considered if you are on a repayment plan of some sort (self managed is fine) and are paying "token" payments as per an SOA.

if your "minimum" payment your making is this - then start at 20% or so but expect to end up around 50% or more (you may get lucky - depends on the age of the debt). if by minimum you the 1%, 2% or 5% the original contract called for, and there applying interest - you have no hope of a F&F. In that case, if you can pay it all with the loan just do that as you'll save a fortune in interest anyway.

endora

roberts516 wrote: »

Hello guys ,

Need abit of advise after spending 2 years tackling my debt which at its highest was £24,000 ! I now have reduced it to £14,000. So I can finally see some light at the end of the tunnel .
My biggest debt is with Mbna cc which I took out in 2002. I now owe them £8,000. Im paying over £100 interest a month and can only afford min payments . I did accumalate arrears and missed 4 payments for a while so signed up to a DMC . Anyway to cut a long story short I now manage my own debts . I have now cleared the arrears and back on track .

My daughter ( which is highly embarrassing ! ) has offered myself a sum to clear some of this debt interest free.My question is how much do I offer as a f&f ? Also I am aware there is no CCA either, would it be cheeky to use this as a bargining tool ? There is also some PPI to claim back although a small amount.And if I put my offer in writing(which I always do with Mbna, learnt my lesson do not trust them one bit )towards the end of the month ( when they have to reach targets etc) do you think it is worth a try ?

If there is no CCA they can't obtain judgment against you. I also have an old MBNA card without CCA which I haven't paid for over 2 years. These days MBNA hardly ever contact me as they've had to admit several times they haven't got any paperwork. Presumably you've already got defaults on your credit file, haven't you?