MBNA - surely this is not right?

sussexchick

Hello All

Wonder if anyone can enlighten me? ...

I've just tried to pay off my debt with a F&F (partial settlement) - the default is listed on my Credit File as being May 2008.

I have been paying off my debt via a Tomlin Order and want to be finally free of all my debts. Made the phone call to them, advisor has stated that my debt is NOT LISTED on my credit file (I beg to differ) and should I make a F&F or Partial Settlement, this will be registered on my credit file as of TODAY for the next 6 years ?!

Surely this is not correct? - maybe I should wait until after May 2014 when it will drop off automatically?

Any help greatly appreciated - many thanks SC

Tixy

I'd make sure you save permanent copies of your credit files showing the debt is on there.
Does it currently appear will all 3 credit reference agencies?

No it is not correct and the advisor clearly doesn't know what they are talking about.

That said this is the very reason it is always advised to make settlement offers in writing not by phone.

You need written confirmation from them first of the offer and how it will be reflected on your credit file.

sussexchick

Tixy wrote: »

I'd make sure you save permanent copies of your credit files showing the debt is on there.
Does it currently appear will all 3 credit reference agencies?

No it is not correct and the advisor clearly doesn't know what they are talking about.

That said this is the very reason it is always advised to make settlement offers in writing not by phone.

You need written confirmation from them first of the offer and how it will be reflected on your credit file.

Thank you Tixy for your response. I have checked all 3 credit reference agencies and its showing on them all. Admittedly it shows as defaults even though I pay religiously on the dot at the same time each month, and have done for the past 4 years.

I did write to MBNA offering F&F but they sent back an Expenditure form stating they would not consider any offer (partial) unless this was completed. I'll put my hands up, I didn't complete it, purely as I wasn't trying to negotiate how much to pay each month, just simply wishing to settle the account.

I don't mind a partial settlement against the credit file (simply because it drops off in May anyway) but I don't understand why I should have to have this debt for 12 years showing on my file?!

Or did I get the chump of a DCA advisor!!

sourcrates

sussexchick wrote: »

I don't mind a partial settlement against the credit file (simply because it drops off in May anyway) but I don't understand why I should have to have this debt for 12 years showing on my file?!

Or did I get the chump of a DCA advisor!!

Yes you did, it will only stay on your file for 6 years, as quoted on this site many times, DCA`s lie - fact !!!

Tixy

I have seen once instance on here where a company removed a default when someone paid a reduced F&F and then showed a partial settlement.
Thats why its worth keeping a hard copy of your credit files just in case this happens as you can use it as proof to get the entry changed back.

That said I don't think that was what this advisor was thinking I imagine he is simply badly trained or intentionally misleading you (or both). The fact that he had told you it wasn't showing on your files when you know it is suggests he doesn't have a clue about the situation with your file, or how it would be recorded.

I really wouldn't settle any debt (reduced settlement) on the phone. You do need it in writing from them first, otherwise you may well find you are chased again (either straight away or in a few years by some other debt collector). Try writing again.

sussexchick

thanks for your advice, I will certainly write again pointing out the obvious failings of their 'advisors' (term used lightly) and will also print off the credit reports as you suggest.

To add insult to injury, said 'advisor' then offered financial assistance in the form of a FEE PAYING advice line! She must have thought I was as green as I am cabbage looking! tsk!