Need advice on letter from MBNA please

ferry

Hi all

At the moment I have a payment arrangement in place with MBNA and I have received a letter from them request full payment of arrears within seven days to avoid a default being lodged and the debt potentially being sold on to a DCA.

This is clearly a situation I want to avoid and I know I will need to address the debt my personal circumstances have not changed ( recent loss of income)sufficiently to be in a position to meet that demand.

I can however increase my payment slightly. Should I put this forward to them and are they likely to accept?
I would ideally like another few months breathing space making token payments and need advice on how best to approch this please.

I do anticipate my circumstances to change hopefully soon of course but although I'm not too bothered about the default as my credit file is trashed now anyway I am concerned about the selling on of the debt as I understand thats when things can turn nasty..

To be honest MBNA have been really good with freezing interest etc but I just need a bit more time.

Thanks as usual
F

Bettingmad

ferry wrote: »

Hi all

At the moment I have a payment arrangement in place with MBNA and I have received a letter from them request full payment of arrears within seven days to avoid a default being lodged and the debt potentially being sold on to a DCA.

This is clearly a situation I want to avoid and I know I will need to address the debt my personal circumstances have not changed ( recent loss of income)sufficiently to be in a position to meet that demand.

I can however increase my payment slightly. Should I put this forward to them and are they likely to accept?
I would ideally like another few months breathing space making token payments and need advice on how best to approch this please.

I do anticipate my circumstances to change hopefully soon of course but although I'm not too bothered about the default as my credit file is trashed now anyway I am concerned about the selling on of the debt as I understand thats when things can turn nasty..

To be honest MBNA have been really good with freezing interest etc but I just need a bit more time.

Thanks as usual
F

TBH you are much better off if they sell the debt on. It places you in a better position if and when you are ready to look at making a full and final settlement. I wish all of my creditors had done this.

sourcrates

The letters you are getting are most likely computer generated.
Your arrangement with them will supersede this letter, however, they can at any time pass the debt to a DCA for collection, you would be no better off in this situation as they will still be acting for MBNA.
Its more likely they will sell on the debt, which may be better for you as a DCA that owns the debt will be much more flexible, I wouldn't describe any DCA as good, due to the nature of there business, but they are not all bad, some are better than others.
Its likely a better payment arrangement can be agreed if the debt is sold.

longtermplanner

I agree with the others. Only pay what you can afford and don't worry about your debt being sold on.

ferry

Thanks for the reassurance and responses guys.

I'll post back with their response in case it will help others

Regards
F