MBNA partial settlement Con

archer85

Hello I'm new to this forum :rolleyes:
I received a letter two weeks ago from MBNA giving me a partial settlement plan. My balance was £4962.22 and they were prepare to accept a partial settlement of £2233.00. They also stated that given my current situation raising these funds will be difficult so they would accept the payment of £2233.00 in 3 installments. Luckily i have a very generous relative who has offered to loan me the money to clear the debt when i pay the 3rd installment.
Therefore on the 19th sept i gave them a call explaining the situation and they accepted my first installment and said they would get a letter in writing to me. I have just rang them and now i have been told they it has been declined because they need more information i.e i apparently said that my circumstances were to change. I replied yes only that i was returning to part time employment after maternity leave so i have still taken a drop in income. She asked me my current situation and i just said that was not of there concern etc etc. I tried ringing the financial Ombudsman but they were closed so i will try again tomorrow.:eek:
I'm so furious because i feel i have been well and truly f***ed i feel like the ground is about to swallow me up grrrrrrrrrrrrrrrrrrrrr :mad:
Has any one heard of had this thrown at them or what are your opinions i would be extremely grateful. :beer:

cruzier

Hi,

I had problems with MBNA too. When I started to experience financial hardship, I spoke to MBNA and asked them to accept a reduced monthly payment, they accepted, however, I got a letter stating they would forget the balance of £6500 and would accept £2300 as full and final settlement and that I could pay over three months.

I spooke to the women who was in charge of my account and she said I could try to get the money together and let her know, she said there was no time-limit.

Two weeks ago I rang MBNA to pay and the lady refused and said they would accept £5500 instead!!!

So I paid off other debts instead. Not sure what their problem is. Maybe when they actually think you can afford it, they want you to pay more?

archer85

MBNA seem to have a history of this then !!! :mad: it seems they lure you in with a life line to clear your debt and slam the door in your face. They shouldn't be allowed to do this surely

jonesMUFCforever

Sorry but the both of you have no leg to stand on here.
Full and final settlement means nothing at all unless you pay all that is due.

Why should you get away with wiping thousands of pounds worth of debt away?

archer85

ejones999 wrote: »

Sorry but the both of you have no leg to stand on here.
Full and final settlement means nothing at all unless you pay all that is due.

Why should you get away with wiping thousands of pounds worth of debt away?

Hi there thanks for your opinion. :rolleyes:

For your information before you start attacking us MBNA approched me with a proposal to settle early. And after a very encouraginig phone call i had with them last night this is going to happen when they had looked into my circumstances. So please take a step back and take into consideratoon why these Banks like MBNA approach there clients with such offers. And yes a full and final settlement does actually mean something if the creditors make an entry on your credit file staing action what has been taken on your account. Therefore showing you made an effort to clear the account and inevitably improving your credit history (well slightly )
Overall any dealings i.e partial settle etc etc is between the creditors and the clients not third party individuals like yourselves. :money:

Have a nice day !!!!

archer85

jonesMUFCforever

Why come on here and ask opinions then ?

archer85

ejones999 wrote: »

Why come on here and ask opinions then ?

LOL :rotfl:
well as you asked i was a tad annoyed and wanted to see if any one had been in the same boat. Not to be accussed of ripping a creditor off when they actually approached me with the option to settle early. is that ok with you i do hope so.:j I do take all opinons on board and thankyou for yours, but i did read it as an attack that we were ripping them off. I thought you didnt quite grasp that MBNA actually approached me so i couldnt quite see your point if they were trying to help me.

Bye for now :j

CLAPTON

Gettting back to the original point... I'm not sure I fully understand.

MBNA wrote to you saying they will accept £2233 paid as a F&F settlement of your debt (of 4962) and that they will accept the money in three installments.

You agreed but they have now said no? or what exactly.

AnnieP_3

ejones999 wrote: »

Sorry but the both of you have no leg to stand on here.
Full and final settlement means nothing at all unless you pay all that is due.

Why should you get away with wiping thousands of pounds worth of debt away?

I must say, I too find this reply offensive, all I can say is 'what goes around comes around'. Lets just hope this person doesn't get into financial difficulties!:D

archer85

CLAPTON wrote: »

Gettting back to the original point... I'm not sure I fully understand.

MBNA wrote to you saying they will accept £2233 paid as a F&F settlement of your debt (of 4962) and that they will accept the money in three installments.

You agreed but they have now said no? or what exactly.

Hi
Yes they did write to me with a proposal from there early settlement department.
Sorry you dont understand but I explained they had said no when i contacted them the other day but i later received a phone call confirming the out come as positive. Therefore they had reviewed my circumstances and have given the go ahead.

archer85

archer85 wrote: »

Hi
Yes they did write to me with a proposal from there early settlement department.
Sorry you dont understand but I explained they had said no when i contacted them the other day but i later received a phone call confirming the out come as positive. Therefore they had reviewed my circumstances and have given the go ahead.

Sorry CLAPTON if i clarify a little bit more they declined the first installment becasue they had to look into my circumstances. Then with me explaining i had returned to part time work etc etc without going into it too much that is why ??
Anyway we have come to an agreement which is good news:rotfl:

Hope this helps, if not sorry it doesnt