Settlements with credit cards

I posted earlier about settlements the c/c and loan companies would accept. I sent off my letters just over a week ago and have my first response from MBNA. To recap I'm being 'lent' 3k by a friend, total debts ( among 4 lenders ) 15.5k, so that's just over 20% I'm offering
MBNA have said no they'd only reconsider an offer of at least 70%. I've explained in everything sent I've no income, no assets and this 3k is from a friend ( my partner in fact ). The amount isn't negotiable - I can't haggle-I can only offer what there is. Anyway the only thing I can do is write back & explain this - but I already have - they obviously don't believe it !!!! Is there anything else I can do to persuade them I'm telling the truth.??????? Obviously I'm really depressed - it just seems like I've got months ahead of writing saying over and over what I've already said, and the creditors just saying no, we'll only accept XXX. I haven't got it !

Other question is, the debt counselling people said offer a ' full & final' settlement and if agreed, say they have to mark the debt as 'settled' on my credit report. MBNA have said they can't consider the offer of full & final settlememt, it would be accepted as a short settlement, the remaining balance would register as a partial settlement with the Credit Ref Agency but they take no action to recover the remaining balance. To be honest I'm not that bothered about this, it's just that it was recommended ????
Any help, suggestions, idea's would be appreciated. Cheers.


  • Hi,

    I have just been through this process with MBNA. In the end they took 40% against the debts and recorded it as a short settlement.

    Hope this helps.
  • 100mel
    100mel Posts: 124 Forumite
    I've had the same experience with Sainsburys Visa Card. I offered them, their debt collectors over 60% of the debt as full and final based upon monies loaned to me. They won't accept or even say how much they would accept. Moreover, they sent the heavy mob round. Other advice on this board has said that credit card companies and their collection agents do accept full and finals but it hasn't been my experience in any way. I've had to put mine into legal hands in order to get them to try and understand that on an income basis they are in for a very very long haul and that this money won't be available for ever as it is a loan but they don't seem to listen
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