Credit Card- do I just keep writing ?

Watchet

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.

jonesMUFCforever

You might find this answer cruel but have a think!
You managed to spend the money but now you are unable to repay, so you make an offer to part pay and expect them to say ok we don't mind we'll write off the rest and plonk it on some othe sucker's interest bill!!!!
Sell some items and offer the sale proceeds.
Eric

Watchet

It's not cruel, just not realistic. I live with my girlfriend her flat, car etc. When I seperated from my wife ( now divorced ) 3 years ago I probably had over 50k of debt. I got nothing in the divorce settlement - the debts were mine and I kept them. I've worked my socks off repaying what I've repaid. I used the money I earned plus the tax I should have kept back to repay them. I also owe the I.R. money but have a 3 month contract for work which means I can pay them back. After that, nothing. I have two choices 1) bankrupcy or 2) that the creditors will accept the 3k. I've spent the last 3 years trying to honour my debts, it's just not possible. The ideal solution would be that this 3k would clear my debts - I would have nothing. If they don't accept I'm bankrupt and have nothing. For someone that attempted suicide 4 years ago, because they felt so worthless - I can probably live with either outcome.

Willsnarf1983

Watchet

if when u divorced i rpesume ur wife got half of everything, why could u not ahve given her half of the debt as well?

Will

i am probably being naive and its more out of curiosity than questionning u

Watchet

Because all of the credit cards and loans were in my sole name ( except one joint loan ). My salary went into the joint account - her's went into her sole account. The house belonged to her ie before we got together. The honest truth as to why is .... I mentioned attempted suicide earlier, I felt guilty that the marriage had failed, my behaviour wasn't anything that I was proud of, I couldn't afford a lawyer to represent me etc etc etc. The real truth is .... I was ashamed of my life and chose not to leave her with any crap.

skylight

MBNA don't have to accept your offer at all - regardless of how much you offer (70/80% they can still refuse it)

Sorry, but you can't make them, but I do find their reproach rather hardlined! (I posted today about the same company!)

Your options really are to write again (recorded post perhaps?) asking them to reconsider your final offer. When they respond again, write again after that making your offer again and also suggest that they sue you for the debt. Make sure that you mention that you are taking advice regarding bankruptcy (tel National Debtline and get their advice) and wait and see.

Most/All the creditors are going to refuse you initally, getting a final offer is apparently a long process of letters.

£15.5k isn't a great deal of money (only compared to some out there, so dont take that personally),so therefore I dont think bankruptcy is neccessarily the best option. There are IVA's and all sorts, but do call or go to https://www.nationaldebtline.co.uk first and ask for their free and impartial advice.