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  • #1

    MBNA Partial Settlement Offer

    Hi Everybody

    I have been on a DMP with MBNA since September and have no reached a 35% partial settlement figure on a credit card debt in excess of £10000 so a deal I am able to pay and happy about. However, although they say (in writing) that the account will be closed and that they will not pursue me for the balance they will register a partial settlement with the CRA's (I'm okay with this) but they will also register a default for the remaining balance (not happy with this). It's the default for the remaining balance that I am not happy about as I'm thinking I may as well let them default me for the full amount and then try for a lower settlement with whatever DCA takes over. On the other hand I am happy with a 35% deal and would rather just get rid of it.

    Any advice/comments appreciated.

    Thanks.
    Tags: advice, boom, card, chancers, con, cons, court, cra, credit, credit card, credit card debt, creditors, dca, debt, debts, default, defaults, dmp, financial, fine, fire, full and final, help, interests, legal, letter, letters, mbna, mental, owed, people, personal, problems, reading, settlements, share, state, statue barred, virgin, wrong
  • #2
    Re: MBNA Partial Settlement Offer

    Unless a deal states "Full & Final", then it's not. A partial settlement leaves the gates open for some other chancers to chase you for the remaining balance at some point in the future.

    IMO, your better off waiting until they sell it. They seem to have offered this discount to you very quickly.....

    How old is the cc anyway?
    Remember the mantra:
    NEVER communicate by 'phone.
    Send EVERYTHING by Recorded/Special Delivery
    Keep a copy of EVERYTHING sent
    Keep hold of EVERYTHING received
    PriorityOne & CPUTR 2008 (ex P1 CAG CPUTR 2008)

    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

    Comment

    • #3
      Re: MBNA Partial Settlement Offer

      Be careful with MBNA - they wont persue the balance - someone else might (and probably will)
      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

      Comment

      • #4
        Re: MBNA Partial Settlement Offer

        I've had the card from around 2008 and have it in writing that they won't pursue the balance so if anyone else does I'd happily see them in court.

        Comment

        • #5
          Re: MBNA Partial Settlement Offer

          What one says and do's are two different things in the financial industry so you need to make sure you are on very hard ground in protecting your own interests.

          Comment

          • #6
            Re: MBNA Partial Settlement Offer

            Originally posted by whyohwhy View Post
            I've had the card from around 2008 and have it in writing that they won't pursue the balance so if anyone else does I'd happily see them in court.
            They won't pursue you no.... they'll sell the balance on and someone else probably will.
            Remember the mantra:
            NEVER communicate by 'phone.
            Send EVERYTHING by Recorded/Special Delivery
            Keep a copy of EVERYTHING sent
            Keep hold of EVERYTHING received
            PriorityOne & CPUTR 2008 (ex P1 CAG CPUTR 2008)

            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

            Comment

            • #7
              Re: MBNA Partial Settlement Offer

              Evening Whyohwhy,

              I have had previous dealing in this exactly same scenerio only diff was my dealing were with Virgin credit card but they are owned by MBNA, I took a full and final/partiel settlement with these around about 2 years ago now, i have kept the letters stating they wont persue and since then i havent heard a thing, also it shows on my credit report as CLOSED but does indicate it was partial

              All the best in whatever you decide

              Mr Boom

              Comment

              • #8
                Re: MBNA Partial Settlement Offer

                Originally posted by Mr BoomBaztic View Post
                Evening Whyohwhy,

                I have had previous dealing in this exactly same scenerio only diff was my dealing were with Virgin credit card but they are owned by MBNA, I took a full and final/partiel settlement with these around about 2 years ago now, i have kept the letters stating they wont persue and since then i havent heard a thing, also it shows on my credit report as CLOSED but does indicate it was partial

                All the best in whatever you decide

                Mr Boom
                It's either one or the other..... but not both unless you're saying they took a partial amount in a full and final settlement?

                Although the company accepting a partial settlement may state they won't pursue, they're not speaking for any company that they sell the balance to. Any partial settlement is therefore always a gamble.
                Remember the mantra:
                NEVER communicate by 'phone.
                Send EVERYTHING by Recorded/Special Delivery
                Keep a copy of EVERYTHING sent
                Keep hold of EVERYTHING received
                PriorityOne & CPUTR 2008 (ex P1 CAG CPUTR 2008)

                I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                Comment

                • #9
                  Re: MBNA Partial Settlement Offer

                  Evening PriorityOne

                  To clear this up i accepted a Full and Final with Virgin but on my credit report it states it is settled when i go into the detail on my report it does state partial settlment with an outstanding balance of zero, Unless i am reading this wrong but if my report states closed and zero balance surely no one can try and call this debt back up

                  Intresting area this

                  Thanks

                  Mr Boom

                  Comment

                  • #10
                    Re: MBNA Partial Settlement Offer

                    Originally posted by Mr BoomBaztic View Post
                    Evening PriorityOne

                    To clear this up i accepted a Full and Final with Virgin but on my credit report it states it is settled when i go into the detail on my report it does state partial settlment with an outstanding balance of zero, Unless i am reading this wrong but if my report states closed and zero balance surely no one can try and call this debt back up

                    Intresting area this

                    Thanks

                    Mr Boom
                    Ok... if you accepted a F & F, then that is what it is.... it's just wordplay on your credit report.

                    You have a zero balance. End of. :-)
                    Remember the mantra:
                    NEVER communicate by 'phone.
                    Send EVERYTHING by Recorded/Special Delivery
                    Keep a copy of EVERYTHING sent
                    Keep hold of EVERYTHING received
                    PriorityOne & CPUTR 2008 (ex P1 CAG CPUTR 2008)

                    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                    Comment

                    • #11
                      Re: MBNA Partial Settlement Offer

                      Originally posted by PriorityOne View Post
                      You have a zero balance. End of. :-)
                      Good news there Mr Boom!
                      When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


                      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                      Comment

                      • #12
                        Re: MBNA Partial Settlement Offer

                        Yes at the time it was Great news, MBNA were really good to deal with in my opinion, i told them what i could afford and they matched it with a couple of pennies difference

                        Just wanted to share my story to help with whyohwhy decision going forward, A lot of people ive met in the past have been very anti partial settlements but IMO your credit report is probably screwed anyway if going for a full and final so for me going down the full and final route was a no brainer as for me it wasnt about what my report looked like it was more mental with the amount i owed it was getting me down the full and final just gave me less worry at night, But this is just my opinion every one is different and have to make the right decision for their own individual needs/circumstances

                        Cheers

                        Mr Boom

                        Comment

                        • #13
                          Re: MBNA Partial Settlement Offer

                          Originally posted by Mr BoomBaztic View Post
                          Yes at the time it was Great news, MBNA were really good to deal with in my opinion, i told them what i could afford and they matched it with a couple of pennies difference

                          Just wanted to share my story to help with whyohwhy decision going forward, A lot of people ive met in the past have been very anti partial settlements but IMO your credit report is probably screwed anyway if going for a full and final so for me going down the full and final route was a no brainer as for me it wasnt about what my report looked like it was more mental with the amount i owed it was getting me down the full and final just gave me less worry at night, But this is just my opinion every one is different and have to make the right decision for their own individual needs/circumstances

                          Cheers

                          Mr Boom
                          I'm one of those people against partial settlements.... but what you went for was a F & F dressed up to look like a partial. This is where they get people...

                          In your case, it's fine but for others, it often isn't. You must have the words Full & Final on any letter sent agreeing to a settlement. What they put on your credit report doesn't change that fact....

                          :-)
                          Remember the mantra:
                          NEVER communicate by 'phone.
                          Send EVERYTHING by Recorded/Special Delivery
                          Keep a copy of EVERYTHING sent
                          Keep hold of EVERYTHING received
                          PriorityOne & CPUTR 2008 (ex P1 CAG CPUTR 2008)

                          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                          Comment

                          • #14
                            Re: MBNA Partial Settlement Offer

                            Originally posted by Mr BoomBaztic View Post
                            Yes at the time it was Great news, MBNA were really good to deal with in my opinion, i told them what i could afford and they matched it with a couple of pennies difference

                            Just wanted to share my story to help with whyohwhy decision going forward, A lot of people ive met in the past have been very anti partial settlements but IMO your credit report is probably screwed anyway if going for a full and final so for me going down the full and final route was a no brainer as for me it wasnt about what my report looked like it was more mental with the amount i owed it was getting me down the full and final just gave me less worry at night, But this is just my opinion every one is different and have to make the right decision for their own individual needs/circumstances

                            Cheers

                            Mr Boom
                            Hiya,
                            Pleased to read you managed to get yourself sorted mate.
                            As you say, once the creditor defaults you, your credit file is trashed anyway and doesn't make any difference if its settled or not.
                            The way debts are often dealt with depends if they are deemed enforceable or not.
                            If not, the idea is to cover all bases and bat them off until the debt becomes Statue Barred.
                            It Kosha then fight them off until it is Statue Barred, or attempt to settle with a F&F offer if funds are available.

                            Cheers
                            Missy
                            Last edited by SA Gold; 30 June 2013, 19:12.
                            When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


                            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                            Comment

                            • #15
                              Re: MBNA Partial Settlement Offer

                              Yes i understand PriorityOne, In the past being on other forums i have seen where people have been ripped off good and proper, thank god for forums like this!

                              On the last leg of my journey with debt now after 3 years, I remember my first post on another site and from their ive been on a constant journey with debt

                              Wish everyone on this site the best of luck with their own personal journeys

                              Mr Boom

                              Comment

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