Ask to settle or not?

[Daisy0401]

Hi All

I am new to this forum so please be gentle :-)

I owe approx £2,100 on my MBNA credit card but I fallen behind on my payments, the last payment that I made was £30 less than the minimum payment (its all I could I could manage and thought better to pay something rather than nothing) Since then I have had so many phone calls literally 3 or 4 times a day and sometimes from different numbers.

I am a bit worried about trying to offer a settlement figure and im not sure that I even will, but in your opinion if I did what sort of percentage should I offer? I think I have bad credit anyway but can this make it even worse?

I would appreciate your thoughts.

Thank You
Daisy

[FlamingParrot]

Re: Ask to settle or not?

I am new to this forum so please be gentle :-)

Despite being a bunch of beagles, we don't bite! :beagle:

Oh, and welcome

I owe approx £2,100 on my MBNA credit card but I fallen behind on my payments, the last payment that I made was £30 less than the minimum payment (its all I could I could manage and thought better to pay something rather than nothing) Since then I have had so many phone calls literally 3 or 4 times a day and sometimes from different numbers.

I am a bit worried about trying to offer a settlement figure and im not sure that I even will, but in your opinion if I did what sort of percentage should I offer? I think I have bad credit anyway but can this make it even worse?

You say you think you have bad credit, have you looked at your credit files and checked that you have defaults on them? If so, how old are they? Defaults stay on file for 6 years, then drop off. If you can't make your minimum payments, chances are, MBNA will also default you, and the default will stay on file for 6 years. Whether that 'makes it worse' or not depends on the current status of your credit file and age of any defaults on it.

As for offering a settlement, it's way too early in the game to even think about it. MBNA won't accept a reduced amount at this stage, that usually only happens once you've been defaulted and have spent years paying tokens and/or where the debt has been sold to a DCA who probably paid 10% of the outstanding amount.

When did you take out this card? I've also got an MBNA card I haven't paid in 4 years, it's a very old card and they couldn't find my agreement. :grin:

If you took out yours before April 2007, you may be in luck! :thumb: Provided you don't mind another default, of course, but then the only way to avoid it would be to either keep making minimum payments every month or find the full amount to pay it off.

[Daisy0401]

Re: Ask to settle or not?

Thanks for your reply!

I have had this account since 2006, I just looked at my equifax report and this particular account is not on there!!

So, you mentioned that you havent paid in 4 years.. do they still call you chasing for money?

[FlamingParrot]

Re: Ask to settle or not?

Thanks for your reply!

I have had this account since 2006, I just looked at my equifax report and this particular account is not on there!!

So, you mentioned that you havent paid in 4 years.. do they still call you chasing for money?

No, they used to call non-stop when I first stopped paying, but I haven't hear a peep (neither letter nor phone call) for over two years now. :bounce:

However, I sent a CCA request in March 2010, as per this post: http://www.legalbeagles.info/forums/...069#post402069