Final Settlements - Help needed.

[Kat1973]

Hi Everyone,

Long time no speak - hope you're all well.

I have a question regarding final settlements. I've been in a DMP with MBNA / Virgin since last April and have been paying by standing order every month. There are two cards one with a balance of approx £5K and one approx £4.3K. There is a good chance I may be able to get hold of £5K in the next few months and I would like to use this for a final settlement to get rid of these cards.

The last time I spoke to MBNA (they called a few months ago to check everything was okay - how kind of them ....) and they guy said they would probably accept an offer of 50% and up.

Does anyone have any experience of getting rid of credit card debts this way? Any advice? How likely is that they will accept 50%? Anything I should look out for?

All advice gratefully received!

Kat

[Garlok]

Re: Final Settlements - Help needed.

Hi Kat,

I have just posted a new thread on Full & Finals on this forum. I have just noted that it has been moved up into the sticky area. It explains what we went through and how we achieved our end result plus some of the pitfalls.

Have a read and shout if you need any more help. Ours was with a bank OD and loan but the principles I believe are the same.

best regards
Garlok

[Kat1973]

Re: Final Settlements - Help needed.

Thanks Garlok - will do!