MBNA Virgin Money 2005 – Tactics for Full & Final Settlement

[Limerick_Claret]

First of all thanks for all your input, its nice to know I'm not alone on this.

 

The residency issue and legal ability of MBNA to easily persue debt accross borders makes interesting reading, it gives a little help to my negotiation for a full and final settlement offer the current offer is 35% and only partial. My opinion is I may as well default as take a partial settlement.

 

However, I am still getting phone calls and emails but no notification of a default notice, I'm paying £1 a month at the minute(on severe hardship). Perhaps this is some reflection of the residency issue.

 

Would any one have a legally water tight wording for a Full and final offer letter, I want request the text be used by MBNA. I don't want to pay them money only for them to sell on the debt.

 

A strange thing has happened all the people I'm now dealing with have a Liverpool accent would anyone have any ideas on this, previously I have dealt with other people from MBNA. Have I changed departments here.

 

I'm currently using a third party funding option as a means to negotiate a much better offer from MBNA. Basically my third party is ready and willing to stump up the cash immediately if they fullfil his criteria. This is working well because if they lean on mean to accept I default to the third party and tell them he simply won't give me the cash if they don't help me out in meeting his conditions. Simply their going nowhere if they don't consider his request.

 

Looking forward to your reply, keep up the fight.

 

LC

[Limerick_Claret]

Short Settlement Offer

 

does any one have an opinion on wether this is a good offer?

 

wording as follows

 

Further to our recent communication, I can confirm that a payment of ££££ 35% has been accepted as an ex gratia settlement of the above account.

 

Once payment ahs cleared on the account MBNA will register a partial settlement with licensed credit reference agencies and a default will remain registerd. However you will not have to repay the remaining balance, and neither DCRL nor MBNA or any associated company will pursue the matter further. The balance will show as £0.00 and the status will update to PS (Partially satisfied)

 

waiting LC

[Dotty50]

I have not been reading any F & F thread recently but I know they always seemed to skirt around something in these letters, however this appears to cover everything IMO.

 

What is the approx balance on this LC? I only ask for reference with my Virgin account, is it in the 100's or 1000's?

 

Would I want the word 'associated' amended to 'other'? Maybe, but see who else comes along with their thoughts.

[Limerick_Claret]

Dotty

 

I actually hav this in writing DCRI Ltd letterhead.

 

I wouldn't accept an email from anyone.

 

LC

[Dotty50]

I didn't mention emails LC?

 

I would only accept a letter from the original creditor, I am not familiar with DCRI LTD

[slick132]

Hi LC,

 

I think their wording in post #27 above sets it out clearly.

 

Settle on this basis if you have the funding to do so and are OK with the terms.