MBNA settlement offer

[kjs2025]

Just had a call from my mate Richard at MBNA. From a mobile again, this time on a Private No.

 

Verbally they agree to almost all that was in my letter APART from showing F & F. As I write this I remain confused....on one hand they say the account will show as 'SETTLED' but cannot show 'F & F' received as "obviously that would be lying to the CRA as full payment has not been made....."

 

Goes back to comments made earlier by Dotty & HeftyHippo

why can they not mark the debt as fully settled? partially settled means there is an outstanding amount. trye, they may not have any intention to sell the outstanding amount at the present, but who knows in 12 montsh time when a new manager is appointed and he sees the chance to raise a few quid by selling off all those partial amounts owed by people known to be able to get a few quid together....

if they are accepting money for a F&F, then the debt must be fully settled, otherwise it cannot be a full and final settlement can it? ...

Well I think they could, if they wanted to and they could remove it completely if they wanted to but it is not fully settled at the end of the day. Despite the amount of interest they have had

When I mentioned that certain "friends" I had been speaking to had heard of cases where MBNA sold on the debts (as per Dotty's post yesterday) he re-iterated his "you could sue the a*** off us! ... and ...never in my 6 years" statement

 

As dx100uk said

something smells here and it just got stronger.

 

Also still wary of what carrotandgrenade found:

Lastly, take special note of the wording "borrowers are under no legal obligation to pay more money on completion of an IVA or bankruptcy" It does not state the same for partial settlements.

 

BTW - Richard confirmed that 1 x a/c goes back to 1994 (ex RYA/Beneficial) and the other around 2004/5

 

He is going to get a "senior manager" to email today with another letter which will encompass most of what I asked for ....alledgedly.

 

Will post it here as soon as arrives.

 

Head spinning at mo so really do appreciate all the feedback/support here

[kjs2025]

Oh dear...deja vu.....look what just been sent via email ....Love the company mottos at the bottom...

 

extremely doubtful now on their honouring a deal I am afraid

 

Dear Mr S

 

Following our conversation dated 12 February 2010 with Richard Lewis, I can confirm that providing the following payments have been received and cleared onto your accounts by 28th February 2010 as agreed, no further action will be taken by MBNA or any other party to recover the remaining balances:

 

Account ending xxxx: £2714.50

Account ending xxxx: £2285.50

 

Following your discussion with Richard Lewis earlier this month, I do recommend that both payments are made by debit card due to the limited amount of time remaining. As soon as the payments have been received and cleared onto your accounts, MBNA will write off the remaining balances and both of your accounts will then be registered as Partial Settlements with the credit reference agencies for six years. I can assure you that we do not continue to recover a balance once a partial settlement amount has been agreed and paid in full by the date specified. I can also advise you that settlement completion letters will be sent following receipt of both payments, again provided that payments are received by 28th February 2010.

 

If payments are not received by 28th February 2010, both of your Settlements will be null & void

 

I trust this answers your concerns, however please let me know if you have any further questions in relation to the above.

 

Regards

 

 

David J Jones | RMU Unit Manager | Bank of America Europe Card Services | ChesterBusinessPark | Chester | CH4 9FB |

Know the Customer....Care about the Customer....Act for the Customer.

Edited February 25, 2010 by kjs2025
removed a/c details

[carrotandgrenade]

Message to kjs2025

 

Your head is spinning because this is exactly what MBNA are trying to accomplish. Loud alarm bells should sound when someone will offer you the world on the telephone or email but not put it down in writting and signing it. Every tactic MBNA have used on you so far clearly spells this out.

 

What next from MBNA? They will put it on writting for you but only on toilet paper and refuse to put a signature on it as it breaks some imaginable law that does not even exist on planet earth.

 

On a personel note I refuse to get in tit for tat arguements with MBNA instead i'll take my chances with a debt collection agency instead. DCA's have much better availablitiy of solicertors who can draw up a legalally binding settlement for both parties. Whatever MBNA will offer you would make it impossible to defend in a court of law. I believe that this is the situation are American friend is going through at the moment.

 

Whenever my mrs puts me on a promise I always make sure I get it in writting!

 

My advice if you want it is stop dicking about with that idiot at MBNA and pay off any F&F settlements through Payplan or the CCCS (CAB).

 

Good Luck Dude!

[Guest HeftyHippo]

have they at any time committed to never selling, passing or transferring in any way the unsettled bit? they say they won't chase it, or any other party, but that may refer to when it is owned by them. they haven't said they won't sell it or transfer ownership to anyone else. and once someone else owns it, MBNA can't control what happens to it.

 

I dont see any reason why they cant accept your F&F. wht they then put on the CRA is a diffferent matter... but they have only committed to accept your offer as partial settlement..

[kjs2025]

Feel like I'm in a "Carry On MBNA" movie. Out of the blue received this email in last hour.......

 

Dear Mr & Mrs S

 

Following our conversation dated 12 February 2010 with Richard Lewis, I can confirm that providing the following payments have been received and cleared onto your accounts by 28th February 2010 as agreed, no further action will be taken by MBNA or any other party to recover the remaining balances:

 

Account ending xxxx: £2,714.50

Account ending xxxx: £2,285.50

 

The Terms & Conditions are as follows:

 

Both of the above Accounts require a payment in February if the full settlement amounts are paid before 5pm on 26th February via debit card then your settlement completion letters will be issued.

This settlement has been agreed by our Head of Department.

If these conditions are met then I can guarantee, upon behalf of MBNA, the following:

1) The sum of £2,714.50 will be registered as a partial settlement on your credit file for account number **** **** **** xxxx.

2) The sum of £2,285.50 will be registered as a partial settlement on your credit file for account number **** **** **** xxxx.

This offer is made on the clear understanding that neither MBNA nor any associate company will take any further action to attempt to recover monies or pursue this debt in any way whatsoever and that any and all liability on our behalf will be fully discharged on receipt of the above stated monies.

These guarantees are applicable on both accounts for you as the main Cardholder, Mr S, and the other Cardholder on these accounts, Mrs. S

Settlement completion letters will be sent to you following receipt of both the above payments.

If the above terms are met I can confirm that MBNA will NOT chase you for any more funds.

However if these Terms are not met both of your Accounts will be passed to Default & the settlement agreements will be null & void.

 

If you have any queries in the meantime can you please contact your Account Manager Richard Lewis on 01244 659 847 ext 15676.

 

Regards

 

 

Adam Bedford

Adam Bedford RMU Unit Manager 44 1244 5Know the Customer....Care about the Customer....Act for the Customer.

 

 

Once again...nearly but no coconut as far as I am concerned as crucially Points 5-9 of my proposed letter are either missing or adjusted as well as amended versions of Points 1-4. This was part of my original proposed letter...

 

This settlement has been agreed by our senior director (name) and if you adhere to the terms & conditions then you will not have any problems.

If these conditions are met then I can guarantee, upon behalf of MBNA, the following:

1) The sum of £2714.50 is accepted in full consideration of the remaining balance due for account no xxxxxx. This ex-gratia payment will be accepted in full and final settlement of the account.

2) Once the £2714.50 is received I can confirm this will be full and final settlement settlement on this account, however, it will be registered as a partial settlement on your Credit File for six years

3) The sum of £2285.50 is accepted in full consideration of the remaining balance due for account no xxxxxx. This ex-gratia payment will be accepted in full and final settlement settlement.

4) Once the 2285.50 is received I can confirm this will be full and final settlement settlement on this account, however, it will be registered as a partial settlement on your Credit File for six years.

 

5) Both accounts will be shown as closed and the remaining £19237.46written off by MBNA.

6) This offer is made on the condition that all adverse entries regarding these accounts are removed from our credit files with the credit reference agencies and is marked as “satisfied in full” and the balances set to £0/nil.

7) This offer is made on the clear understanding that neither MBNA nor any associate company will take any further action to attempt to enforce or pursue this debt in any way whatsoever and that any and all liability on our behalf will be fully discharged on receipt of the above stated monies.

8) These guarantees are applicable on both accounts for you as the main Cardholder and the other Cardholder on these accounts, Mrs. S.

9) Settlement completion letters will be sent to you following receipt of both full and final payments.

If the above terms are met I can confirm that MBNA will NOT chase you for any more funds.

 

Once again there is no guarantee as I can see that this could still end up with a DCA....

only that MBNA will NOT chase you for any more funds

 

The abject and totally unfprofessional way in which they have handled this whole affair I think should perhaps serve as a warning to others in a similar situation to me.

 

What frustrates me is on this site there are caggers that seem to have come to F & F agreements with MBNA in the past with no further recriminations.

 

How are some of our more experienced caggers able to get people like MBNA to write off some/all of their debts?

 

I have debts on around 10 x Credit Cards, all are accepting £1pm payments. Apart from Mercers with 1 x BC a/c (yet not the other) no additional interest of charges are being applied.

 

If I go down the CCA route for all of these a/c's my concern is that I release mayhem and put myself under further pressure plus possible additional interest charges etc.

 

I think I need a "timeout" now and a weekend to chill out and focus on family rather than debt!

[carrotandgrenade]

Dear kjs 2025

 

I doubt very much that MBNA have offered other people Full and Final settlements. If MBNA were in the business of lending people £100 and acepting £10 to clear the debt they would go out of business fairly quikly would they not?

 

Surely MBNA would love to write off your debt but this is not the message MBNA would want to give to their clients. If their was a company out there that you could borrow £100 from and only have to give them £10 back there would be a large que of people wanting to sign up.

 

I imagine that due to the above reasons MBNA are just not in a position of giving you or anybody else (bar possibly people about to die) F&F settlements on credit card debts.

 

It is human nature to grab a 'deal of the decade' which is why people will use presure tactics/confusion to take your money from you. It is my belief that MBNA are in the hope that you will be so hit up in the excitement of getting such a great deal that you will forget to worry about the pitfulls that may arise at a later date.

 

I think you are the sensible one because you know something is just not right with MBNA, others are I imagine are not as fortunate as you.

 

As you say 'chill out about the whole matter' and enjoy your weekend. Give yourself some time off from the whole affair and I am sure you will see everything in a whole new light.

[kjs2025]

Thks carrotandgrenade for that.

 

Just had that b****** Richard from MBNA messing with my head again...

 

"can't believe you haven't taken deal...never known that much discount before...pulled a lot of strings....never do F & F...do you want us to issue you with DN and this...

This offer is made on the clear understanding that neither MBNA nor any associate company will take any further action to attempt to recover monies or pursue this debt in any way whatsoever and that any and all liability on our behalf will be fully discharged on receipt of the above stated monies.

"covers you completely....still got until 9pm tonight etc....and don't have to follow Data Protection rules when ringing clients, only when they ring us!"

 

I think you're right...if it sounds too good to be true.....

 

Anyway on a lighter note enjoyed your comment yesterday..

Whenever my mrs puts me on a promise I always make sure I get it in writting! :grin:

My wife said "what's a promise?" - I think she must have worked for MBNA:lol:

[carrotandgrenade]

'MBNA will NOT chase you for any more funds'.

Who is writting this script? What does chase mean? Does this mean they will not chase you on foot? or does it meen they will chase you in a car, bus, lorry, or plane? Does this mean they would not chase you on foot until you ran into a court? Or maybe it means we will not chase you in the play ground, catch up with you and then give you a sloppy kiss.

 

If it was me I would ask for a letter in English and not in gibberish. After learning from what you have been through I think In my case I will tell them to forget the letter and get stuffed. Let me know the person at MBNA you are dealing with and I will teach him/her English. My English teaching rates are as follows (£150 hour) or £250 for 2 hours + you get a free Colins dictionary included.

[carrotandgrenade]

don't have to follow Data Protection rules when ringing clients, only when they ring us!" (This guy more than likely thinks data protection is something you put on your di**)

 

 

You could sue the a*** off us! ... and ...never in my 6 years. I would bet money he has not finished his 3 month probation period yet.

 

Could not personally sanction an agreement at that level but would have to gain permission from "above" This means he got his bible out and spoke to god!

[Guest HeftyHippo]

fact is kjs, every time they try to reassure you about the deal, they raise doubts. they say neither they of any associate company will chase you... that automatically raises the question of "non-associate" companies, I am sure there are more nons than there are associates...

 

if they are serious, and actually want to do a deal, they know what you want - clear statmement that the whole debt will be wiped off entirely, and none of it can be sold to anyone else

 

in case anyone thinks thats what the letter means, they talk about MBNAs debt. not THE debt. MBNAs debt. so what if they have already sold part of the debt to someone else? your partial settlement will settle MBNAs debt. but the other bit remains.

 

think that won't happen? well, last September, MBNA issued default notices to thousands of accounts...... one week later, they sold those same accounts but didn't tell the customers. The customers found out a couple of months later when someone else started chasing them.

 

so, if you have any thoughts that MBNAs honesty, integrity etc can be trusted. just consider that MBNA haven't confirmed that the whole debt will be written off, they haven't excluded the possibility that someone else might chase you later, and they haven't confirmed that they still own all the debt let alone confirm that they are not in the process of selling some of it off

 

any cock up now could potentially haunt you for 6 years, so you need to have it 100% watertight.

 

they know what you want. the fact that they seem unable to provide it is strange

[kjs2025]

Hi guys

 

appreciate your feedback once again.

 

Managed to switch off at weekend and then about 10 mins ago Gemma from MBNA called. Not spoken to her before and occassionally managed to today (when she stopped for breath...which wasn't often!)

 

Promises of "MBNA writing off debt, DN issued on 27/2 so CRA trashed anyway, will show as 'Partial/Default/Settled' (or something like that...she kept contradicting herself)....blah, blah, blah.

 

Usual threats that DCA involved and doorstep visits and DCA will not settle for less than whole balance. Told her they can't visit without writing and look forward to receiving my DN on Wed and thanked her for call and hung up...think she was still talking but I'd given up listening.

 

Going to get messier now but feel happy with my decision not to settle. Preparing CCA requests as we speak.

 

To cap a good start to week Callders have started to call today. Not spoken to them yet but guess they've taken over Mercers re BC debts..legal threats etc via text already (but that's another thread I guess ...BC)

 

Still Mrs S birthday tomorrow so chin(s) up:)

[Dotty50]

Hi kjs,

 

Looks like back to the drawing board then!

 

Even I feel deflated now as I was hoping you would be successful and give me the hope that I could go down this route with mine.

 

It will be interesting what the CCA requests produce!

 

Make sure you keep your receipts for delivery and print off the proof from the royal mail site.

 

I sent CCA in April last year and a letter from them in January stated that they had not received my requests! I have the proof of signature.

 

I am now waiting for SAR response sent 2nd Feb, so guess they have about another 14 days!

[kjs2025]

Hi Dotty

 

I am sorry too because I was hoping it would work and then you and hopefully others could have followed.

 

However the girl from MBNA today was just plain rude, ignorant, blinkered, unsympathetic, bullying, objectionable etc etc that I was glad, from a peace of mind view, that I had not.

 

It had all sounded "too good to be true" and despite her protestations today, I still feel by her manner and conflicting statements that it would not have been the end of the debts. She just turned spiteful/nasty....not the sort of behaviour conducive to engaging one's trust.

 

Thks for your support to date and will follow your advice and let you know how the CCA requests goes.

 

Let me know how you get on (eventually) wth your SAR.

[Dotty50]

That sounds very much like the person I spoke to and I have no intention of calling again and sent a complaint to them.

 

I will post any progress, or not as the case may be.

[woodysheds]

thanks for replies on here which being in a similar situation with MBNA before they got Resatons to start court proceedings they agreed on 25% settlement As it happened couldnt raise the money in the end Glad I didnt now as never thought they would sell and a DCA would then come a calling Talk about deceit! So as we say up north UP THEIRS

[carrotandgrenade]

How long do credit card debts stay on your credit file/report?

 

I may be wrong but I think they stay on your credit file for six years from the first default notice registered on account/file. I believe there are a few rare exceptions to this rule and believe partial settlements may be one of the rare exceptions to this rule.

 

Does anyone want to contribute/add anything regarding the above?

[dx100uk]

6yrs from last financial transaction.

 

 

dx

[angel_1]

don't have to follow Data Protection rules when ringing clients, only when they ring us!" (This guy more than likely thinks data protection is something you put on your di**)

 

 

You could sue the a*** off us! ... and ...never in my 6 years. I would bet money he has not finished his 3 month probation period yet.

 

Could not personally sanction an agreement at that level but would have to gain permission from "above" This means he got his bible out and spoke to god!

 

 

hiya all

 

you lot have made me remember the call i got at 8 in the morning when i got angry with some one from mbna, i told her that i had written to them and only to correspond in writing and not to call me , i was told that they could as they were an american company and i told her it does not matter a dot to me, you are now in england and using my personal telephone line that ive specifically told you not to use and therefore you have broken my privacy as my partner could have answered the call and i do not wish them to know my business so get off the line NOW... i just left the phone on the side and went out shopping:grin:

 

 

oh it felt good,,,,,,, that was the last straw with me and mbna, and then i got truecall and wow didnt it feel so good with no phone calls ringing bliss

 

keep positive guys laters angel x