Jump to content

Settling w/MBNA for 19%


kubsman23
 Share

Recommended Posts

I am settling with MBNA tomorrow for 19% on a 52,000 CC debt. I have a total of 145K on CC's, and this is the first, of hopefully many good settlements. I have never done this before, but have been reading as many messages on this website that my brain can hold. The info I've gained has helped tremendously, however, I don't want to screw it up at this point. So, any guidance would be appreciated. They have agreed to $5000 paid now, and $5000 balance left on 1 of the 3 MBNA cards I hold. They will waive interest and all fees for the last 3 months and give me 0% interest for 1 year on the remaining balance. I still need to negotiate a positive rating of some sort, but am confident I can get that also. They have really been great to work with. I can't believe how easy this one went. Some of the smaller ones are the worst.

Link to comment
Share on other sites

Congrats on the settlement.

Since you've already got the ball rolling on your payments, you may want to wait until you've paid the total balance and then send them a goodwill letter. Other than that, all I can think of would be to dispute some part in the tradeline (never late, high amount, dates, etc.) and hope that it gets changed. If its an older account that for the most part is positive, be careful about what you dispute; you may wind up getting the whole thing deleted.

Hope this helps and goodluck!!!

Val

Link to comment
Share on other sites

Thanks for the advice. This should be all wrapped up today. I just hope I didn't overlook something. Any idea why they would settle so fast and for so little. I am only 4 motnhs behind on payments. I figure it must be because it's 52K, and they realize they may not get much in the end if we do BK? Who knows.

Link to comment
Share on other sites

Just in case....

You do have the details of this settlement in writing, I hope, and it includes words to the effect that this settles the account in its entirety and the balance will not be sold to a JDB?

I've found MBNA to be particalarly tough to work with and I'd be very...very...suspicious of this offer.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.