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MBNA couldn't find my account by social #


Gettinout
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I just called MBNA to begin settlement negotiations. Didn't have my account # with me. They were not able to locate my current account. They only found an account closed in May 2004 which was closed to open a rewards account. My Fathers name (deceased) was the same as mine and I am wondering if there is a mixup with social #s.

I owe $23,500 and the account has just gone to 60 days past.

I am trying to settle for a cash payment.

What should my next step be?

A, Debt verification

B, Get account # and call back to settle.

C, Someones' suggestion I haven't listed.

Thanks for the help!

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divemedic,

I don't think that was the correct response in regard to MBNA. They aggressively pursue estates and have a tendency to attempt collection without disclosing any personal information to sometimes even Executors when contacted over the phone! They do go after marital assets all of the time. Oftentimes even client's lawyers cannot get information out of MBNA. They are a well attired astute and tight lipped culture and representatives know they are selectively monitored by the management team. The bank has created a very tight "circle the wagon" approach here in Delaware where they are headquartered. Essentially this means it is nearly impossible to find a local attorney to present a case against MBNA. The local attornies are more interested in the lucrative collection end and debtors tend not to have any money anyway. With regard to settlements, most MBNA accounts since 2001 are arbitration accounts and this outfit does not typically settle for less unless there is a financial hardship with the debtor having a leg in bk court. And as most people are aware MBNA was the creator of the push for bankruptcy reform.

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Thanks for the input divemedic and ghacourt.

I do have various grounds for hardship. I was unemployed for a while and now am only making half of what I was previously making. I've been turned down for CCCS due to the fact I am barely able to make ends meet. I do have equity in my house and a HELOC in place. My goal was to negotiate the debt down in exchange for cash payment. I'm sure that MBNA will see the HELOC and I expect a fight. The truth is It will be a struggle to pay the HELOC even if the debt is settled for a smaller amount. It is also possible that I may be sued by 1-3 business partners in the future. I don't intend to take the liens against the house past the equity amount that would be allowed in bankruptcy. If MBNA sees the risk of bankruptcy perhaps they will work with me.

Any Suggestions?

Thanks Again!

Gettinout

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