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HAS ANY ONE HEARD OF MANN BRACKEN LLC? (Arbitration Clause)


DR255
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I have been contacted by these guy for two of my accounts, Chase and MBNA. Both accounts have been CO for two years now and they are threating to use the arbitration clause in my contract with the OC. Does any one have any information about the arbitration clause? Has any one ever dealt with this law firm before? I did called chase and they informed me that I have to talk to Mann Braken regarding my account. I even offered to pay in full my account. Please advise.

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Thanks for alll your feed back. I was wonderinf what should I do if I want to settle these accounts. I did try to contact the Chase but they are sending me back to the law firm. I really want to settle these accounts nad I am even willing to pay chase in full. please let me know if I should call chase again and try to talk to a supervisor or does any one have any contacts in chase or MBNA

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If they are both charged off Charged off forget about trying to work with the OC. You can settle with Mann Bracken for 35-40% with all chase accounts.

Is MBNA with MB also? If it is, I would think that MBNA sold the account If it was sold you could most likely settle for 30-40% also.

At this stage of the game by paying the full balance you are wasting your money.

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I am in the mortgage lending business (subprime) and have a contact at Mann Bracken. I've done several refinance transactions to pay them off & found them to be a very aggressive company. The Mann Bracken "customers" that I've refinanced all had Gateway Computers as the original account and were all up against the statute of limitation. My customers didn't receive reduced settlement offers until very late in the refinace transaction...basically after we had submitted everything to underwriting. In regards to offering a settlement figure...I would put offer in writing & send to MBNA. It will probably end up in Mann Bracken's hands anyway. Most of the companies I deal with won't agree to a figure without a settlement date with full pay off in the very near future. The collectors already know that your credit is bad. Many of them pull your credit before they ever contact you.

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What is the best way to settle with MB. Should I send them a settlement offer through mail? They haven't offered me anything as of today. Should I even bother to discuss my credit rating with these guys?

If you are saying that you would attempt to use your poor credit rating as leverage to get a settlement this will not work. The best thing to do, is send a DV to make sure the account does not go to arbitration and then try to settle for 40%. As long as there is no arbitration award on the account, MB will always settle for 40% on chase accounts and 50% on Gateway and most others. MB normally only deals with Chase/Bank One accounts and some other random accounts here and there.

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  • 2 weeks later...
What is the best way to settle with MB. Should I send them a settlement offer through mail? They haven't offered me anything as of today. Should I even bother to discuss my credit rating with these guys?

If you are saying that you would attempt to use your poor credit rating as leverage to get a settlement this will not work. The best thing to do, is send a DV to make sure the account does not go to arbitration and then try to settle for 40%. As long as there is no arbitration award on the account, MB will always settle for 40% on chase accounts and 50% on Gateway and most others. MB normally only deals with Chase/Bank One accounts and some other random accounts here and there.

They also handle Crap One accounts, too. . .

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  • 5 months later...
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