Jump to content

How low will Mann Bracken settle for?


amandapanda
 Share

Recommended Posts

I have a Chase account for $8,000+ that was charged off in July, 2007, so it is well within the SOL. Chase still owns it but sent it to Mann Bracken for collections. After Mann Bracken sent me their intiial letter, I sent them a DV and they responded with all the Chase statements from day one to the end. They also sent me an affidavit from Chase saying how much the debt was and that it was assigned to Mann Bracken for settlement. To top it off, I contacted Chase directly and they said I had to deal with Mann Bracken. I told Mann Bracken that I never signed an arbitration agreement and asked for a copy of it. They never responded.

The original credit card debt was only $3,000 and I paid on it monthly for a couple years. I defaulted when I concluded that with the 30% APR and the numerous late fees, overlimit fees, etc, I would never be able to catch up. It is now over $8,000. I now realize I would be better off to have let it charge off when it first got behind.

My research indicates that Mann Bracken is now doing a lot of arbitration and is suing some people. I have the money now to pay off the debt, but want to pay as little as possible. I am trying to figure out what to offer to settle this. I saw some posts that others in the same boat with me with this collection agency got an offer to settle for 75% with their initlal correspondence from the CA. But they have not offered me anything yet, despite having had the account since August, 2007. Both Chase and Mann Bracken have pulled my credit reports in the last few months. It looks terrible and shows no recent payments on anything. I think this is why I have not yet been sued or sent to arbitration.

Based on these circumstances, can anyone give me an idea of what they might settle for? I have a great sob story worked up as to why I can't pay much and with my credit in such bad shape, I figured now is the time to make a low ball offer. What is the bottom line here? I am looking for specific Mann Bracken experience.

I do know what wording to include in a settlemnt offer based on what I read here. And, the money is not in the bank under my name, so even if they check my bank for assets, they will come up empty. I have also read everything I can on arbitration and that does not look like something I want to do on this debt.

Link to comment
Share on other sites

I would avoid making the first offer - rather they trying to figure out what they might take as a settlement in full, I would try to get them to make the first move/offer and see where they stand.

A “general” letter in which you don’t make any specific promises nor offer too much information may work well here – explain that you would like to get the matter cleared up but that you just don’t have the money to pay what they say you owe then ask them what your “options” might be and see what they say.

At the end of the day, they’ll do what makes the most sense for them and in the case of collecting a debt, that usually boils down to what gets them the most money for the least amount of work on their part – they aren’t going to want to go through the trouble of arbitration and getting a judgment and then collecting it if they can get enough without going through all that trouble.

That said, if they have a strong case against you and if they know you have a decent income and/or some assets, they probably aren’t going to do a great settlement for you.

Hope that helps some.

Link to comment
Share on other sites

Hey there, I'm dealing w/ MB as well. I haven't settled with them yet, but they did send me an offer a while back for 80% (they knocked 20% off). My balance is double what yours is, around $20K, so they offered $16K as settlement. I didn't ask for it, they just sent it a while back, before i sent my DV. I've got the same stuff as you, the certified thing from a Chase rep, a year or two of statements. I asked for proof that I agreed to arb but they never repsonded to that request.

Link to comment
Share on other sites

  • 2 weeks later...

my wife and I settled with MB about 2 years ago. Long before I started reading this site. We owed $5000 and ended up paying the entire amount. A sheriff's deputy came to the house and delivered papers for a lawsuit and of course it scared us into paying. The account is now listed as charge-off with settlement accepted on this account. I did find a paper last night showing that is we paid the settlement amount that MB would report the account as settled in full. I'm not exactly sure which way to go with this information but I'm going to dispute with the CRAs.

Link to comment
Share on other sites

  • 8 months later...

"I just got my severance pay from my former employer. I can either settle past debts or live on it until I find a job. In my field that may take a time. If I pay 25% (or whatever percentage you state) of the amount claimed immediately, can we call it even?"

If they say NO, say "then I guess my other creditors will take it. Have a nice day."

Link to comment
Share on other sites

  • 2 weeks later...

I would look in the phone book see if you can find a lawyer under collections law. Call and say I need some advise or some help settlling with these people and that you are willing to pay for their time.

a collections company filed a judgment against me with the stated debt along with the 30% interest. My lawyer said that they cant get 30% because in my state they can only get 12%.

My lawyer cost me $500.

Link to comment
Share on other sites

I'm dealing with MB right now and we are going to be rescheduled for an arbitration hearing soon. The lawyer that showed up for the last hearing where I asked the court to dismiss with prejudice because they did not answer court ordered interrogatories, offered to settle for 55 % of the amount owed. If I owed it , it wouldn't have been a bad deal, but I refused.

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.