Message/Question kind of long. Re: MBNA/others
I received a letter in the mail today stating that it was my last chance to save my account. It also stated that the account was going to be written off as bad debt in January. In order to do this I would need to make a payment of $185.00 by December 16th. I did. I sent it in, yesterday via online, which it says it takes two days to clear. So it should be received by the 16th. Hopefully so.
The account is now past due for 150 days, which technically, I have been making $30.00 payments, as opposed to $225.00 payments. My financial situation, beings that I am self-employed has gone down the toilet. My income has gone down to 25% of what it was just 4 months ago. I have been reading this site now for a few days and read in a post that with FIRST USA you just have to hold out and eventually they will go to 0% APR.
Unfortunately this is not the only account which is overdue. It is, however the only one this much past due. This account’s credit line is for $12,800.00 With all the fees and suck, the debt is around $13,500 something. I would like to preserve it at that level,($12,800.00) but unfortunately at this time, I have no way to make those kinds of payments. The $185.00 that I sent in is going to mess me up in paying the other bills, but I thought by doing this it would buy me some time. (If anything to talk to you all and see if anything can be done.)
My question is two-fold. One, does anyone have any experience in bad debt with MBNA? Two, like FIRST USA will they eventually go down to 0% APR if, like was said in the other post, keep telling them no?
They gave me three options:
One: Pay $315.00 a month for 12 months @ 5% APR
Two: Pay $185.00 a month for 9 months @ 13%APR
Three: Pay $1,651.00 by December 16th and see if I can get my card reinstated
Other accounts that are derogatory: I have a credit report from Experian (who I can’t stand!!)
Its from 11/01/02
20 Accounts in good standing (including bank loans that were paid off ahead of time.)
7 Derogatory accounts: The one mentioned above, the biggest, and these as well:
A $9,700.00 account with Citibank that is still in good standing, but I am sure it is not now. It has a balance of $10,700.00 Still Open.
A $5,500.00 account with Direct Merchants Bank which is now 90 days late, about to be 120 days late (with $30.00 payments) and a balance of $5,700.00 This account was “closed at credit grantor’s request” (whatever that means) within the first 30 days.
A $5,000.00 account with GECCC which was 60 days past due with no payments, but I just caught up on that one last month.
A collection that I disputed and came back as an old girlfriend who I shared an apartment with left the place in shambles and the deposit didn’t cover it. I left 5 months before, but forgot, in my youth of not knowing any better, did not sign off of the lease. ( I just didn’t know) It, however, is scheduled to go off of my report in July of next year.
Any and all comments and suggestions would greatly be appreciated, except for humblmarc, who I have been reading is something about a TROLL or something like that, and the only responses he gives is PAY IT ALL and RIGHT NOW and junk like that. Common sense would dictate that if one HAD the means to pay it, it would not be delinquent. (Just a thought) Anyway any suggestions from both those who have experience with MBNA and the “seasoned” for a lack of a better word, individuals would be greatly appreciated. (Again, except for humblmarc, which I will ignore)
Thanks ahead of time. Oh I almost forgot. Does anyone know what “floating” or “kiting” funds from account to account is, without any withdrawals? Has anyone here heard of that, either successfully or otherwise?
Again, thanks to all who respond with tact.
May no one person or entity ever snuff out your fire!!!