Ok, I'm impatient. I explained my situation in another thread today, "NOW what do I do???" While waiting on a response (I know someone is reading my post!!), I put together a letter that I would like some feedback on. I didn't create this (it came from someone's post--I don't remember who)--I just tweaked it for my purposes. What do you think?? (of course--I ACTUALLY HATE these people!!!!) Thanks--debtchoked Charles Cawley, CEO MBNA America 1100 N. King St. Wilmington, DE 19884 RE: Credit Card Account# Gold Option Account# Dear Mr Cawley: My wife and I have been MBNA customers since 1988, and for the first 14 years of my association with your company, I had nothing but pleasant encounters with MBNA. Your representatives had always been considerate to me. In the Fall of 2001 I began to experience a hardship in my life when my wifeâ??s hours were drastically cut at work, and unfortunately I fell behind on my payments. At this time I panicked and began speaking to a debt negotiation company. I realized too late that this was not the way to resolve my problems. By this time, your collection agency, Wolpoff and Abramson had taken over both my accounts. I explained my situation to your representative at Wolpoff and Abramson, and she worked with me to set up a payment plan to get my account current. It was a very difficult time for me, and your representative treated me with nothing but kindness and courtesy. For that I was, and still am, very thankful; it made a very stressful time a bit easier. Since that time, I have made regular payments and I am making a concerted effort to lower my balance. It is important to me to prove my creditworthiness after the bumps in the past, and I have been working diligently to meet that goal with both my MBNA accounts. In light of all this, I was taken by surprise recently when I applied for a mortgage and discovered that my MBNA credit card account is being reported as currently late and my MBNA gold option account is being reported as being charged off in February 2004. I have been transferred out of town and I need to secure a new mortgage for myself, my wife, and our 4 children. As your company has been nothing but gracious to me, I am writing to ask for an act of generosity from MBNA: would you be so kind as to remove this negative information on these 2 accounts from your reporting to the three credit agencies? I do not feel that this notation is a reflection of my current standing with MBNA, and I hope that you will consider my request. Again, let me thank you for the excellent treatment I have received from MBNA over the years; I am certain that it will continue into the future. Thank you as well for taking the time to read this letter. Please feel free to contact me via mail or e-mail.
waiting on responses, I added this: . . .I have paid over $3000 on each of these accounts ($6000 total) in less than 2 years. It is important to me to prove my creditworthiness after the bumps in the past, and I have been working diligently to meet that goal with both my MBNA accounts.
Also, should I send separate letters for each account or is one letter with both accounts (as I have it above) ok??
OK Mr. Impatient LOL! Could you please link your other post so we can get the full story before commenting?
Never mind, I found it - You are making payments to W & A, but MBNA is reporting the TL - is this correct? I'm wondering if W & A did not forward the money in time thus you were reported late. If they didn't respond to your dispute, I'm not sure a goodwill will work. Do you have proof that you made those payments on time? You disputed thru the CRAs and they verified? MBNA just got sued over not investigating properly - you may need to get ugly. My suggestion is to c & p your first post from the other thread here, and lets get all the information in one place. Its hard to bounce back and forth
thanks for responding jlynn. Yes, we have been making payments to the infamous Wolpoff and Abramson for nearly 2 years, but they are not reporting at all. MBNA is still on both our credit reports. The cc account has a ton of late payments which ended Sept 2002 until recently. Now there are lates for 2004 appearing. The gold option account is listed as a charge-off, but the dates are weird. It reads, "Charge off 9/2002, 10/2002, 12/2003, and 2/2004" and "last verified 8/2003" I've continued to pay on both of these accounts (last payment 3/2004). I haven't made any kind of April payment yet. Here's the other thread I started: NOW what do I do??? debtchoked | 95 posts since Jul 2003 65.25.71.110 | 04.04.2004 @ 19:23 I'm just not sure what I'm doing wrong. I've had VERY limited success compared to so many others on this board. Anyway. . . We're trying to get a new mortgage. I waited until PG had us over 600 on all 3 CRAs before I applied. Well, according to the scores pulled by the mort co, we're still in the 530's to 590's. The mortgage broker told us that our 2 MBNA accounts are what's affecting our scores the most. Spring 2002 we tried debt negotiation--long story made short--it didn't work. We negotiated payment plans with Wolpoff & Abramson for 2 different MBNA accounts (cc & gold option). We've been paying W & A ever since. The cc acct is showing a lot of lates but at least they were from 2002--until a couple of months ago. We now have a 30 day late for 1/2004 and 3/2004!!??!! The gold option account is similar, but it is showing a 2/2004 charge off and $6600+ written off!!! What the heck?? I sent a "you are inaccurately furnishing info. . ." letter to MBNA (one for me & one for my hubby), waited for the green cards, and then sent its letters to each of the CRAs. I got back the green cards from everyone (MBNA & CRAs), but no other response from MBNA. Ex says "was previously investigated" no change. EQ is reporting the same info for hubby, I haven't received anything back from them. TU sent us both a weird letter that says "Verification Documents not Available. . .We do not provide dispute verification responses received from creditors. . ." along with the standard list of creditor P O boxes that they always send out. I'm most concerned about the charge off. What do I do next?? Thanks for your help, debtchoked NOW what do I do??? hiding90 | 230 posts since Nov 2001 172.181.207.215 | 04.04.2004 @ 21:31 "I sent a "you are inaccurately furnishing info. . ." letter to MBNA (one for me & one for my hubby), waited for the green cards, and then sent its letters to each of the CRAs. I got back the green cards from everyone (MBNA & CRAs), but no other response from MBNA. " -Sending the original creditor a dispute DOES NOT REQUIRE THEM TO EVEN REPSPOND unless your state law covers this. -Any enforceable rights only become effective after a dispute is sent to the reporting agency. (reasonable investigtaion) -If you are paying a collection agency, they are only required to update their listing on your credit report. -My theory is that if they are already listing a "charge off" WHY PAY AT ALL? YOU still get the charge off listing AND YOU ARE OUT OF $$$ More on validation http://consumers.creditnet.com/stra...d=57716&pgnum=1 hiding90@hotmail.com NOW what do I do??? debtchoked | 95 posts since Jul 2003 65.25.71.110 | 04.04.2004 @ 21:35 I've been thinking the exact same thing. . ."Why am I paying this if it's going to be listed as a charge-off??" How should I handle this? I need to get it off my credit report so I can get a decent rate on my mortgage. Any suggestions? Thanks, debtchoked
OK--I'm not getting much response. I've been mulling this over (I need to take some kind of action)-- Does it make sense to send something to W & A? They present themselves as a law firm, but we all know they work directly for MBNA--heck, they're probably in the same building!! Should I send a "sugar sweet" letter (like the one above) directly to W & A? They're not the one who is reporting on our CRs--MBNA is, but we've paid W & A for the past 2 years. MBNA doesn't talk to us or respond to us because they say that they no longer handle the accounts. I just want to get the @%&@!! charge off removed from my reports and disputing with the CRAs isn't doing one bit of good. PLEASE HELP!!!!!!!!!!!!!!!!! debtchoked
They did go through arbitration on these accounts 2 years ago which scares me a little bit, so I'm not sure what will happen if I just "stop paying them." My biggest concern is getting the "charge off" off of my reports. If the only action I take is to stop paying them, I know that won't happen. I agree with you, hiding, that it doesn't make sense to pay them if they're reporting the one account as a "charge off," but my question is: "What DO I do about it???" Does anyone have any advice on how I can handle the charge off?? Thanks, debtchoked
