well, MBNA is the OC and Capitol 1 / Westmoreland is the CA, I'm in the process of doing a verify on Cap1 and am thinking of offering MBNA a settlement if i can get rid of CAP1 ...has anyone worked out the deal with MBNA and how?...and would this be the right way of approaching it... Thx
You bet. Otherwise the dreaded W&A will come after you. I have already dealt with them and are not nice people. Trust me I will never deal with MBNA again.
To the best of my knowledge, Crap1/Westmoreland only deals with old past SOL debts. Generally if you get a notice from them, its safe to cease and desist their asses.
I'm thinking of writting or calling MBNA and offering a settlement...like 60% of debt ..would it be a wise thing to do or just wait to the SOL comming up in 2006, started the acct in jan 1999
only offer 30%...then they will say no and come back with some high number (just like buying a car) then you will ultimately end up at an agreeable number like 50-60%. but if you start off at 60% they may try to get more moeny out of you. d
what would be the best way to offer a settlement by phone or mail...and has anyone here had a successfull settlement offer with MBNA since there the OC
first of all, never deal with an OC or CA over the phone, how are you going to prove what was said or agreed to ? send limited C & D to only communicate by mail.
I agree work the deal by phone, but before you make any payments make sure they send you in writing a letter describing all the things that you agreed to so that you have that for your records. d
has anyone had success with MBNA, ...but i have not finished my valadation proceess with westmoreland/CAP1 so i want to wipe out cap 1 first...
I settled with MBNA. Search under my name and you will find the history of that situation along with great advice from many veteran posters. I settled for 40% and got an R7 tradeline which prevents me from getting new credit more than 2 years later. I also had to pay taxes on $12K. If I had to do it over again, I would not have settled...BTW, I doubt that they would have sued me...they were trying to scare me into settling and it worked. If you are nearing the SOL and aren't applying for a mortgage, you might want to take your chances and wait it out... Best of luck to you...
WOW, Just today i received a letter from Westmoreland/Crap1 telling me that thay will remove the trade line due to my "dispute" I sent them a validation letter... but recieved nothing from MBNA yet..I'm writing a second VAL tonight to MBNA because it's 1 week after the 30 day period. Now : Question...if thay folded so quickly (westmoreland/crap1) .. that means to me ? that MBNA is the true OC...and the debt was like 2k (seems like a little) ..I think i will try 50% and hopefully thay will bite..
Even if the CA removes the tradeline, you will still have the MBNA/OC tradeline which will remain on your credit report for 7 years. I'm assuming this debt has already charged-off? Why do you want to settle this now?
ya, I just am not sure how to do it.. Im thinking about first a settlement letter for like 1k, what do you think?
