I have two MBNA accts, one a loan for 15k and the other a credit card for 8500. They are about to charge off and I sent a settlement letter over (money is agreed upon 50% off) but it was not agreed to due to the fact I demanded the acct be reported as paid in full. She said it would be reported paid/settled. I dont want this to charge off but would love to hold out. She says they cannot report it that way as it was against law. My question is should I settle and then try to do a lot of dirty work to clean it up later? And how would I clean it up later? I think its better to settle especially before charge off, but is there a better way? thanks Chris
After the 31st of this month, your accounts will most likely be with Collect America, If there is not a payment.. You will need to deal with The CA for any settlement agreement, MBNA will not have the accounts...
Personally, I would settle now and make certain I had it in writing that the palance would NOT be sold or turned over to CA. You should end up with a 1099 for the unpaid balance. If you do this keep everything forever. It seems a lot of the CCC's wait a few years, and then sell the balance even though they sent you the 1099 - I guess they figure no one keeps records very long. Some would say let it charge off and deal with the CA. Neither one is a good choice, but then, at this point, there are no good choices IMO.
1*I demanded the acct. be reported as paid in full. She says they cannot report it that way as it was against law. qutgnt ================ 2* If there is not a payment. You will need to deal with the CA for any settlement rubyjean ================ 1*rubyjean You and I both know that Mbna lied to qutgnt here. END ** *** ** LB 59 """""""""```~~~```'""""""""" http://www.bankrate.com/brm/news/advice/20030620a1.asp http://www.bankrate.com/brm/news/advice/20021025c.asp """""""""```~~~```'"""""""""
edoggie told me this yesterday, have you guys any experience with these folks edoggie says "MBNA will sell your account to wolpoff and Abrahmson. They WILL sue you so be prepared to fight them if you choose that route. Gather as much defenses and countersuits as you can when this happenes.
Thanks again Breeze. I tried searching yesterdya nd it puuled up nothing. Must not have spelled it correctly.
