Hi. I posted here a coupla times recently. Anyway I have an account with MBNA ($20K) that is deliquent but not in collections yet. I made a very small payment to them about 6 weeks ago, and told them today that I cannot make any more payments for at least 2 or 3 months if they'd like to wait. Of course they didn't, and said it was actually illegal for them to do something like that. So I have another credit card that went to collections about 2 months ago for another $20K, plus I have no assets other than a house I have a minority interest in (which has a new mortgage). After reviewing this MBNA offered to settle with me for 30%, or about $6200. They want it paid off by August or else the deal is off. MBNA offered this 30% deal pretty quickly when I told them I have no assets, have no income on paper, and already have one account that has been "charged off." Should I accept this, or is there nothing that MBNA can really do anyway? They said they might send it to collections or they might sue. She was vague about it. I can probably come up with the money from somewhere by August, but maybe there's no point in it by now. I do have a third card that I owe another $20K on. It is not in collections either, but we are not negotiating anything on that yet. I have another 100 days before collections is an issue. Thanks for any advice on this MBNA settlement offer. Oh, also, is it reasonable for me to expect them to remove any negative info from my credit report if I accept their offer? bushka
