MBNA Credit Card write off

JJ1505

Hi,

I received a letter from MBNA saying that if I did not clear my outstanding balance within 28 days they debt would be written off and registered as a default.

I have two credit cards, amount 7000 in total. I entered a payment arrangement with them at the end of last year and have been sticking to this. However when I rang them now they have now said due to a change in the financial regulation within the UK and US that they are just going to recover the money in one go.

Has anyone else experienced this??

JDxtra

Sounds like they have sold your debt to a debt collection agency. There was a similar thread on this a few weeks back I think.

Gloomtastic!

I had an MBNA card a few years ago. Always in trouble paying off my monthly balance on time. Came into some funds and asked for a full and final settlement figure. Got a 50% discount to pay it off at once.

They will only be getting a small percentage from the debt collectors so bargain with them big time!

Bloody credit cards, the spawn of Satan for sure.....

JJ1505

Would love to but cannot afford a lump sum settlement figure

thefishone

JJ1505 wrote: »

due to a change in the financial regulation within the UK and US that they are just going to recover the money in one go.

I have to ask,what do changes in regulations in those countries have to do with an agreement you made with MBNA in this country

JDxtra

Here's the thread... http://www.boards.ie/vbulletin/showthread.php?t=2055957651

JJ1505

Just called them again and got through to someone here in Ireland for a change. They said that they have had a change in internal policy so my account is written off. It may be sold to a third party - not a whole lot I can do

purpur1

Hi,

Just a piece of advice, if you can haggle or make an attempt to settle this, then do. Your revoked credit card is logged on the Irish Credit Bureau for 7 years afterwards and basically that means you'll find it extremely difficult to get any kind of Personal loan, credit or Mortgage for 7 years. If you settle, they might review your Credit status.

JJ1505

If I could I would pay it off but I dont have 7000 and have no other way of raising it. I lost my well paid job two years ago and only starting to get back on my feet now - will have very little option but to take the bad rep on my credit report at this stage

purpur1

Can you commit to a minimum weekly payment plan with them? I know they're probably asking for too much. MBNA are tough like that, most banks that issue Credit cards would rather €10 (for example) a week to come through than nothing, but I used to work in this area and know well of MBNA's stance on credit cards, they'd rather sell tiny debts or very new arrears to an agency. Have you contacted MABS yet to review your finances and work out an agreement with them? (The debt collection agency will probably urge you to do this from the get go).

JJ1505

I had committed to a monthly payment but they have said that they are going to register it as a default and that it may be sold to a third party. They told me to keep the monthly payments but it might be passed on - as I said I will have to take a hit on it

Redbhoy

www.getoutofdebtfree.org

JJ1505

It does not seem to cover Ireland

Redbhoy

Same banking system. Have a flick through the forum. Theres is some good advice on there.

JJ1505

Cheers will have a look