# MBNA Debt write off



## mryan (9 Jul 2010)

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??


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## RIAD_BSC (9 Jul 2010)

What was your payment arrangement? Were you making the minimum payment? Seems odd they can move the goal posts on you like that.


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## Sidetracker (9 Jul 2010)

Hi. I know of a few cases where MBNA have done this. In my own case, they simply stopped acknowledging my Monthly payments. No receipts, no sataements. So I stopped making payments and advised them, in writing, that I would make no further payments until they responded. That was January, Havent herd since. Dont forget that once you made a payment arrangement with them you went on the Creditors List.


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## mryan (12 Jul 2010)

Back in October I agreed a payment pay with them and on of of the smaller accounts I was paying more than the min - yet they have without any notice just cancelled the account and I have until the 28th of this month to settle it.

I don't know what to do really. I don't want a default on my account


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## Shuttleworth (17 Jul 2010)

Get a credit report from the ICB done on yourself.  It costs 6 Euro.

It's likely that the MBNA paragraph will have a "W", indicating written off.

They've probably well made their money back from you on interest alone, and that will be the end you'll hear of it.


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## JoeB (18 Jul 2010)

Is a W considered very bad? Are there worse codes.. maybe for a court judgement for example?

Would you advise people to submit a personal statement to be included with the Credit Report from the ICB?.. detailing that the MBNA bank choose to 'write off' the debt, even though the agreed payment plan was being adhered to?

Will banks poo-poo loans in the future to people with 'W' ratings?


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## shellcull (18 Jul 2010)

I had come to a financial arrangement with MBNA and I also received the 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'.  They can do what they like, MBNA have no consideration for people, who like me, lost their jobs and are trying to manage their finances.  I am still paying what I agreed to owe them.  I hope people who are reading this will be discouraged from getting a credit card with them.


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## iscritto (19 Jul 2010)

Contact the financial regulators office... with all the stuff in the news lately about codes of conduct I think they would be very interested.  If have made an arrangement with them... bad business to go back on it.


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## Shuttleworth (22 Jul 2010)

I'm in a particular situation at the moment which a solicitor is now handling for me - I really wish I could tell more - but all I can say at this stage is in light of what's been written here and what I'm presently dealing with, it's clear that a lot of private financial institutions, non-guaranteed banks and credit unions are on the verge of complete collapse.  

They are desperate for cash and resorting to measures that you'd only see in the movies to get whatever they can.  There really is nothing that any of us on here can do, except try our best given our circumstances.  There is nothing more than can be done and to be honest I think people who try and live up to what they want ultimately get worse treatment, which is truly the most saddening thing.  

The next few months in the Courts, and indeed in the country as a whole, are going to be very interesting.


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## Shuttleworth (22 Jul 2010)

JoeBallantin said:


> Is a W considered very bad? Are there worse codes.. maybe for a court judgement for example?
> 
> Would you advise people to submit a personal statement to be included with the Credit Report from the ICB?.. detailing that the MBNA bank choose to 'write off' the debt, even though the agreed payment plan was being adhered to?
> 
> Will banks poo-poo loans in the future to people with 'W' ratings?


 
The banks will do whatever they want.  They could reject someone who's never missed a payment in their life, and give money to someone with a thousand Ws, if they so wish.  The reality is that no one is going to be getting any money from a lending institution at all for the next few years.


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## pixiebean22 (22 Jul 2010)

I would continue to make your agreed repayments because if you go down the legal route and manage to get them to reverse their decision you don't want to have missed payments built up.

Contact the Financial Regulator with details of your situation and see what they have to say.

It is likely that MBNA will back down, it's strange that they would prefer to write off the debt instead of continuing to get money off you?


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