# Short settlement on halifax and mbna credit cards achieved



## Wipetheslate (9 Dec 2011)

*HALIFAX CREDIT CARD* BALANCE 12550 SETTLED via cabot financial (Halifax collection agent ) FOR 3000. on 21/11/2011

*MBNA CREDIT CARD* BALANCE 14750 SETTLED FOR 7500 via MBNA debt manager. 
within last 6 months . 

marked on credit file for 6 yrs 

Just to give anyone trying to clear credit cards and who are *not concerned about their credit rating* an idea of percentage to offer . I offered 4000 for MBNA but they wouldn't budge below 7500.


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## Ron J (16 Dec 2011)

Interesting.  Do you know the position with Bank of Ireland ?  What will they accept ??


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## 99charlie (19 Dec 2011)

Hi there, 
Were you in arrears with MBNA before offering the settlement?


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## Wipetheslate (20 Dec 2011)

Yes didn't pay for 3/4 months waited for default                         letter 
 and made offer then 

Not dealt with boi yet 

Just agreed another settlement with mbna 700 for 2375 balance this week 
Any advice on offer strategy just ask .
I'm in deep debt so maybe they see it as hopeless and grab what they can .


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## scarednow (20 Dec 2011)

Hi

I'm particularly interested in your dealings with Halifax. I have a CC with a balance of 2600 eur and to be honest, this debt is the least of my worries - I have unsecured personal debt of over 45k! (long story that I would rather not share as to how it was racked up)

What approach did you make to Halifax or did you just stop paying? It seems like you offered them ~40% of your balance? 

Any advice appreciated


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## Brendan Burgess (20 Dec 2011)

Wipetheslate said:


> *HALIFAX CREDIT CARD* BALANCE 12550 SETTLED via cabot financial (Halifax collection agent ) FOR 3000. on 21/11/2011
> 
> *MBNA CREDIT CARD* BALANCE 14750 SETTLED FOR 7500 via MBNA debt manager.
> within last 6 months .



Where did you get the €10k for paying them off? 
By not paying anything for a few months I presume? 

Had they registered judgments against you? 

It sorts out those two cards, but what about your other creditors? 

Brendan


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## Wipetheslate (20 Dec 2011)

scared now said:


> Hi
> 
> I'm particularly interested in your dealings with Halifax. I have a CC with a balance of 2600 Eur and to be honest, this debt is the least of my worries - I have unsecured personal debt of over K! (long story that I would rather not share as to how it was racked up)
> 
> ...


 
I was in discussions with Halifax and had asked them to stop interest and penalties so I could try get a handle on things ,the kind lady in Halifax told me that the most they could settle for was 90% of the balance and as long as payments were being made on the account they would not suspend interest ,she told me that I would probably get a better deal when it was passed to an external collections agent . I asked how long does that take and she said it gets passed when 3 consecutive months have been missed.

I think if you offer 25% of balance when you get your letter from Cabot debt collection it should be accepted .They will ask where you got the funds to make the offer , in my case my father died last year leaving a cash sum to my mother who gave me some to help try and get back on track .    

Where did you get the €K for paying them off? 
By not paying anything for a few months I presume? 

Had they registered judgments against you? 

It sorts out those two cards, but what about your other creditors? 

Brendan 

Hi Brendan ,

As I  said above It was a helping hand from my Mother.
No judgments , the offer goes in as a full and final settlement of the debt and you receive a letter to this effect from the company ,Its noted as a short settlement on your credit file .  
important 
only transfer the  funds when you have this letter in your possession and keep it safe .

ONE DAY AT A TIME BRENDAN 

I nearly have a handle on all my unsecured debt 
mortgage debt is or has in some cases been restructured 
I believe in the new year banks will be forced to face the new reality that if mortgages are going to be re payed the terms will need to be readjusted .

I dont mind repaying what I owe ,but it will be over 30 years now instead of 12years pre crash.

I was receiving 36k rent and 6 k rates for a shop 
now I  have reduced the tenants rent to 15k to keep them in business and keep a tenant half a cake is better than none after all.its the new reality , that property will only ever get 15 k rent from now on 
rates are still 6k which is crazy.
my interest only bill is over 20k yr so something will have to give , I have asked Ptsb for a reduction in interest and extention in term , I hear you all laughing ..... see what happens .. 

I'm on 7.095% with Ptsb down from 7.35%
Ptsb upped my interest by 2% in one year a few years ago when interest rates were coming down in Europe.

From my past posts you will see I have contemplated Bankruptcy , I will give it 1 year to see if I can sort things out ,if not I will bankrupt myself and start fresh. I'm confident I would get back on my feet post bankruptcy.        
As a wise old man said to me recently "SURE THERE ONLY DIGITS ON A COMPUTER SCREEN " but he was living in a nice mortgage free house and getting a nice pension


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## scarednow (20 Dec 2011)

Thanks for that - next payment is due end of Jan and looks like house insurance is going to gobble that up so gonna have to see what happens if I miss the payments - will keep the board informed....Tried MABS, waste of time in my experience.

One question I have is why dont the banks agree to extend loans over longer period, at the end of the day a key part of their balance book is made up of interest received and there is a lot of us out there who just need some slack.

I'm amazed by the banks that they dont understand if ioutgoings exceed incomings,then there is an issue - these are supposed to be educated people! I understand they are chasing debts but joe soaps 5 or 10k isnt the issue, its Mr bigs 1 billion!


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## garfield82 (27 Dec 2011)

Thanks for your reply.


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## RichInSpirit (27 Dec 2011)

Wipetheslate said:


> marked on credit file for 6 yrs
> who are *not concerned about their credit rating*



Regarding the ICB my belief is that the banks will be using the ICB files in 4 or 5 years time looking for customers. 
So many people in Ireland will be on the ICB files that the banks will be more than glad to deal with even the worst cases on the ICB. 
Of course that's only my opinion  

ICB meaning Irish Credit Bureau !


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## Gekko (27 Dec 2011)

I think you're 100% right.

So many people have blots on their copybooks right now, there's going to have a be some kind of reboot.

Well done Wipetheslate.  Someone in the US who runs into financial difficulty in the States is branded a hero for having the guts to give it a go.  The same person in Ireland is treated like a pariah.  That attitude must change.


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## Wipetheslate (28 Dec 2011)

Thanks for those kind words Gekko ,
Wouldn't be Gordon by any chance ? 
It's actually quite liberating when you mentally get off worrying about debts ,I know its a cliche but life is too short ! 
I've been visiting a very sick person in hospital and have got to talk with some very sick people and believe you me your health is your  wealth.


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## jhegarty (28 Dec 2011)

Gekko said:


> Someone in the US who runs into financial difficulty in the States is branded a hero for having the guts to give it a go.  The same person in Ireland is treated like a pariah.  That attitude must change.



In the states you can't even rent an apartment or get basic utilities connected without good credit.


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## Wipetheslate (28 Dec 2011)

jhegarty said:


> In the states you can't even rent an apartment or get basic utilities connected without good credit.


 
You're right there jhegarty , I lived in the states for 3 years and credit is everything , thats why homelessness and destitution is rife in the states. Families living in  Trailer parks . Homeless families living under bridges and in parks . If you fall down in the states its very hard to climb back up. If your credit is bad your a nobody. Only for some really good Charity's people would be left to die on the streets.
   I do think Gekko is right though in regards to peoples attitude to someone who becomes bankrupt.I also think there is a massive shift in attitudes here now, sure I have no worse a credit rating than the banks and the state .


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## STEINER (28 Dec 2011)

Wipetheslate said:


> *HALIFAX CREDIT CARD* BALANCE 12550 SETTLED via cabot financial (Halifax collection agent ) FOR 3000. on 21/11/2011
> 
> *MBNA CREDIT CARD* BALANCE 14750 SETTLED FOR 7500 via MBNA debt manager.
> within last 6 months .
> ...



you have done well out of it really, 16.5k


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## Ron J (17 Jan 2012)

Has anyone agreed a short settlement with B of I.  Hear they wont settle for less than 85% of what's owed.

Did anyone achieve a better result and if so how ??


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## RichInSpirit (17 Jan 2012)

Ron J said:


> Has anyone agreed a short settlement with B of I.  Hear they wont settle for less than 85% of what's owed.
> 
> Did anyone achieve a better result and if so how ??



80% has been offered to me, but i don't have the readies to do it . And I'm on long term zero interest.  I've agreed to repay it over 5 years.


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## Ron J (17 Jan 2012)

Have a very reduced income situation. Owe 9.5k. Have submitted budget sheet last month. Have being paying reduced payments for about 18 months. Have access to 6k from family member and they have rejected it to close account indicating an offer circa 85% is required (8144 ish). 

Can't aspire to this right now so just wondering if anyone was able to achieve a settlement of less that 85% with them. Looks like 80% is probably the best.
http://www.askaboutmoney.com/#



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## RichInSpirit (17 Jan 2012)

Are you still paying interest? If so try and go to zero interest. Then offer to repay over 5 years.
Be firm with them and put on as poor a mouth as possible.  
I wouldn't give them too much information either.  Like if you have assets or savings.


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## Ron J (17 Jan 2012)

Will give this a go as I just can't do the 85%.  Many thanks.


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## Time (17 Jan 2012)

They would be lucky to get 60% in all fairness. BOI have not learned at all.


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## Wipetheslate (17 Jan 2012)

I'm not sure about boi , I'm awaiting a letter from them re my loan account , I'm not sure if they use external collection agents ,these guys will do better deals than boi , when I dealt with Halifax they wouldn't drop below 90% as far as I remember , but when it was passed to their debt collectors i got a great deal , does anybody know if boi sell their bad debts to debt collectors ? I suppose il find out soon enough , I wouldn't settle for 85% .


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## RichInSpirit (17 Jan 2012)

Wipetheslate said:


> I'm not sure about boi , I'm awaiting a letter from them re my loan account , I'm not sure if they use external collection agents ,these guys will do better deals than boi , when I dealt with Halifax they wouldn't drop below 90% as far as I remember , but when it was passed to their debt collectors i got a great deal , does anybody know if boi sell their bad debts to debt collectors ? I suppose il find out soon enough , I wouldn't settle for 85% .



They use a firm of solicitors as debt collection agents.  I don't think the debts are sold on.


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## RichInSpirit (17 Jan 2012)

There's an interesting link somewhere here to a uk site, i think about bankruptcy. A lot of credit cards in the UK have out of date terms and conditions that won't stand up in a UK court if you are brought to court. 
I wonder is there any similarity here in Ireland ?


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## Wipetheslate (17 Jan 2012)

Forgot to update , settled Tesco visa card 
Bal.3450  settled 850
First offer 2750
Second.1800
Third.950 
Finally accepted 850 as I told them Halifax settled for 25% on 12 k and I, told them if I bankrupt myself they will get nothing and I don't realy care anymore " let me know if you want it or not il give it to mbna, she accepted , Triton collection services. Remember they probably bought it for 10% so play hardball and play one against the other ,your credit is ruined at this stage so why pay a premium .


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## Time (17 Jan 2012)

No, sadly the Irish courts take a very moralistic view that you borrowed the money, so you owe it. 

Legal wrangling is likely just to irk the judges more.


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## Bronte (18 Jan 2012)

Wipetheslate said:


> Forgot to update , settled Tesco visa card
> Bal.3450 settled 850
> First offer 2750
> Second.1800
> ...


 
You're a very good negotiator, maybe you could get a job negotiating for some of the people on here.  

I presume the bank offered the 2750 and went down to the 950?  Over what time period until they acceted the 850?


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## Wipetheslate (18 Jan 2012)

Funny you say that Bronte, I'm helping my sister and a close  friend to settle their card debts , its more coaching them before / while they do the talking on the phone , its something I don't mind doing to help someone but couldn't see myself looking for a fee , all that previous posts negotiating was done in a 20 min phone call , the lady kept putting me on hold and referring it to a manager , it helped me psychologically that I only had 850 savings to offer.


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## glasshouse (21 Apr 2012)

I owe Halifax approx 11,000.  I lost my job a year ago and agreement reached to pay them £5.- every month.   Debt was passed to Blair, Oliver & Scott a year ago.  I have since got a job.  I have twice offered a full and final settlement to Halifax of approx £5K but this was refused and they want £9K.  Any suggestions?


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## Time (21 Apr 2012)

Tell them you are going to Australia and this is their last chance to get their money. They won't be long in accepting.


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## glasshouse (28 Apr 2012)

Thanks - will try that line!


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