Is my Mastercard company trying to trick me?
 

Hi , so i owe likw 25000 to MBNA mastercard, and havent been paying on time so im like 2000 overlimit. they said it if pay 13000 , then they ll write off the rest. Is this real or they just trying oi make my pay then get the rest later? Anyone know and have done something like this?
thxs

Why would a company lie to you? O_o

why dont you type down word for word what it says on your statement. cause your english is all sorts of bad.

actually it's probably best if you scan a copy of your statement and put it online. make sure you scan the whole thing. we need to see all of the info.

holy shit, you need to learn how to manage money better

when you manage to pay that all off, do yourself a favor and cancel all your credit cards. it really doesn't look like you know how to own one.

^^ wrong!
OP should apply more more credit card, apply for line of credits, loans..... and then hide them money somwhere and then declare bankrupt.

The place place to hide all the cash is in my room =D

I think it's legit. I've seen it in smaller figures when one owes $3000 in credit, pay of X amount and the credit company writes off the rest. But again I've only seen it in small debts; I haven't seen or known anyone that had over 10k written off.
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The thing is once the credit card company writes off the rest of your debt, it will be showing written-off on your credit report. It will make your future credit ability much harder.

^ I was just about to ask something along those lines... how badly does your credit rating become...?

Only for 7 years tho LOL

depends on your overall credit situation, usually your beacon score will drop from 50~100ish when one of the trade got written-off. Sometimes it's not just the score, many financial institution will decline you due to bad credit history especially you are talking about $13k~$26k...it's not $130 or even $2600.

The best way to avoid the situation is talk to the MBNA saying that you do not want to get your credit card written-off, showing that you are willing to pay all the debt, but not in once. Asking them to setup a installment to pay them back slowly...most of the bank will do it since they will get the money and you can avoid ruin your credit bureau..

this is such a fail attempt at trolling that anyone who takes his words seriously is stupid.

Fucked forever. Gonna be hard to borrow money in the future.

you'll be screwed for 7years and then screwed for some more trying to rebuild that credit

is this the same guy who was going to river rock instead of paying his visa lol

wow... what do you buy every month?

i thanked you for your avatar

:)

your credit score will seriously be fucked! IMO, if you have the 13-15k that they are asking for in order to write off your debt, you're better off keeping that money and just declare bankruptcy. Either way your credit is gonna be fucked so why not pocket whatever you have left. It's definately the irresponsible thing to do but it's also the wisest given the outcome from such situation.

ask for the request in writing.

i think that guy's name is diesel something.

They are basically offering you a settlement. Once you pay the $13,000, they will report to the credit bereau with something like

MBNA Mastercard last reported blah blah blah blah highest credit amount is $25,000. late payment here and there. Account closed. Account written off at $13,000.

This is actually a very big negative impact on your credit report. It will be hard for you take out a loan because creditor will look at this as a settlement because you didn't pay your debt off in full.

If you can negotiate with them a PTD (pay to delete) deal that once you pay off the $13,000, they will delete everythign they reported. But if this is a collection agency acting on behalf of MBNA, then they can only delete what they report and not the part where MBNA has sent your file/debt to the collection. This is very rare and very hard to negotiate especially if it's the original creditor (MBNA).

As long as you have what they offered in writing, they can't make you pay the rest later. But my suggestion to you is, get your financial problem straighten out, get a job, two if you have to, and start making minimum payment. If the minimum is to high, see if you can borrow money from anyone to back up the interest (pay off the interest). Even if this debt is in collection, if you pay it off in full, creditor won't look at it as bad as a settlement because you still managed to pay it in full, they will only see that you were late on payments for 3 - 6 months.

I was lured into a settlement deal the very first time my late payment exceeded 3 months and it was the biggest regret of my life. Trust me, anything you do, you don't want a settlement or anything worst on your credit report. But if you do take the offer, be prepare to have a shitty life for the next 7 years. If you decide to get a job, you would only need to work 1 - 2 years full time to pay it all off, considering you don't have any other liabilities like rent, student loan, etc.

His credit score is fucked enough that he cannot get anymore credit card in the future but not fucked enough to rebuild it. IF, and i mean IF for any reason you have 13k, use it to pay off half of the debt. Tell them you can pay the rest in a monthly installment. Get a freakin job and get your life straight. Declaring bankruptcy is the last last last last resort he should do and a very coward way out. If he still have his arms and legs, I can't see why he can't pay it off. Honestly OP, if you are seriously considering bankruptcy, I suggest you get some debt counselling. They will weigh out what decision is best for you.

Considering OP's situation.
There is some truth to this.

You need to know if you're dealing with the mastercard provider or a credit collection company. If it's mastercard set up a payment arrangement immediately and honor it. If it's a collection company, well your hooped already.

I would highly recommend consulting a credit counciller and looking at consolidating all your debt and paying it down.

2nd thread on VOT about being in massive credit card debt :lol

What do you do/buy to put yourself 20k in debt? Spending more than what you have in your bank account is just idiotic...