[arrowana]

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

[_Hotsauce_]

Why would a company lie to you? O_o

[b0unce. [?]]

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

[Eff-1]

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.

[E-40six]

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

[ShanghaiKid]

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.

[Mr.HappySilp]

^^ 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

[Noir]

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.
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

[Funnel]

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.

[jtanner_]

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

[murd0c]

Only for 7 years tho LOL

[Funnel]

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..

[flagella]

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

[Euro7r]

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

[StylinRed]

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

[hal0g0dv2]

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

[optiblue]

wow... what do you buy every month?

[StylinRed]

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

i thanked you for your avatar

:)

[Skyliner]

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.

[MWR34]

ask for the request in writing.

[Leopold Stotch]

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

i think that guy's name is diesel something.

[mr_chin]

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

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.

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.

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.

[SlySi]

^^ 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

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

[TheNewGirl]

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.

[Vinny G]

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...

[Mananetwork]

Pay that off with your other credit card stupid!

[hotjoint]

Pay that off with your other credit card stupid!

:lol great advice

[jasonturbo]

I think it's funny how everyone fails the op cause he has debt, I wonder how many of the people that failed him are also up to their necks in debt.

It's common for credit card companys to attempt to settle with you after you account is delinquent for a few months, if you decide to ante up and pay it out, make sure the credit card company puts in writing that they will remove any neg. feedback from your credit history, they can and will do this.

I have no debt, and a lot of savings, so it's not like I'm on your side cause I'm an idiot with money, look at canadians debt to income ratios, the majority of canadians are worse than americans, as a nation we suck with money.

[quasi]

I think it's funny how everyone fails the op cause he has debt, I wonder how many of the people that failed him are also up to their necks in debt.

It's common for credit card companys to attempt to settle with you after you account is delinquent for a few months, if you decide to ante up and pay it out, make sure the credit card company puts in writing that they will remove any neg. feedback from your credit history, they can and will do this.

I have no debt, and a lot of savings, so it's not like I'm on your side cause I'm an idiot with money, look at canadians debt to income ratios, the majority of canadians are worse than americans, as a nation we suck with money.

I know I'm not the best saver out there but I'm totally with you on buy what you can afford. I have never carried a balance or paid a penny of interest on a credit card in the 15 or so years I've had them and I use them lots every month. So many people take their credit cards and use them on stupid items that they don't need or that they'd be better off saving up and buying.

I don't feel sorry for people dumb enough to rack up their cards with no good excuse like medical reasons, could not work or had some other type of emergency where they had no choice.

[darkfroggy]

My head exploded from the stupidity of the OP suggesting that a multi-billion dollar company was doing cute little tricks with his credit.

[darkfroggy]

I think it's funny how everyone fails the op cause he has debt, I wonder how many of the people that failed him are also up to their necks in debt.

It's common for credit card companys to attempt to settle with you after you account is delinquent for a few months, if you decide to ante up and pay it out, make sure the credit card company puts in writing that they will remove any neg. feedback from your credit history, they can and will do this.

I have no debt, and a lot of savings, so it's not like I'm on your side cause I'm an idiot with money, look at canadians debt to income ratios, the majority of canadians are worse than americans, as a nation we suck with money.

We are not failing the OP for being in debt.

We are failing him for his post being so illiterate and hilariously bad... that it's a wonder how the guy fills out a form.

[Ferra]

My head exploded from the stupidity of the OP suggesting that a multi-billion dollar company was doing cute little tricks with his credit.
just because this is a multi-billion company doesn't mean they won't do tricks and lie.
i have been lied to, cheated money from bell.
There are also large companies like direct energy (and many other energy resellers), who's entire business model is built on tricking consumers.

So yes, it is definitely possible that MBNA will ask him for the remaining balance after he pays his $13k if he doesn't have any legal / formal paper in writing.

[hotjoint]

I only buy what I can afford to pay at the end of the month in full when my statement comes

[TheNewGirl]

just because this is a multi-billion company doesn't mean they won't do tricks and lie.
i have been lied to, cheated money from bell.
There are also large companies like direct energy (and many other energy resellers), who's entire business model is built on tricking consumers.

So yes, it is definitely possible that MBNA will ask him for the remaining balance after he pays his $13k if he doesn't have any legal / formal paper in writing.

I've been screwed over by large credit card companies as well. They routinely do illegal things like auto billing your annual fee as part of your credit limit (often waiting to to it till you're peak spending time so it will push you over your limit and then they can ding you for a fee for that too), and applying payments in such a way as to maximinze interest gained from you. Recently our federal gov put in place legislation for regulate some of these activities but I noticed within 6 months my credit card company had found clever ways to continue some of these practices while still adhering to the new laws. Why? Cause most people don't look at their statements very closely and don't understand how their credit provider applies their payments which = millions of dollars a year.

I pay down my credit card every 2 weeks on payday personally except for large ticket items and they don't last more than a month. Sometimes I even put a payment on my card prior to large purchases so it's their waiting when the charge hits it. But now you know what? My credit card company is annoyed with me for paying too often! Apparently this is valid grounds for them not increasing my credit limit.

You can't win with any of them and you have got to be very watchful so they don't screw you over. Any deals you make with them you need to get clear documentation for that you understand. And if it's too convoluted for you to understand, reject it and ask for clearer documentation.

That said, wracking up $25K in credit debt is completely fucking moronic if you have no means to pay for it. This is why our economy's in the tank.

[joquio]

Hmmm....now we know where Mr. Anthony Espinosa got his money to pay back Dr.Mike :troll::troll::troll:

[RFlush]

Credit card companies are not charities, they are a business, and like any other business their goal is to make profit. It is common practice for any credit card company in any country to bill your annual fee to your credit limit. What else do you expect, for them to come to your door and ask for cash? You have a credit card, a store of value, they will charge your fees to that. How is that illegal?

If you do not like it, don't get a credit card; no one is forcing you to get one.

I've been screwed over by large credit card companies as well. They routinely do illegal things like auto billing your annual fee as part of your credit limit (often waiting to to it till you're peak spending time so it will push you over your limit and then they can ding you for a fee for that too), and applying payments in such a way as to maximinze interest gained from you. Recently our federal gov put in place legislation for regulate some of these activities but I noticed within 6 months my credit card company had found clever ways to continue some of these practices while still adhering to the new laws. Why? Cause most people don't look at their statements very closely and don't understand how their credit provider applies their payments which = millions of dollars a year.

I pay down my credit card every 2 weeks on payday personally except for large ticket items and they don't last more than a month. Sometimes I even put a payment on my card prior to large purchases so it's their waiting when the charge hits it. But now you know what? My credit card company is annoyed with me for paying too often! Apparently this is valid grounds for them not increasing my credit limit.

You can't win with any of them and you have got to be very watchful so they don't screw you over. Any deals you make with them you need to get clear documentation for that you understand. And if it's too convoluted for you to understand, reject it and ask for clearer documentation.

That said, wracking up $25K in credit debt is completely fucking moronic if you have no means to pay for it. This is why our economy's in the tank.

[vitaminG]

the settlement offer is definitely legit, however as said previously it will fuck your credit up for 7 years. I believe it shows up as an R9 on your credit report when the remainder is written off.

I suggest this website to give you general info on credit.

http://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/h_ca02222.html

Before you even think about accepting that settlement you should speak to a bankruptcy trustee or credit counsellor and do a complete debt assessment. They will offer you a free consult and will go over your options.

[TheNewGirl]

Credit card companies are not charities, they are a business, and like any other business their goal is to make profit. It is common practice for any credit card company in any country to bill your annual fee to your credit limit. What else do you expect, for them to come to your door and ask for cash? You have a credit card, a store of value, they will charge your fees to that. How is that illegal?

If you do not like it, don't get a credit card; no one is forcing you to get one.

Oh no, I expect like any other company they're trying to make the most money with the least effort. What I'm saying is - be informed when you deal with them and make sure you get clear documentation if you make a deal with them. Just like you should on ANY contract you deal with.

It's a tug a war over your money. They want it, you want it. Who ever is most careful gets it.

It is though illegal to make any charge to your credit with out your written or verbal consent. Some companies put this in their contracts that your card will be debited on X date for the fee. That's legit. Some companies send you a reminder on your statement the month before that your renewal will be coming up next month, if there's any issues call. That's legit (by not saying anything you're consenting). But others don't cover it any where and many have odd practices for how/when this is done.

My first mastercard for example, they billed it the month prior to anniversery. Don't as me why, Capital One has some strange strange practices. Any how on my little fledgling card with a $300 credit limit a week before Christmas the $45 charge put me up over my credit limit and they dinged me for an additional $25 for that. I looked up the policy info I had from them and it didn't say anything about the fee coming off 30 days prior to your anniversery, or anything about fee payment at all. I called, complained, got both charges refunded and my fee waved completely for the upcoming year as well. The charge can/should be made but it shouldn't have impacted my credit limit and thus should not have put me over my limit as I did not authorize it.

I learned a lot of companies do that and rather then complain, people just pay it and the fee and this nets them a great deal of extra cash a year for literally nothing. Especially since it really only impacts those who have poor or no credit so they have low limit cards (and thus have little experience dealing with the companies) or those who chronically run up to their limit and those are the folks who pay the least attention to their bills to notice. It's really a non issue to everyone else.

[drunkrussian]

please see here for advice:
http://www.revscene.net/forums/jobless-and-high-t626897.html