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Hello.Mbna settlement advice

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  • Hello.Mbna settlement advice

    Hello,

    just wanted to say first of all thanks for letting me join and hopefully I can get some advice.From the experts.
    it is a long story. It I will try be short.I have moved abroad 2 years ago due to my wife family issues, and the plan was to go back after it is sorted. I had reasonable credit card debts but easily manageable from my uk salary.but here lies the problem.As we moved to Poland my salary is 1/3 what it was before so we were struggleing to pay debts.and live plus buy essentials for the kids.so recently I done balance transfer to mbna about 20,000 to reduce my monthly payments.with the plan to go back to uk and slowly pay it off.but now my wife isjust about to have our third a baby and family issues is back and there is no chance to move back to uk anytime soon.as I was struggling with uk debts I called up mbna to try sort something out so they put me on the struggling to pay programme so there is a fee agreed plus they freeze the interest.but by doing his I was unaware they would take all offers away so I no longer receive the 0 percent.and my monthly payment went from 341 to over 500 just for mbna.my salary is just over 1300 per month and now my wife is not working I don't earn enough to live and cover debts so we spending on other card just to live.i have contacted mbna like I said but due to recent problems there is no way I will ever be able to clear the card so I done some checking and I would like to try card final settlement.does anyone have experience with this..I am only 2 payments behind and I know it is quick to try organise final settlement but I can get a 1 time loan from my brother and I can't manage debts.so is now or never.as I live in Poland I worry that they can sell debt to polish debt collectors and here the law is abit shabby shall I say.if anyone can offer advice I would greatly appreciate it...also does anyone know the Likley hood of what offer they would accept or anyone made a settlement offer yet??i have also tried to research regarding a debt management plan.or bankruptcy but the law has changed and since I have been out of the country over a year I cannot do this..so I'm stuck unless I register debt here in Poland.which is not possible due to my wifes profession.
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  • #2
    Re: Hello.Mbna settlement advice

    I don't think you have any realistic chance of getting a low settlement agreed if you have only missed a couple of payments.

    they put me on the struggling to pay programme so there is a fee agreed plus they freeze the interest
    how much are they charging you? what for?

    Have you sent them an income & expenditure statement showing how much you can afford to pay them without having to borrow elsewhere? This may only be £20 a month, but if that's all you can afford, that is what you need to pay them.

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