www.iva.co.uk

hi every one not been on since september need advice i am on dmp i have 2 credit cards to mbna total owed £12.000 got a phone call from them saying if i pay £4.000 now that would wipe the debt out i find hard to trust them and i have been researching on the net the sometimes sell the debt on for 10p up to 16p in the pound to other debtcompanys what i want to know has anybody paid thier debt off cheapley or is just a con?

Creditor do sell debts for a low return, as they would rather have some money to reinvest/relend than have a non-performing customer drip feeding payments to them over an extended period of time.

MBNA are big fans of early lump sum short settlements, but if you are in a position to accept their offer you do need to make sure it does not prejudice the position of other creditors. I would refer this to your DMP company and let them advise you.

I know this may sound ridiculously obvious, but if they are prpeared to accept a lump sum, and as Mel says they are fans of such arrangements, do make sure that you get it in writing with a timescale of how long the offer is valid for.

Regards.

When I was going through the process of setting up my IVA, MBNA offered to settle my £24k for a £9k lump sum