Help w/MBNA

What is the name of your state? Oklahoma

I have tried to work out an agreement with MBNA regarding my late payments. I have talked with numerous employees of theirs and they all tell me that they(MBNA) cannot adjust the interest rate or payment of my credit card. I cannot afford the minimum payment that they require, and have told them so in the past and they do not seem to care. So I just stopped making payments to them since they will not listen to me. Is there anything they can do to me since this credit card is an "unsecured" card?

Thanks

mb

[bigun]

MBNA has an arbitration clause in their card holder agreement. They will demand arbitration and when they win, they'll take the award to state court for enforcement. Wage garnishment, leins, whatever your state allow.

[Ladynred]

Forget it, MBNA won't 'deal'. They *might* offer you one of their hardship programs, so you should ask about that. You usually have to be several months behind before they'll even consider offering you those programs though.

what does it take for a CC company to "Write off" a bad debt?

I cannot make the payments they demand and so forth. They call continuously but leave no message on the answering machine. I will not answer the phone if caller ID says "Unknown"

thanks
mb

[bigun]

Writeoff and chargeoff are the same thing. FDIC regulations require financial institutiond to chargeoff debt 180 days from default. This is an accounting process whereby shareholders and regulators are informed that the debt may never be coolected. It doesn't mean MBNA can't continue collection efforts.

[JETX]

Mbaker: Let me offer the following to help clear this up....

1) In Oklahoma, a credit card debt (Open Account) is enforcable for 3 years from the date of last activity. At any time during this period, the debt owner can file a suit against you to recover the debt. And if they win (and they usually do), then you will be liable for the original debt, plus all interest, plus all attorney fees, plus all costs. And guess what.... a 'new' statute of limitations (SOL) clock starts. And in Oklahoma, that 'judgment' is enforcable for FIVE years from judgment.... and is renewable. This pretty much means that the debt if reduced to judgment, can be around for a LONG, LONG time.

2) As Bigun noted, the term "write off" does not mean that the debt disappears, only that it is moved from the 'performing' (being paid) ledger to the 'non-performing' (not being paid) ledger. During the initial 180 day period, the creditor will usually try to collect the debt using in-house collections. Then, if unsuccessful, the creditor may farm the debt out to a 3rd party collector who is working as an agent of the creditor.... and gets a percentage of whatever they can collect. Eventually, if the 3rd party has exhausted themselves on it, the debt is returned to the original creditor who then places that debt with the other 'uncollectibles' and sold as a 'debt pool' to the secondary market. They are now the owners of the debt and the process starts all over again. In fact, it is not uncommon for these debts to be sold (and attempted collection) numerous (6 or more) times!!

3) Though I do sympathize with your plight, you need to step back for a second and look at this from the 'big picture'. When you got the credit card, you PROMISED to repay them for the funds that they were going to loan you. At that time, you agreed to pay the interest... and they evaluated your credit and decided to let you have access to their 'pockets'. You then used their funds (via the credit card) to purchase those 'must have' items that you purchased. Like the new television, stereo, clothes, dinners out, travel, etc. Simply, you 'borrowed' this money from them with a promise to repay... plus interest. Now that you have all those 'must have' items, you have decided to change the rules.... and are now claiming that 'they' just don't understand that you can't repay as promised and are 'uncaring'. Simply, this is NOT their problem, but yours. And, your problem, is very likely to become OUR problem when you can't pay or file bankruptcy. See, your failure to pay will cause all of us to pay for your new television, stereo, clothes, dinners out, travel, etc.!!!

And no, I am NOT in the collection business and have nothing to do with them.... I am just someone who will have to help pay for your lifestyle and your life choices..... and I am getting damn tired of carrying YOUR load!!