Debt Settlement - Settlment MBNA/Wells Fargo - Canada

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RE: Settlment MBNA/Wells Fargo

Postby Bill K. Lecter » Mon Nov 16, 2009 06:14:01 AM

@bcguybc - yes, you are probably being a little too paranoid. That is just a contingency against you charging stuff onto the card again (and I assume the card is frozen so it's a long shot, but there could be some kind of pre-authorized payment or something that might force-push itself on there).

Anyhow, collection agencies aren't allow to add fees onto the debts they're collecting - it violates the collection practices act.

Remember collection agents aren't "out to get you", they really just want the debt settled.

Take the settlement.

@david17

"Would an R9 look the same on a employer credit reference as a bankruptcy?"

No, in the grand scheme a bankruptcy is worse than an R9. Many employers will ask "Have you filed bankruptcy..." but there are only a few careers that an R9 will trouble you.

Anyhow, a paid or settled R9 reflects more favourably on you than an unpaid R9.
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RE: Settlment MBNA/Wells Fargo

Postby average_joe » Tue Nov 03, 2009 03:26:15 PM

david17,

Did you request from Cibc to fill out the financial capacity forms to be considered for a low perimeter settlement offer? I settled a debt with them and I had to fill out the forms. I also had to give my last two years of my notice of assessments and also a certified letter that I was presently not working.

Cheers

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RE: Settlment MBNA/Wells Fargo

Postby average_joe » Tue Nov 03, 2009 02:27:46 PM

I wouldn't trust that letter.
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RE: Settlment MBNA/Wells Fargo

Postby bcguybc » Tue Nov 03, 2009 02:04:09 PM

How do you know if a letter is a good settlement letter?

The MBNA letter says:

""In return, your account will be considered settled, and you will not be obligated to pay the remaining balance providing no additional charges appear on the account after the date of this letter"

This makes it sound like, if additional charges DO appear on your account, then "THE DEAL IS OFF" and you have to pay your original balance. I am worried they could put a "late fee" charge on the account after I paid and then somehow revoke the deal. Am I worrying for nothing?
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RE: Settlment MBNA/Wells Fargo

Postby reggie2828 » Mon Jun 15, 2009 06:08:39 PM

Folks, understand that DIY debt settlement isn't easy or a process without stress. If you don't have the time, know-how or patience, hire a professional debt settlement company like ours to get it done right for you from the very beginning.
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So true, I think it's all about patience and the right person doing it for you
Also, can't you show the MBNA travel benefits settlement to CIBC as it helps
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RE: Settlment MBNA/Wells Fargo

Postby RichardC » Mon Jun 15, 2009 02:29:37 PM

What happens if you don't pay them back?

The same thing that happens to millions of other Canadians; the debt channels through the natural collection cycles of 1st, 2nd 3rd assignments and may be sold at some point.

If you don’t have anything that they can secure a judgement against (home or wages). Then not much will likely happen at all until you pay it or they find something that’s worth their while to secure a judgement against. Most debts never get sued but they always threaten it to everyone. Learn why here: Collection Agency Legal Action

Why would you file for bankruptcy if you have already settled MBNA? If you do file, you may as well have burned that money because you did it for nothing...(BTW Bankruptcy looks far worse then an R9).

You should try to finish what you started. There are still ways to get it done.

Folks, understand that DIY debt settlement isn't easy or a process without stress. If you don't have the time, know-how or patience, hire a professional debt settlement company like ours to get it done right for you from the very beginning.
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RE: Settlment MBNA/Wells Fargo

Postby david17 » Mon Jun 15, 2009 01:57:48 PM

CIBC won't move. Only accepting 50%. I haven't made a minimum since Sept 08.

I offered them $2,500, stated I have an R9 (which apparently I do). Explained that I'd been in discussions with PWC about bankruptcy even though the discussions weren't that serious.

They stated it was likely they will sell it on to an agency unless I pay $1,000, that wouldn't even take it out of arrears.

My problem, I don't want to go down bankruptcy as I may return to Canada. Would an R9 look the same on a employer credit reference as a bankruptcy? What happens if I just don't pay them?

Stress levels just hit the roof!
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RE: Settlment MBNA/Wells Fargo

Postby average_joe » Sun Jun 14, 2009 03:17:37 PM

If you’re out of the country and they know it, offer them 10% to settle.

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RE: Settlment MBNA/Wells Fargo

Postby david17 » Sun Jun 14, 2009 12:22:34 PM

I will settle with them. It's just a matter of what the percentage is.

However, as I'm out of Canada, what if I just didn't pay CIBC back?
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RE: Settlment MBNA/Wells Fargo

Postby montyloree » Sun Jun 14, 2009 11:57:54 AM

good to see you settled one debt....

if you have no assets, they can't really do much.

it's probably just a matter of time before they go away.

they could get a judgement, but i'm not sure how they would get their money, unless they garnished your wages etc. Sent a sheriff to your house to see which assets you actually own etc.
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