Re: MBNA and Wolpoff & Abramson Arbitration...what do I do?

Posted by John (68.119.74.249) on August 12, 2003 at 01:26:52:

In Reply to: MBNA and Wolpoff & Abramson Arbitration...what do I do? posted by Pat on August 12, 2003 at 00:59:37:

First get an attorney. There is no reason for you to pay the full amount or any attorney fees when you sell your house. Also, don't tell them you are selling your house (MBNA Law firm). A good attorney can negociate this thing down to something like 50 cents on the dollar or so. Maybe even less. He can probably negociate things to the point where in order for them MBNA to receive the payment, they have to remove any negatives from you CR. Remember, everything is negociable. All MBNA was is their money. They will never let you have another CC from them so what is on your CR really doen't matter. If you were to try and apply with them, their own computer system would stop the application. So if they can get some of their money back, they will problably negociate a removal of bad info from your report. Also remember it cost them a lot to file a suit and defend it so they are much more likely to accept a little something and move on.

Another thing you may can do if you want to buy some time is to ask for validation of the debt. You have thirty days to request this and then it will take them another couple of weeks to comply. But the best thing to do is get an attorney.

FYI: This law firm is just a collection agency. Don't panic but do get yourself a lawyer so that you don't waste money paying them more than they will really settle for.

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