Re: MBNA question

Posted by Drew (24.59.27.46) on February 07, 2004 at 13:41:18:

In Reply to: Re: MBNA question posted by Power on February 07, 2004 at 11:20:20:

They can't get a garnishment unless they sue. MBNA has a binding arbitration clause in its credit contracts, its unsecured lines of credit. If they think you are suable (meaning you have a job and assets) they have been turning it over to a law firm who will send you a summons for arbitration. They will get the arbitration award and then sue you for the moneys on this. If you are only sixty days behind, you might be able to write to them and ask to be put on their hardship program. Tell them your situation (especially if it is a hardship situation) and tell them you are considering bankruptcy and could they work out a reduced payment plan and get your interest reduced.

I would recommend that because you are in the stages now where that option is open to you. Send it certified mail, return reciept requested to their credit department/collections. It is much better to get in a position and try to pay it off through their hardship program and pay off the balance than for them to charge it off and send it to collections.

You have nothing to lose at this point.

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