Re: MBNA Credit Card Charge Off

Posted by Wronged by MBNA (207.156.48.21) on April 19, 2004 at 07:06:05:

In Reply to: MBNA Credit Card Charge Off posted by Robin in SC on January 30, 2003 at 12:59:07:

My parents had a 20,000 loan with MBNA that was my debt. I lost my job and was unable to pay, and I told them that. Eventually after alot of harassmenent by MBNA.. they told me that they would accept a little over 9500 dollars and would write off the rest of the debt so my parents paid it off to get it current.

MBNA was supposed to report it as account paid off on my parents credit.. thats what they told us. However, it says Settled on their credit report.

When my parents paid taxes for last year, the government counted it as EXTRA income and made my parents pay $1500 in taxes on the $11,000 that MBNA wrote off..

Warning to all.. settling for an lesser amount of money will hit you in your poketbook later.

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