This is a fantastik settlement of 24%. This particular arbitration resulted in a 76% savings to the customer. This is far below our average of 40 to 60 percent and is not the norm, but it does show that the average settlements are not set in stone. They may be lower than the average or they may be higher.
"MBNA wants to make your life easier. To help you, we are offering to settle the above-referenced account. Your current balance is $8,133.04. We will accept $2,000.00 as settlement on this account. To accept this offer, you must call the phone number below and send the first installment of $130.00 by September 20, 2008. Each future installment is listed below.
By completing this payment plan, your account will be considered settled, and you will not be obligated to pay the remainina balance, provided no additional charges appear on this account after the dale of this letter. Also, any future account activity that results in a credit balance will become the property of MBNA. Any violation of this agreement will result in the full balance being due immediately. All payments must tie received by the above stated due dates."
