Should I pay a settlement offer from MBNA on a charged off Visa card with an outstanding balance 3X

Went through a rough financial period a few years ago and foolishly let this card go. I have managed to repair the rest of my credit but this is the big big black mark that is dragging me down still. I have a perfect car loan, another open credit card in good standing that I pay the balance every month, and a student loan in good standing. Should I accept and pay the Settlement amount which is only a third of the balance? Should I pay the full amount? Should I not pay it all? Help!

Should I pay a settlement offer from MBNA on a charged off Visa card with an outstanding balance 3X its limit?auto loan

If you can afford to pay it, do it. Especially if they are willing to settle for only a third of the balance. It will pay off in the long run when you go to apply for new credit.

Should I pay a settlement offer from MBNA on a charged off Visa card with an outstanding balance 3X its limit? loan

If you dont pay it, they will finally give up and the longer its been since the account had any activity, the less it affects your credit score. If you make a payment on it the date of last activity will reflect 2006 and could cause your score to decrease. The down side is they could always garnish your wages if you live in a state that allows that.|||You should find out what the statute of limitations is in your state. If you are out of SOL, it is within your rights to not pay.

If you want to pay this off for 1/3 the balance, first have them agree to removing the tradeline from your reports when it is paid. Also, request that they will not sell the remainder of the debt. (which they may). Have all of that in writing before you pay.

You may be able to re-hab the account. If you request that you pay the %26quot;true%26quot; full amount due, that they will keep the account open as an active account after it is paid. Also showing on your reports as %26quot;paying as agreed%26quot;. If you re-hab the account, be extremely careful to make your payments. Don%26#039;t fall behind again or stop paying.

I would suggest going to the site I%26#039;ve listed and doing some searches on PFD (pay for delete) rehab and see how others have handled dealing with those.|||If you bought it, I think you should do all you can do to pay it back. Otherwise, you%26#039;re stealing and running away from a mess you made.|||most people know they have to pay their bills without asking someone

but if you don%26#039;t pay it will go through collections and hurt your credit rating