i just settled with them, similiar situation....$8400 down to $2000.

call them and explain, keep telling them you can;t and how much you can afford....stick to your guns.

hi Sabastian6,

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that was a piece of less effective spamming...

Mmartinpeterson,

Why would you post an American debt settlement site on a Canadian site?

Debt settlement is a legitimate way of solving your problem without the need for bankruptcy. Debt Solution representative will contact you to discuss how to get started today. There is no cost or obligation.

Please visit: http://www.debtsolutionsgrp.com/

MBNA will settle quite low before they send it to collections. You could probably get it at 20% of the total debt amount from my recollection.

I'm pretty sure they wait awhile too before sending it, maybe 5 - 6 months. If you can't afford to settle it though, it doesn't really matter what amount they offer.

(NOTE*** I noticed you edited your post/questions after I replied, advice below is to that***)

Long post, my advice - do not borrow money from family or friends; it just leads to personal relationship problems down the road.

I've never solicited business (sorry Monty) here in the past but the "deal" you think you got in "counselling" is a pretty bad one. It sounds like you might need more then just a little advice. Take 10 minutes and call up a debt consultant in my office and grab a free quote on how we could do it all for you over 3yrs. Link below in my sig.

My husband and I have been on a downward spiral with regards to our financial situation.
He had a health problem 2 years ago and had to have major surgery and be out of work for 6 months to recover. We both lost jobs last year and had to take lower paying jobs just to make ends meet. In other words, we incurred a lot of debt through the last couple of years as we used our credit to pay rent and bills.

We both have MBNA Credit Cards, each with a 10K debt. We are behind for about almost 3 months. How long before they send to Collection? Has any of you dealt with MBNA? How low can we settle our 10K debt each?

Thank you.