MBNA – odd letter

I just got a letter – it looks like one of their usual forms that they probably send out to everyone behind on payments.

Anyway – it says “Because you have given us no other choice”… and goes on to say they are going to approach writing it off as a bad debt, etc…and to call if I have any information for them. Is this a good time to start the settlement process???

Writing it off as bad debt is an accounting step. I think they are going to sell their bad debt over so many days to another party at a discounted rate. I would rather deal with the original creditor than those despicable credit agencies. I truly deplore them. Good luck.