I have an unsecured Mastercard from a us company(MBNA). I reside in Ontario the card started at 1500 in 2001 and now has a balance of nearly 50k... I have had a separation and onset of depression in the last year and simply have got behind and have been unable to hold any meaningfull employment... I just got a notice for 120days behind and a offer to reduce to 12k? I had been paying close to 1000/month in interest 6 months ago... what is up? What are the limitations of this,By the way they have always had the wrong name on my statements... wrong middle initial... lame but is there a chance that I can get away with not paying or at least settle for the 12k... they were adement about post dated cheques for 3k each... are they trying to extend the statuet of limitations?

If you are only 120 days behind, the SOL isn't even close to being up. So I doubt if that is the issue. Offering to settle for $12K on a $50K balance, even assuming that a lot of that is interest and fees, seems to be a generous offer. I would take it as long as you have it in writing.

And no, a middle initial being off is not going to get you out of the debt.

Yes, there are late fees and high interest, most likely around 20 or 25 percent interest on the money at this point. So if you are not even paying all the interest each month, you get farther and farther behind.

How do they pin point the name then... no sin #, different address now?. wrong birthdate?. I see how easy identity theft happens now

You have acknowledged this debt, you have made payments on it. That's why a name error is not going to get you out of the debt.

If you were claiming this debt isn't yours, that's a different matter.

I will take the offer.. if I can raise the capital some how