We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mbna - Secured Loan
debtfree1day
Posts: 382 Forumite
All
Phoned MBNA to ask them to reduce or freeze interest. They tried to get me to take out a secured loan through a partner (think it was loanstar?)
When explained I didnt want a secured loan on my property he said that they could secure my debts against my propoerty anyway, so I would be better taking a lower rate and having 1 monthly payment each month
Is that true? Can they do it?
I am not even behind on my debts although I did tell them I was struggling to make minimum payments in aug and sept....
Lisa
Phoned MBNA to ask them to reduce or freeze interest. They tried to get me to take out a secured loan through a partner (think it was loanstar?)
When explained I didnt want a secured loan on my property he said that they could secure my debts against my propoerty anyway, so I would be better taking a lower rate and having 1 monthly payment each month
Is that true? Can they do it?
I am not even behind on my debts although I did tell them I was struggling to make minimum payments in aug and sept....
Lisa
0
Comments
-
Are you taking any professional advice on this?
If not take a look at national debtheplines website, cccs or Payplan and see if that is of any help. I am pretty sure there are template letters on National debthelpline about refusing loans.
Sorry I can't help much more.0 -
It is wrong for a creditor to ask you to take additional credit to enable you to pay off your debts. Whilst MBNA COULD apply to have their debt secured against your house, they are not likely to take this action whilst you are still trying to find a solution to pay them, as that would be taken into account by the court.
I think you should have a word with CCCS, Payplan, National Debtline or the CAB.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
If you continue to pay the minimum amounts there is nothing they can do.
If you default on the debt then they could take you to court and its possible to get a charging order on the house. At this stage however thats a long way off.
Have you posted an SOA ..if you did so people here would be able to offer more specific help.0 -
debtfree1day wrote: »All
Phoned MBNA to ask them to reduce or freeze interest. They tried to get me to take out a secured loan through a partner (think it was loanstar?)
When explained I didnt want a secured loan on my property he said that they could secure my debts against my propoerty anyway, so I would be better taking a lower rate and having 1 monthly payment each month
Is that true? Can they do it?
I am not even behind on my debts although I did tell them I was struggling to make minimum payments in aug and sept....
Lisa
They can, but not with the ease they imply.
They'd have to first apply for a CCJ, then a payment order, then finally a charging order. None of which can happen as long as you maintain your payments as you say you are doing.
They're just trying to bully you into securing debt on your property.Proud to be dealing with my debts - DFW Nerd #4910 -
Hi all
Yeah cccs suggested DMP, but when I discussed other options with them this morning, they were happy for me to approach lenders directly and ask for interest freeze over the phone. - i was just a bit worried when this agrgressive guy started telling me about securing against the house.
I wont be bullied into anything by them now
The soa and my predicament is in the attached thread
http://forums.moneysavingexpert.com/showthread.html?t=464645&highlight=debtfree1day
THX
Lisa0 -
Good for you please don't be frightened they are bullies, I would keep a word document diary and note the time of call and contents etc only takes a couple of seconds and you never know what use it could be later on to throw back at them!
I never speak to my creditors by phone I changed my number and deal with letter when I feel in the mood to reply takes some of the sting out of the tail also I have been able to use what they write in letters against them.0 -
MBNA did the exact same thing to me when I asked them to reduce the interest rate.
However in my case it was suggested to me that I applied for a loan with MBNA first - which I then got rejected for - and then it was suggested I apply for the secured loan with their sister company.
Fortunately, they never threatened me....gawd these people are nothing but thugs in suits.2014 Target;
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date0 -
They phoned me back, and offered to look at putting me on a debt plan where I pay an agreed amount back each month. They asked for all my incomings, and my oputgoings
I told them - Dont know if I should have:)
They asked me how much I was offering to pay, at which point I paniced a bit and realised I had perhaps shared to much info. I said I would need some time as all the creditors would like as much back as poss so I need to review. They said ok and asked me to call back this PM
I did'nt.....what does everyone think, should I offer something or wait for the CCCS to do it all officially?
Cheers
Lisa0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards