MBNA Triumph

selllerness

I was on the edge of trouble with my debt repayments so I did all the research and was told that an IVA was possible. However I didn't like the thought of taking the root.

One of the worst problems was an £11.5k debt with MBNA on a high APR. The minimum monthly payments were less than the interest.

I called them up and told them I was calling before I got into trouble and that this was my 'help' phone call. I told them I'd been recommended taking the IVA root and that seemed to be a magic word.

They took me through a questionnaire and at the end agreed to freeze the interest and take £100 a month until further notice. Of course I can't use my card and a note is made on my credit record, but I think I've got a result.

I hope this info encourages other members in a similar position.

SneakySaving

My experience was totally the opposite, I spoke to them when i was off sick and they refused to do anything unless i paid £200 instantly. When i was getting £60 sick pay, i tried to explain this & got fed up, never spoken to them since and they sold the debt on.

NickX

selllerness wrote: »

I told them I'd been recommended taking the IVA root and that seemed to be a magic word.

This was indeed the magic word.

If you had taken an IVA, then MBNA are likely to only ever recover a small proportion of the debt, perhaps as little as 10p in the £1, i.e. 10% of the original debt.

It is in their interests to avoid IVAs or bankruptcy as they stand a much greater chance of recovering the majority of the debt.