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Help needed
badgerbread
Posts: 302 Forumite
I am asking for some advice from all you clued up people out there. I have a cc account with MBNA although they have agreed to accept lower payments while we sort ourselves out they are refusing to lower interest payments and these are overtaking what we are paying them we are paying £80 a month and interest is £95 my question is would I be better off letting this go to a debt collection agency and whilst I am waiting for them to do this put the £80 payment off another card? I cant see what else I can do? Also I have asked them not to phone me and to write to me if they need to contact me and was told they will still be phoning me and there is nothing I can do to stop this please help!! Thanks in advance
Make £5 a day in May total so far £2
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Hi Badger,
The first thing you would need to do is put a letter together asking for MBNA to remove your number from their database.
There is no set time frame when the debt will get passed to a collection agency unfortunately.
Put together a budget with a realistic payment offer and keep requesting they stop the interest and charges until your situation improves. I would advise to keep making the payments, as this is showing willingness to pay.
SarahI am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.
CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
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The problem is though that they will never take me to a debt collection agency if I continue to make payments and I will still be increasing the debt (through interest payments)Make £5 a day in May total so far £20
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There is no guarantee they will pass the debt onto an agency and no guarantee that they will stop the interest and charges. But at least by making a payment every month you are doing everything within your means, and eventually the debt will start to reduce.
Stick with it!!!!I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.
CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
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If you ring them and ask them to give you an interest break for 6 months for you to get ahead, otherwise you fear you will be unable to pay etc, they should be reasonable.
Like Sarah says, stick with it, or you'll get no co-operation from them at all, and they will continue to charge you enforcable interest and you wont have a leg to stand on.
All the best xPersonal challenge: Do without as much as possible to pay off £12k by 07/2009!!!:T
Bluejeans Challenge: Spend less - Eat less! Need to lose [STRIKE]4 [/STRIKE] 2.5 stone (:eek:) then maintain until my concert in Dec!!
Cady's jam jar challenge.. how much will be in the pot?!
Budget: a mathematical confirmation of your suspicions.0 -
I have tried that and they are not willing to help out in any wayMake £5 a day in May total so far £20
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