MBNA rate increase

Paul_Herring

But my original post did not bring an issue regarding 0% transfers and I guess you are trying to create a distraction from my points raised.

You mentioned residual interest in your OP, then went on to clarify it, after my comment referring to it, by alluding to 0% transfers instead.

I am not the one 'distracting.'

I'm gathering that you think credit card companies are squeaky clean and their actions are totally justified.

Not at all, I disagree with them inordinately upping interest rates and lowering limits below the current balance and subsequently applying charges for being over limit as a result.

But if that's what you want to think, then by all means do so. I was merely addressing a couple of the points you did raise.

jamalfatty

mymoan wrote: »

It is my belief that ...................SNIP

So your approach to standing up to MBNA is to screw up your own credit history completely? You'll be lucky to get any form of credit with a lower APR than what they have increased it to if you do!

And you do realise your 'site' you were plugging carries adverts for a certain credit card? Have to laugh at the irony :rotfl:

mymoan

Many thanks for the comments guys. As I have no knowledge of an actual 0% balance settlement case so I have changed my original post to replace 'residual interest' with 'unexpected charges'. There are several threads on this forum where readers can find out peoples own experiences of such things.

As it seems my ad filters are being ignored I have permanently removed the sponsorship from my blog. I certainly don't want to promote credit cards on my blog that's for sure and I'm really grateful to jamalfatty pointing this out. It should have been displaying one banner on the front with 2 ad's relating to getting help with debt but I think none at all is the safer option.

Regarding my approach to MBNA. The only options they would accept are to pay their huge hike or risk getting my credit rating trashed while I fight the case. Be aware though that I have been very clear to them that I want to pay off what I actually owe at an affordable rate, but not with this hideous interest. Readers can read this thread and make up their own minds but it's important for people to realise that huge hikes could be deemed unfair and that, at least, should give them some options under their statutary rights - but they should seek proper advice first (not from forums!!). The government is now calling for "clear and fair principles" to be applied, the implication being that clear and fair principles are not being applied right now. It is my belief that there is a case to answer regarding large, sudden interest rate hikes as being unfair.

This is my last post on the issue here. Readers are welcome to send a PM to me if they want to. May I wish everyone the best of luck if you are challenging these hikes or filing a formal complaint.

jkduser

Martin Lewis

Can I ask you to add your comments to this forum please? I too have been hit with a punitive rise in my APR with an MBNA card and finding it very difficult to cope.

Are the credit card suppliers being unfair and could/should this be challenged?

Kind Regards

Brian_Bullocks

jkduser wrote: »

Martin Lewis

Can I ask you to add your comments to this forum please? I too have been hit with a punitive rise in my APR with an MBNA card and finding it very difficult to cope.

Are the credit card suppliers being unfair and could/should this be challenged?

Kind Regards

I doubt M. Lewis could do anything about MBNA rate increases. You signed a variable rate credit agreement. The card companies are allowed to vary their rates. There may be help in the new year, but a little late for you...

http://www.timesonline.co.uk/tol/money/borrowing/article5327461.ece