MBNA spoiling for a fight

Edna_Bucket_2

mountainofdebt wrote:

...I'm hardly in a position to stooze - I would have thought my username would have given that away - I'm just trying to reduce the amount of interest pay so I can reduce the debt mountain sooner rather than later so why should a person in my position pay for another person to stooze???

If you are in a position to stooze all well and good - its perfectly legal to do after all but don't expect me to make up the short fall in the company's profits...

Point taken, although my comment about stoozing was a general one about the readership here, not about my personal situation.

In fact, you've neatly exposed the contradictions inherent in a site like this one. On one hand you have the debt free "stoozers" who wish to capitalise on offers.

On the other there are people like yourself who have built up debt and want to clear it - but the efforts of the stoozers make companies like MBNA (and they are not alone) tighten up their act.

I'm certainly not sympathising with the c/card companies, but there is an element whereby it is also some of the readers here who are indirectly making life harder for you.

---lee---

Edna_Bucket wrote:

Point taken, although my comment about stoozing was a general one about the readership here, not about my personal situation.

In fact, you've neatly exposed the contradictions inherent in a site like this one. On one hand you have the debt free "stoozers" who wish to capitalise on offers.

On the other there are people like yourself who have built up debt and want to clear it - but the efforts of the stoozers make companies like MBNA (and they are not alone) tighten up their act.

Oh please. Like the CC companies need an excuse to find another way to screw their customers. This is simply them trying it on. If 90% of customers accept the increase without question, then it's good business. If 5% complain (as with mountain) they will make a token offer. If the other 5% take their business else where then it's time to cut a deal. Whichever way you look at it, their is only one winner.

Also, you will need some additional hands before you can sum up everyone that uses this site.

:rudolf:

Edna_Bucket_2

You didn't get as far as reading my last lines about "not sympathising with the c/card companies" then Lee?

I am afraid to say that yours is also something of a facile comment about summing up everyone who uses the site - I certainly wouldn't attempt to do that. I'm just saying that as the site grows in readership there are inevitably certain groups whose aims put them (maybe inadvertently and indirectly) in conflict with those of other groups as represented by mountainofdebt for example. it doesn't just apply to credit cards of course but that is a good example.

If you don't want to hear that, then that is your prerogative of course, but it is a fact.

Whatever you may think, please recognise that these c/card people are not dumb - that's why they've got away with what some may see as excessive profits from the great British public for so many years!

Now they are catching on (but not necessarily mending their ways) - they're well up on stoozing, which is why the deals are getting less attractive. You could also have an argument all day about whether it is wise or not to advise everyone to pile into a particular credit card "wheeze" on national TV, as I've joked elsewhere. If they are indeed any good at what they do, I would also expect them to have a reasonable proportion of their Marketing staff signed up to sites like this and even posting - call me an old cynic for saying that, but I've been around long enough to be well aware of that.

The bottom line is this - it's always going to be something of a one-sided relationship you have with these people if you have debt with them. That was why I was a little concerned with the use of the word "fight" in the title - at the end of the day, they can always turn around to mountainofdebt if they wish and say "OK, well we don't want you any more - here's the requisite 30 day notice to close the card account (or whatever it is) and you can pay back the total at the end of that."

I'm not aware of many of those situations occurring at present, but I'm sure it will increase as the companies learn to share more information.

---lee---

Edna_Bucket wrote:

You didn't get as far as reading my last lines about "not sympathising with the c/card companies" then Lee?

I am afraid to say that yours is also something of a facile comment about summing up everyone who uses the site - I certainly wouldn't attempt to do that. I'm just saying that as the site grows in readership there are inevitably certain groups whose aims put them (maybe inadvertently and indirectly) in conflict with those of other groups as represented by mountainofdebt for example. it doesn't just apply to credit cards of course but that is a good example.

If you don't want to hear that, then that is your prerogative of course, but it is a fact.

Whatever you may think, please recognise that these c/card people are not dumb - that's why they've got away with what some may see as excessive profits from the great British public for so many years!

Now they are catching on (but not necessarily mending their ways) - they're well up on stoozing, which is why the deals are getting less attractive. You could also have an argument all day about whether it is wise or not to advise everyone to pile into a particular credit card "wheeze" on national TV, as I've joked elsewhere. If they are indeed any good at what they do, I would also expect them to have a reasonable proportion of their Marketing staff signed up to sites like this and even posting - call me an old cynic for saying that, but I've been around long enough to be well aware of that.

The bottom line is this - it's always going to be something of a one-sided relationship you have with these people if you have debt with them. That was why I was a little concerned with the use of the word "fight" in the title - at the end of the day, they can always turn around to mountainofdebt if they wish and say "OK, well we don't want you any more - here's the requisite 30 day notice to close the card account (or whatever it is) and you can pay back the total at the end of that."

I'm not aware of many of those situations occurring at present, but I'm sure it will increase as the companies learn to share more information.

That's right, I can't read. I can't write either.

Edna_Bucket_2

But at least you're pretty adept with the "Quote" button!

researcher

Hi folks,



I’d just like to say that everyone’s situation is different, and it’s impossible to generalise so what we need to focus on is how to help mountainofdebt get the best from his/her circumstances.



Mountainofdebt

If you have various credit cards and have the time, you might like to try this experiment.



One by one ring each company and speak to customer services, tell them that your ‘hoping’ that you’ll be able to pay your balance in full very shortly bringing you down to £0, however, you have another card with a balance that you are considering transferring to them, what is the best rate they can offer you? a. for a fixed term (maybe 0% for 6 months). B. for life of transfer. Check if they will charge you a fee, and exactly what the maximum amount would be.



Do not give any specific details, and just say this is just a general enquiry. Be chatty and don’t sound worried or concerned – remember – you are doing them the favour of considering their company – you are in the driving seat.



When you have all the information, sit down and see if it’s possible, by juggling to use the best ones – just by transferring your debts you might be able to lower your rates.



Good Luck
:xmassign:

---lee---

Edna_Bucket wrote:

But at least you're pretty adept with the "Quote" button!

Now that, I can't deny :beer:

YorkshireBoy

Edna_Bucket wrote:

On the other there are people like yourself who have built up debt and want to clear it - but the efforts of the stoozers make companies like MBNA (and they are not alone) tighten up their act.

I'm certainly not sympathising with the c/card companies, but there is an element whereby it is also some of the readers here who are indirectly making life harder for you.

A couple of comments...

Firstly, I'm not sure these 2 statements stand up Edna. I would imagine that the number of "debt managing rate-tarts" vastly outnumbers stoozers - maybe 100's/1 or, more likely, 1000's/1.

Secondly (and this is not meant to be a generalisation, or patronising or condescending in any way) stoozers "tend" to be the experts with regard to T&C's - simply because they "have" to be. Since I've been on these board's I've noticed that the stoozers are *very* willing to help out those less fortunate than themselves. Whether this be warning people about certain clauses in T&C's, explaining special offers in great detail, helping people obtain and understand their credit reports, or offering advice on credit repair actions, this help seems to be freely given in abundance.

mountainofdebt

without even trying!

My mine grip, at the end of the day, is that for some reason only known to them, is that MBNA raised my interest rate by 100%. Ok the rate they wanted to charge me is not as high as it was (can anyone justify 24.9%??) but at 14.9% it was still twice as high as any of my other cards.

Now in my pre-MSE days I would have accepted this as the way of the world but not any more.

As for stoozing, yes I would love to be in a position to put the money into a savings account and earn ME interest but at the moment I'm quite happy to take advantage of the 0%/low interest rates in order that I can pay off the debt quicker....ok the cc companies may not be earning much interest off me but surely some interest is better than none!

Researcher - I have been doing exactly as you say and have had limited success..........did managed to get a £20 late payment charge refunded last night (paid hubby's card instead of mine, do'h!) whereas before I would have just accepted it - and what made it better was that they initially were only going to refund half!

Edna_Bucket_2

YorkshireBoy wrote:

Firstly, I'm not sure these 2 statements stand up Edna. I would imagine that the number of "debt managing rate-tarts" vastly outnumbers stoozers - maybe 100's/1 or, more likely, 1000's/1...

OK. I have no idea how anyone would even try to get close to proper statistics for that - if anyone can I'd dearly like to know!

However, can't we judge by the actions or rather reactions of the card companies (and they tend to be a very reactive bunch of course.) If stoozing wasn't having an impact on their thinking why would they be rushing to "tighten up" procedures to try and cut down on it?

I suspect that as the saying goes "you ain't seen nothing yet" - as they share more customer information in 2006, times will certainly get more interesting, if that's the right word.

BTW, on your second point, I'm sure that many of the stoozers here present would rush to help and give advice to others such as mountainofdebt - that was why I was (I hope) careful enough to use words such as "inadvertent" and "indirect" in my previous cmments on this thread.