What the?, when did that happen ? & what can I do about it ?

hampsterpoo

Hi all , today when the postman called today he dropped of our latest MBNA CC statments.:o

So having a few minutes before having to head out I thought I'd update our online snowball calculator:j,
(I normally forget and do it as one big hit every [strike]couple of months[/strike] now and again) :rolleyes:

Now I've have had our % marked down as 23.9% on both CC for ages , since the last time I asked them how much it was.

Today noticed that the current balance amount they had was slightly higher than what I was expecting it to be on both accounts, So turned over the page to see that the standard monthly rate is 2.5292% ,
which works out at 34.9436% APR on the snowball calculator:eek: :eek: :eek: :eek: :mad:.

So I just rang the nice lady there on the difficulites paying dept telephone number (as I could find another suitable one on my statment)
and she told me that I was correct and my rate was 23.9% in 2007 BUT for the last year its been 34.9%.

This obviously I should have picked up on before, :rolleyes: :mad:, but as the huge total has been going down and we've been paying on a DMP plan for so long I didnt. (now thats messed up our DFD)

But now we know ,
Is there anything we can do about this,
can we ask them to drop the % , if so how & what to say.

She said that they can't negotioate %'s & suggested thinking of perhaps getting a 0% card or a bank loan. :rotfl: Bless her little cotton socks.:rotfl:

Seeing as we have been on a DMP since 2003 I highly doubt we could even get a CC let alone a 0% one.

We have been paying the same amount for ages , the interest was stopped but as soon as we went below the minimun payment amount it started again , :cool:

were paying almost double the min amounts and havent missed a payment since we started on the DMP ,:p


,,,(, we have claimed back our charges from them, which is probably when they upped the %):cool:

Any advise/help gratefully recieved:o

pepe2008

Does your monthly payment equal 1% of the balance?
i negotiated guaranteed no int or charges for life on this basis, I'm on dmp too.

Jesthar

Heya hampster,

Ouch - how rude! I don't know if they should have informed you of the interest rise, but it seems cheeky not to.

I can only suggest you contct whoever you are on your DMP with and see what they say - perhaps they can renegotiate or something?

Aside from that, if you told the woman you are on a DMP, no way should she be suggesting another credit card or a loan... :rolleyes:

~Jes

oscar52

It wont have anything to do with claiming your charges. MBNA are pretty stupid and departments dont talk to each other. You need to call the cust service number on back of your card (PM me if you dont have it) and ask to be put through to loyalty dept (dont have number sorry) they may be able to sort out your rates.

hampsterpoo

Hi pepe2008 .
its more than that 1%

mbna cc1- current balance £1,760.58
monthly payment £88.00
mbna cc2 - current balance £2,698.65
monthly payment £111.00

pepe2008

The phone number of the dept I dealt with is 0800 783 7198.

Their Account Managers can be contacted direct on 01244 879 126, they seem to be the decision makers.

Good luck.

hampsterpoo

Jesthar wrote: »

Heya hampster,

Ouch - how rude! I don't know if they should have informed you of the interest rise, but it seems cheeky not to.

I can only suggest you contct whoever you are on your DMP with and see what they say - perhaps they can renegotiate or something?


thanks Jesther,
they might have sent a standard letter with new t&c's in it but as long as its going down Ive not really had reason to look at bits and bobs whilst trying to get the total debt down quicker.:rolleyes:

The CAB originally set up our DMP and they wont help/can't help us now as they had there funding cut over a year ago , and they were swamped back then.

mcjordi

i got my interested frozen at 0% tell them your having difficulties paying

hampsterpoo

It was originally frozen for a couple of years but as soon as we started paying above the minimum payment they started the interest again.

Two other cards have done the same but at 14.9% & 1%. So I dont think they will freeze it again.

pepe2008

I have to praise them for being the most reasonable and well-mannered of all the CCs I'm dealing with....and I owe them £8000:eek:

hampsterpoo

oh they have never been bad to deal with.
But an 11% APR increase in a year is a bit rich I feel for any CC.