getting there slowly

micheleangelacats

hi
ive been cutting back with a vengence to get debt free asap so i wrote to my two largest credit cards (MBNA & Skycard) asking for them to lower the interest rate saying i got advice from a debt councellor (not exactly true) and also asking for a copy of the original agreement.

Im not behind with payments but thought it was worth a shot. I havent heard from Sky yet but got a letter today from MBNA saying i have to cut up my card and send it back! they wont reduce the interest rate unless i send a detailed account of my finances in and out and say a copy of the agreement will be sent later?

not that i want to use it anyway and haven't since July but why did they cancel my card? and what should i do next if anything?

dancingfairy

Hi. I would post an SOA up here to be honest -I am sure people will help you find ways to cut down.
Have you thought about doing a balance transfer if you have ny cards with low interest rates that aren't full? or geting a card with a low interest rate and paying off the ones with a higher interest rate.
Not sure what to advise on the MBNA card thing though to be honest.
df

GeorgeUK

Why do people go to a debt counselor?
Because they are in debt

The bank won't want you getting into even more debt by using the card, so as they own the card are asking for it to be returned.

If you aren't in arrears on a card and request a copy of the CCA, that is your legal right, but if you then try to argue that as they don't have the CCA that the debt is unenforcable - and you are using the card or have been up until recently, they may look on this as being fraud and take you to court as you willfully used the card hoping that you wouldn't need to pay for it. That can get quite messy.

Your options as i see them:
Cut up and return the barclaycard - the owner of the card has instructed you to do so.
Have a look at some of the 0% promotions and possibly try to get a new credit card and transfer the balance to clear one of your cards.
After you clear one of the cards, wait until you get a nil balance statement
and contact them enquiring as to the interest rate and if they have any balance transfers on right now - some will offer 0% for 6 months or low interest life of balance deals to existing customers. Especially if there is a chance they will close down the account.

And most important - don't imply that you are indebt or struggling with payments if you aren't - this gives them all the leverage and they will try to look out for themselves rather than your interests.