MBNA – Reduced Payments / Interest Charges advice….

STSAVER

Hi all.

Just wondering if anyone can offer any advice (or even just some re-assurance) as to how best to deal with MBNA when it comes to actually trying to get some sense out of them when it comes to discussing the possibility of a reduced payment plan – or even just to get reduced or frozen interest charges.

Background

Obviously, given that I am trying to obtain reduced payments this is as a result of me getting myself into too much debt, strung across various different credit cards and a minor loan balance which will be fully repaid in the coming months then throw in a change to job circumstances meaning it costs me a fair bit to get to work each day it means I cannot afford to meet all of the minimum repayments and MBNA is the one that has fallen behind now (2 months behind repayments on two cards with them).

I have put together an exhaustive Income and Expenditure statement which detailed
- Salary Income
- House and home costs (which detailed every single payment that my wife and I must make each month to keep our house running)
- Creditor payments (full listing of all minimum payments currently expected along with full balances outstanding to each creditor)
- Travel expenses (which included a breakdown of three months worth of fuel expenses I’ve incurred)

I have sent letters to MBNA twice now including the Income and Expenditure statement and requested for a reduced payment plan to be put in place to a manageable level for my circumstances until I get into a position that I can increase the level of payments (such as when the loan repayments cease in a few months time).

When subsequently speaking to MBNA I have had various different reports as to what can be done to help me as well as dealing with some people that have been quite degrading in the manner with which they have spoken to me.
The “advice” I have received from them have ranged from
– 12 month reduced payment plan could be done (if I gave them full I&E details – which I’d already done)
– they don’t offer reduced payment plans unless I take default on the account and enter into full payment plan with them
– have I thought about a secured loan against my house
– why don’t I apply for a new credit card and just transfer the balances (to which I explained that my credit history is bad enough as it is…. But this was greeted with comment verging on “so what”).
– We can offer reduced interest if I supply full I&E details to them (which I had already done)
– They can only offer something to me if I also supply them with details of my wife’s income and expenditure (she is not on any of the credit card accounts in my name)

The latest call was left with me saying I would have to phone back to run through details of all my household bills (despite the fact that I told him the I&E statements I sent in detailed all of this).

I sent exactly the same information to Egg who were very helpful when subsequently speaking to them – and they even commented that the I&E information I had sent in was a great help to them as they rarely get as much detail from people.

Can any one offer any advice from either personal experience (or from working there maybe) of how best to get something sorted as I ideally want to get payments made each month to start repaying capital and get myself back on track as I am getting to the end of my tether with them now?

bigdic

Have you tried going through the CAB? They may have contacts at MBNA who they could speak to on your behalf. I'm sure the CAB must have regular dealing with MBNA so even if they don't have contacts they could offer some good advice.

Good luck anyway.

sandraroffey

got exactly the same prob with MBNA, on behalf of my daughter and her husband. have sent them income and outgoings three times now, and spoken to them on the phone. its clear what can be afforded to be paid but they wont listen. now they are saying they will slap a charge on the house, or make him remortgage to pay them. THEY HAVE NOW SENT THEM ANOTHER INCOME AND OUTGOINGS FORM TO FILL IN, AGAIN, its turning quite farcical.

they have no sympathy whatsoever and this has been going on now for 8 months.

can they actually do this???

Fatdaz_2

Know exactly how you feel. I had the same issues with MBNA and suffered the same offers and hardball tactics such as offering a loan secured against my property.

Stick with it and they will eventually come to an agreement and freeze the interest, but in my case not until they had racked up an additional £1200 in charges and interest. I have now been on a payment plan for 18 months with the interest frozen.

The question is, is it possible to reclaim the charges, or is that going to open another wall of pain?

STSAVER

I don't think they are actually allowed to make suggestions that you take out Secured Loans or mortgages to be honest.

Before I even attempt to speak to them again I think I will be seeking advice with someone such as the CAB to find out what should and should not be disclosed as MBNA were also even trying to get me to provide details of my partners income and expenditure etc when the debts are not in her name and never have been.