Back in work & making minimum payments again. Am I doing it right?

col45

I've been trying to negotiate reduced payments with MBNA for a 3 month period as my income drastically reduced. We're 2 months in and they've yet to agree. I've sent them SOA etc. and asked them what the problem is. Awaiting their response. They've yet sent me a statement of arrears and keep reminding me that they will report to a credit reference agency and that will effect me ...

From next month I'll be able to make minimum repayments again and it will be after the 3 months of reduced payments I predicted. I've written to them and told them this.

I want to check I haven't missed anything as this has all been doing my head in a bit!

1. It seems hard to agree anything wth them.

2. I asked for reduced payments for 3 months and also charges and interest stopped.

3. The rate is 30%. In my latest letter i've asked them to review it down to assist me to pay off the card.

4. They threaten to make a report to a credit reference agency. I'm surprised they haven't done this yet - but i guess they need this as a stick. I've asked them not to do this. Seems to me that if my credit rating is affected then I've nothing to lose and everything to gain my going on a DMP or similar? I have other creditors too.

5. I haven't asked for the CCA agreement. The card is I think 5 years old. Should I do this even though I will be making normal repayments again?

6. Any suggestions as to how i could improve my negotiating position? If I'm able to I'd rather pay the card off normally but its gonna take years and be a struggle. Total repayments 50% of my net pay but I am single ... Likely to remain that way too!!


Many thanks.