MBNA reduced repayments help

never-in-doubt

RobertoMoir wrote: »

I can only repeat my advice to post this in the Debt Free Wannabe boards. I keep an eye on things there when I can and for in my opinion it is a good place with a lot of people who have been in your situation and many much worse, but who have or are in the process of getting out of it again. Don't want to sound like I'm badgering you to do it but this board is more for people to discuss various credit cards and you have a problem with a debt that just happens to be with a credit card company, if you see what I mean.

The regulars there have access to templates for the sort of letters you need to send to this creditor and also ideas about debt management and that kind of thing. It's up to you what you do of course but you'll get the best advice there that you'll get anywhere on this website I am sure of that.

Moving on to what else has happened... I'm not personally a fan of debt consolidation loans because this is reducing your debts by taking on more debt (a new loan). I guess there's always some situations where it really might help but to me it sounds a lot like fighting a fire with a bucket of petrol.

As for court action and bankruptcy - that's certainly an option I suppose, but making you bankrupt wouldn't get them their money if you didn't have it to give in the first place so they're actually just throwing around the threat because they know that most people are scared of the idea of going bankrupt (while certainly a very serious matter that shouldn't be considered lightly, it's nowhere near as bad as some of the 'legends' you hear about it and if someone is in a big enough mess it can actually cause an improvement to their situation). Don't forget about that because it is possible, but in some ways it isn't an immediate threat. It won't happen tomorrow or anything like that.

If you start dealing with them by post and keep paying whatever you can manage by cheques, you have a record of what you have and have not paid, and what has been said by both sides, and in the event this does end up in a court you will be able to prove to the judge that you have done your best to pay the debt as well as you can.

Excellent advice - I concur, DFW boards would be better and you'll get a better response........

Nice one roberto - very helpful

misstree_2

I've now started a thread in the DFW section as advised, so I should probably leave all further discussion for there. Here's the link for anyone who still wishes to follow.

http://forums.moneysavingexpert.com/showthread.html?p=21974477#post21974477

Thanks again everyone for the advice, which I am taking in and mulling over - lots to think about with this problem.