Late payment price??

Tyroneboy

Hi all,

I've just been slated by MBNA for a late payment ( one day over) and they charged me £25 and removed my 0% interest offer which was to last until December. They slapped the full interest of 24% on to my balance which resulted in another £75 interest charge for this month, totalling £100 for late payment. I have contacted them but they're not going to budge on it. Can anyone tell me what rights i have here? Or do i have any come back at all?

nickmack

Have you been out of the country for the past couple of months?

This whole issue has been discussed all over the news/this board/the internet. See the following page and associated links:

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1141050760,24632

YorkshireBoy

nickmack; I would have thought that the £25 late payment default charge was the least of the OP's worries - now that they have to find another £75 per month to service the debt.

Tyroneboy wrote:

Can anyone tell me what rights i have here?

You have the right to set up a minimum payment direct debit to stop a £25 charge being applied again in the future.

You have the right to pay on time.

You have the right to move your debt elsewhere.

Unfortunately you have no 'rights' to get the 0% reinstated because they say in the T&C's that if you don't operate within the T&C's they will remove it.

Tyroneboy wrote:

Or do i have any come back at all?

You have the right to sue them in a small claims court for the £25 late payment default charge, but don't waste time doing this now - get the debt moved somewhere else quickly.

3card

Surely the biggest problem with Tyroneboy is the loss of his 0% period - this as far as i can see isnt covered in the link you've given, because MBNA haven't really done anything wrong in removing this offer!!

I had the same problem almost 2 years ago but i rang them up to say i didnt mind paying the late payment charge if i could still keep my 0%. This was at first refused but after a couple of times of ringing they told me that if the payment was sent as i said it was - albeit 1 day late - & the money arrived in my account by a particular date they would reinstate my 0%
The money arrived on the date i advised & the 0% was put back in place by MBNA.

The number I rang was 0800 783 1118 - this is not the normal number but the customer retentions department that seem to have a little more authority then most to give way.

My only concern with your Tyroneboy's situation is that the interest is quite a lot more than the late payment charge so they may tell you to sod off!!

Hope this is of any help to you - & good luck

nickmack

As the others have said, there's usually only one way to prevent yourself paying 24% APR or whatever they're now charging. Assuming your credit rating is good enough to get accepted for another 0% BT card. After you're accepted, call up MBNA customer retentions and tell them you're not happy and you want to close your account because you can't afford to pay their extortionate rate. Ignore anything they spout about breaching T&Cs and insist your going elsewhere.

They will do one of two things, say they won't reduce the interest rate but will offer you your £25 back. In this case, tell them where to go and transfer your balance to your new 0% card. Cut up your MBNA card and make sure they actually clsoe your account rather than leaving it dormant. The second response is that they'll revert you back to your old rate.

This happened to me with two cards a couple of years ago, one changed the rate back and the other I had to transfer, so I can't predict the outcome in your case.

Tyroneboy

actually been in the country for very long time!!!! just joined the forum today and thought it'd be easier to get a reasonable swift response from those in the know, not sarcastic dribble! Thanks 3card for your decent honest reply, i'll take your advice!

nickmack

Tyroneboy wrote:

actually been in the country for very long time!!!! just joined the forum today and thought it'd be easier to get a reasonable swift response from those in the know, not sarcastic dribble! Thanks 3card for your decent honest reply, i'll take your advice!

I provided a link that discusses getting back your late payment charge. I'm suprised you haven't heard about this. It's been covered extensively in the media. Don't take offence, I think your plight has been answered now. For future reference, there is a search facility at the top of the page. Many of these types of questions are asked over and over and need not to be.

Tyroneboy

nickmack wrote:

I provided a link that discusses getting back your late payment charge. I'm suprised you haven't heard about this. It's been covered extensively in the media. Don't take offence, I think your plight has been answered now. For future reference, there is a search facility at the top of the page. Many of these types of questions are asked over and over and need not to be.

Thanks for that... guess i was just so annoyed at what happened and to be honest hadnt much time to sit and browse the past forum.... I heard quite a lot about the issue recently on the news etc but my issue was really with the removal of the 0%