Card account closed now cannot transfer balance

summerbreeze84

:mad:

Help! I have a Sony Card MBNA with a balance of £2300 outstanding. As I havent spent on it in so long (trying to clear balance obviously) they closed the account. At the time I thought great! Means I definitely cannot spend on it anymore.

However I have noticed the interest is phenomenal. For instance last month I paid £63.33 and £62.10 was interest...the next statement it says minimum payment is £59.20 and the est interest is £65.70...thats going UP!! I have rang them saying my balance is just not going to shift like this and they say they can do nothing for me, no lower interest or anything.

I have tried to transfer the balance but it says the account number is not recognised. Guessing because this balance is closed. What can I do??? I am completely and utterly stuck with a closed account with outrageous interest that I cannot afford to keep paying. The interest alone has been going on now like this since April 2008 and the amount I have lost out yet it seems never ending I really would love any advice from anyone that can offer it!!!


Yours,

A near to tears gent!

jonesMUFCforever

Get a card that gives you a credit card cheque (make sure that you get an interest free or low interest deal first of course) - make a cheque out for the amount owing and you should be clear in 2 months.

CannyJock

summerbreeze84 wrote: »

I have tried to transfer the balance but it says the account number is not recognised. Guessing because this balance is closed.

Bit confused by this. What do you mean the account number is not recognised.

The 16 digit card number will still be recognised surely? To transfer the balance you speak to another card provider and give them the 16 digit card number of your MBNA card and the amount you want to transfer. They basically make a payment to the card on your behalf, effectively "moving" the balance from MBNA to them. Sounds like you're on something like 32.9% APR so moving it should be a priority

There'll be some residual interest on whatever balance you see so it's normal to estimate another month's interest and add this onto the amount you request the BT for (or just manually pay the difference when you get your next statement).