901 Months to pay back MBNA

JA1000

Anyone else got a payback figure on their MBNA cards of 901 months after inputting into online calculator?

Thought it was wrong, so did it on 3 MBNA cards and each came back at 901 months.

75 years???? Is this right?:eek:

Tixy

Thats right - MBNA have (I think) the lowest minimum payment % by far - so if you only pay back the minimum you will almost never clear the debt.

If you just increase the amount you repay by a little bit you should see this drop substantially.

bertman

They are also the most expensive APR I have - 34.9%!!!, I have asked them every month to reduce this but they say they can't........

JA1000

I have increased the payments by rounding up eg £120 minimum now at £150 threw that in calculator and it came back at 5 years. I really didn't realise it was that bad or would make so much difference. I have used the whole snowballing calculator and by just increasing payments by £150 a month on £50k of credit card debt on 8 cards it will all be gone in 5 years. I will be using other methods to speed this up, remortgage and as each card gets paid off I'll do some balance transfers.

At the moment can't get any of this due to credit used so will just do what I can to reduce outstanding amounts. I just wish MBNA wouldn't reduce my credit limit as I pay it off, I don't want the credit but it is having adverse affects on my score which prevents applying for 0% balances.

IWantToBeFree_2

Are you remortgaging to pay off unsecured debt? Potentially not the wisest of moves!

JA1000

IWantToBeFree wrote: »

Are you remortgaging to pay off unsecured debt? Potentially not the wisest of moves!

At nearly £1500 pm interest on cards it is worthwhile remortgaging, I have to anyway to buy out build loan from bank, but it is the CC debt it causing problems. I can afford this but apparently I couldn't afford the £62 pm it would have been on my mortgage. Good old underwriters.

They amount I will save if it ever does happen means I will be in a position to overpay on mortgage. Having ploughed everything and more into a build I need to reduce the outgoings and have a house loan on what it should be - a mortgage. £50k at 35% is not good £50k at 4-6% and overpay would make a difference.