Mbna retention

drewdrop

I had both my loan and large cc debt with MBNA and have had no problems at all. I had a cc payment go in 2 days after the pay by date and one phone call sorted it and reinstated my 0% deal, after that I set up my dd though. I did have Barclaycard but cancelled as I hadn't used it for over a year and their offers didn't include an interest free on purchases.

taktikback

TFD wrote: »

What an unnecessary rant.

The 0% deals are paid for by the people that breach their contracts and lose them. People go into these deals with their eyes open, and should set up a DD unless they check every statement with a fine tooth comb.

Yes they are - and yes I was one of them - you believe it's an unnecessary rant - well that's fine - I'd like to think that the £700 odd that MBNA extorted from me in an entirely legal way, within their T+Cs will be challenged and publicised enough times to get a change made to the rules. The Ombudsman told me that they had no authority to challenge T+C's - unfair or otherwise. There you go -can't be helped - I thought they had regulatory powers, but apparently they only deal in complaint arbitration

Why would any decent organisation want to fund cheap deals for 1 customer by ripping off another? - I don't get that. Organisations that encourage you to mess up rather than guide you through the process, don't deserve long term custom. As it happens, I don't need their money, but they attract lots of people who can't afford to lose that kind of cash.

I still say go with a reputable bank for your borrowing needs not a bookie

Mozette

taktikback wrote: »

Yes they are - and yes I was one of them - you believe it's an unnecessary rant - well that's fine - I'd like to think that the £700 odd that MBNA extorted from me in an entirely legal way, within their T+Cs will be challenged and publicised enough times to get a change made to the rules. The Ombudsman told me that they had no authority to challenge T+C's - unfair or otherwise. There you go -can't be helped - I thought they had regulatory powers, but apparently they only deal in complaint arbitration

Why would any decent organisation want to fund cheap deals for 1 customer by ripping off another? - I don't get that. Organisations that encourage you to mess up rather than guide you through the process, don't deserve long term custom. As it happens, I don't need their money, but they attract lots of people who can't afford to lose that kind of cash.

I still say go with a reputable bank for your borrowing needs not a bookie

MBNA is a reputable company. YOU breached the T&C - get over it...

jamesd

yourenotrum, thanks for adding your experience to the discussion! For getting nice offers do the repayment amounts make much difference? I've been paying minimum payment by direct debit plus £1 by standing order for about seven months of a 0% offer and I can easily pay more if it'll improve the offers I might get for say a repeat balance transfer. The money to completely clear the account is just sitting in a savings account after I sold some investments a little while ago.

Paz69, MBNA seem more interested in balance transfers than low ongoing rates. Pairing an MBNA card with a 0% for purchases deal can work really well. Get the 0% for purchases then just before the deal ends use a balance transfer to MBNA to keep the money at a low rate for another nine months with perhaps a 4% or 5% fee. That works out at an ongoing rate well below 9.9%.

taktikback, to avoid doing it again you might consider following the golden rule and setting up a direct debit for the minimum payment so you never miss a payment date again. Even better to do it from a dedicated bill payment account with arranged overdraft facility so that neither unexpected amounts coming from your main account nor some problem in the payment reaching the bill payment account can interfere with the payment.

CannyJock

taktikback wrote: »

Yes they are - and yes I was one of them - you believe it's an unnecessary rant - well that's fine - I'd like to think that the £700 odd that MBNA extorted from me in an entirely legal way, within their T+Cs will be challenged and publicised enough times to get a change made to the rules.

People not understanding allocation of payment rules is nothing new. It's just a pity that you hadn't read other people's experiences on the site before you were caught out yourself.

MBNA are no better or worse than any other credit card provider. Everyone who gets caught out feels hard done by - consider it a learning experience.

yourenotrum

jamesd wrote: »

yourenotrum, thanks for adding your experience to the discussion! For getting nice offers do the repayment amounts make much difference? I've been paying minimum payment by direct debit plus £1 by standing order for about seven months of a 0% offer and I can easily pay more if it'll improve the offers I might get for say a repeat balance transfer. The money to completely clear the account is just sitting in a savings account after I sold some investments a little while ago.

To be honest, I have no idea. By which arcane mechanism promotions are offered is totally beyond me, but it's usually worth phoning up to check.

Being specific about what you want won't hurt, but if someone says it's not available, they're telling the truth; it just hasn't popped up in a little menu we have to offer you things from. If it ain't there, it ain't there.

Paz69

jamesd wrote: »

Paz69, MBNA seem more interested in balance transfers than low ongoing rates. Pairing an MBNA card with a 0% for purchases deal can work really well. Get the 0% for purchases then just before the deal ends use a balance transfer to MBNA to keep the money at a low rate for another nine months with perhaps a 4% or 5% fee. That works out at an ongoing rate well below 9.9%.

Yeah i know interest free is nice and that a one of 30quid charge is better than 1000 gaining interest of about 9quid odd a month. but i can pay 1000 off in 3 months due to my financial commitments or lack of them. but thats due to me being a saver rather than a spender. Passed down from my parents as i had to save to get something i wanted rather than just go out and get it striaght away and worry how i'm gonna pay.

draconian_2

Interesting post - thought i'd add a point of view on this one, my partner has twice missed payments by the "date" with virgin, she called them up and made a payment but had the fees refunded and the rate re-instated.
Although she gets short with people on the phone about theses things I always suggest to be nice and she always seems to get what she wants.
She is very credit worthy - high net worth and very good income earner so this may benefit her - don't know.
But the point is she got what she needed, her last retaliation though was to just pay the outstanding balance off and return the card even though she was at fault.
It works both ways but I agree when speaking to people on these issues at the CC company is to remain factual and polite because at work thats how we all like to be treated.

from a personal point of view I always make two payments to my credit cards - one when I get paid and the DD so I never miss a payment and the banks cant mess with my credit history - I have seen DD's screw up and really cannot handle a missed payment! I worked hard to clear debts in the past and know how hard and upsetting it can all be.

Good luck getting it sorted if it isnt just yet.