I really hate MBNA!!!!

all_hours

Mike_St_Helens wrote:

Ive seen em increase from 5.9% to 29.9% in a single pap !

:eek:

Thanks I didn't realise.

I know there's something in CC Terms and Conditions about reserving the right to change interest rates - I thought that was to allow them to keep inline with base interest rate not because of risk assessments.

Toomuchdebt

Nope they have refused and not only that my card is blocked so they can't look at reducing interest but are quite happy to raise it-grrrrrrrrrrrrr I am really annoyed now.They won't unblock it either even though I have always made minimum repayments and haven't even made a late payment.I have to wait 3 months and then can try again for a repayment plan.

Mike_St_Helens

Toomuchdebt wrote:

Nope they have refused and not only that my card is blocked so they can't look at reducing interest but are quite happy to raise it-grrrrrrrrrrrrr I am really annoyed now.They won't unblock it either even though I have always made minimum repayments and haven't even made a late payment.I have to wait 3 months and then can try again for a repayment plan.

Payplan are faster to deal with, they accept weekly payments and you can also pay cash in at the post office.

http://www.payplan.com/

I note you say they have blocked tha acc... how is your credit file ?

Mike_St_Helens

all_hours wrote:

:eek:

Thanks I didn't realise.

I know there's something in CC Terms and Conditions about reserving the right to change interest rates - I thought that was to allow them to keep inline with base interest rate not because of risk assessments.

nah, they can ddo what they want, when they want... Its another way of getting rid of customers that 'dont fit the risk portfolio'.

goody2shoes_2

Toomuchdebt wrote:

Not only have they been the only ones to refuse to work with me and reduce payments/freeze interest I have just had a letter that my interest rate is going UP from October to 2.0084% a month!!!!!!!! how do they justify that???That's 24.1% I'm never going to manage to pay all this off am I?

A lot of companies are increasing interest rates because Bank of England put the basic rate up. My bank has written to me about the increase in mortgage payments. I'm just shocked to see that your MBNA credit card (I assume it's a credit card you're talking about) charges 24.1% ! That's a bloody daylight robbery! I've not been on this forum for long, so I don't know your full story but is there any chance you could transfer your outstanding balance to another credit card provider?

Toomuchdebt

The credit file is Ok at the moment-one late payment on Barclaycard as I am on a payment plan with them and until I make 2 payments on the plan they show it as a late payment.Everything else is normal.
The customer service lady actually refused to put me through to the Debt Management team!!

Toomuchdebt

goody2shoes wrote:

A lot of companies are increasing interest rates because Bank of England put the basic rate up. My bank has written to me about the increase in mortgage payments. I'm just shocked to see that your MBNA credit card (I assume it's a credit card you're talking about) charges 24.1% ! That's a bloody daylight robbery! I've not been on this forum for long, so I don't know your full story but is there any chance you could transfer your outstanding balance to another credit card provider?

No no chance at all of transferring

Mike_St_Helens

Toomuchdebt wrote:

The credit file is Ok at the moment-one late payment on Barclaycard as I am on a payment plan with them and until I make 2 payments on the plan they show it as a late payment.Everything else is normal.
The customer service lady actually refused to put me through to the Debt Management team!!

Ok, I 'know' about this dept.. they 'review' your account periodically, what im guessing is as you are on a payment plan with barclaycard, this will show on your credit file as Arrangement. This will affect your credit score, thus they (MBNA) will review the account and assign an interest rate in what they deem fit (fair or not im afraid).

The Debt Mgt team wont deal with you directly, as you said you are not in arrears, they will use all the tricks not to let you think that they can help, simply so you make the min payments each month.

Call payplan and see what they say....

Mike

goody2shoes_2

Toomuchdebt wrote:

No no chance at all of transferring

I've noticed you have a few cards with smaller balances on them, which are:

Evans,Halifax Visa £1211.55,LX Direct,Burtons,Monument Visa £1981.27Morgan Stanley Mastercard £962.70,Lloyds TSB Visa £1670.49.

So, was thinking is there any chance that you could lump those together. What I mean is transfer Lloyds TSB Visa balance and Monument Visa balance to, say, Morgan Stanley Mastercard? And then when there is more balance available on those, you could move your MBNA balance there? I know it sounds like paying debt off with debt and ordinarily it's not advisable but in this situation if it's possible, I think you should do it to save money on interest. However, you must make sure that you don't spend any more money on credit cards.

Mike_St_Helens

goody2shoes wrote:

I've noticed you have a few cards with smaller balances on them, which are:

Evans,Halifax Visa £1211.55,LX Direct,Burtons,Monument Visa £1981.27Morgan Stanley Mastercard £962.70,Lloyds TSB Visa £1670.49.

So, was thinking is there any chance that you could lump those together. What I mean is transfer Lloyds TSB Visa balance and Monument Visa balance to, say, Morgan Stanley Mastercard? And then when there is more balance available on those, you could move your MBNA balance there? I know it sounds like paying debt off with debt and ordinarily it's not advisable but in this situation if it's possible, I think you should do it to save money on interest. However, you must make sure that you don't spend any more money on credit cards.

All depends on the Credit file and scores G2S. Approval aint to easy sometimes.