I really hate MBNA!!!!

mountainofdebt

So what makes a company nervous about you ?

david_hellier

Cost of Borrowing £1000 on a credit card and
MONTHLY % APR% Total interest Time taken to get to £5 balance
1 12.68 £512 22 years 6 months
1.05 13.35 £551 23 years 2 months
1.1 14.03 £593 23 years 9 months
1.15 14.71 £637 24 years 5 months
1.2 15.39 £683 35 years 1 months
1.25 16.08 £732 25 years 10 months
1.3 16.77 £783 26 years 7 months
1.35 17.46 £838 27 years 5 months
1.4 18.16 £896 28 years 3 months
1.45 18.86 £958 29 years 2 months
1.5 19.56 £1024 30 years 2 months
1.55 20.27 £1095 31 years 2 months
1.6 20.98 £1171 32 years 4 months
1.65 21.70 £1252 33 years 6 months
1.7 22.42 £1340 34 years 10 months
1.75 23.14 £1434 36 years 2 months
1.8 23.87 £1537 37 years 9 months
1.85 24.60 £1648 39 years 4 months
1.9 25.34 £1770 41 years 2 months
1.95 26.08 £1903 43 years 2 months
2 26.82 £2049 45 years 4 months
2.05 27.57 £2211 47 years 8 months
2.1 28.32 £2391 50 years 4 months
2.15 29.08 £2592 53 years 4 months
2.2 29.84 £2818 56 years 8 months
2.25 30.60 £3074 60 years 5 months
2.3 31.37 £3367 64 years 9 months
2.35 32.15 £3705 69 years 9 months
2.4 32.92 £4099 75 years 7 months
2.45 33.70 £4565 82 years 6 months
2.5 34.49 £5124 90 years 9 months
2.55 35.28 £5807 100 years 11 months
2.6 36.07 £6661 113 years 6 months
2.65 36.87 £7759 129 years 9 months

delboypass

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?

so why did you borrow so much if you didnt have a plan to pay it off...

convert it into secured loan on your property and fix the rate at around 5%. youll find you can pay it off a lot quicker

mountainofdebt

delboypass wrote:

convert it into secured loan on your property and fix the rate at around 5%. youll find you can pay it off a lot quicker

so if the OP can't pay that OP loses his home.......good plan, not!

Mike_St_Helens

delboypass wrote:

so why did you borrow so much if you didnt have a plan to pay it off...

convert it into secured loan on your property and fix the rate at around 5%. youll find you can pay it off a lot quicker

I dont think so...

Im sure if you have read many posts on this board, that this is not the way to go. I know.. I did it and ended up a mess.

People borrow for all types of reasons, it is NO-ONES place to ask why, not even the law asks why in bankruptcy.

The_Boss

Gemmzie wrote:

Isn't the reason partly due to the number of people stoozing? The companies have gotta make their profits somewhere, and with so many 0%-ers, they exploit the people who are paying well because they are paying interest.

More to do with people reclaiming bank charges I'd say.

Mike_St_Helens

The_Boss wrote:

More to do with people reclaiming bank charges I'd say.

yes.. That and the risk....

Toomuchdebt

delboypass wrote:

so why did you borrow so much if you didnt have a plan to pay it off...

convert it into secured loan on your property and fix the rate at around 5%. youll find you can pay it off a lot quicker

Because I'm stupid??Or maybe because my ex divorced me and kicked me out and the only place I could find for me and 4 kids that would take on someone with Housing Benefit and Income Support was an unfurnished house .I had to buy EVERYTHING on credit-there wasn't even a fridge or a table in the house.Even had to get beds for the kids as the old ones fell apart.Yes I was stupid to keep using the cards but the rates were really good at the time-it never occurred to me that they would go up so much Being a single Mum on benefits isn't easy and yes when I got depressed I spent money I shouldn't have.I didn't buy luxury holidays though or expensive plasma TV's.I bought clothes for the kids and books and clothes for me(I needed clothes as I lost 6 stone in weight and nothing fitted me).I was naive and didn't realise just how easy it is to get in so deep with cards that you have no way of getting out.At the same time as I was going through my divorce my Mum was seriously ill and had a heart operation and I lost a son at 4 month's pregnancy and basically fell apart-I could barely function so I was buying take aways and ready meals just to feed the kids.I was buying them treats as I felt so guilty for not being there for them as all I did was sit and cry at home.I spent hundreds on phone calls to friends and bereavement organisations as all I could do was cry on the end of the phone to them.I started going out and getting drunk when the kids were at my ex's at weekends to try and blot out the pain of my son's death.No it didn't help-any of it-it didn't make ther pain go away and yes it made things worse but at the time I was barely aware of anything.

I can't convert imy debt to a secured loan as I rent this house.I have no property or anything expensive worth selling.I am doing my best to pay this back but when interest rates rise by that much I CAN'T DO IT!!!I don't have enough coming in.Or should I not feed the kids or buy petrol to take them to school (it's an hour's walk to one school-the same to the primary school-there is a bus for the senior school but it's £10 a week-and if I walked it would be 6 hours of walking a day as I have to pick up my 3 year old from playschool at 12pm).

I am fully aware this is all my fault-I dug this hole and I am doing my hardest to get out but it's just impossible.If MBNA were willing to just gve me a break for 6 months I could get out of this enough to be able to make minimum payments again but as it is I don't know what to do I am trying to get a job to get some extra money but again I need to fit it around the kids and it's not that easy getting a job when you have 4 kids and haven't worked for 8 years. I just feel like everything is against me right now.

Broken_hearted

You can have the £3.50 I have left if it helps. Problem is its in a mix of 1 a 2p pieces. Seriously if I had the money I'd help everyone on the board. I just can't understand the attitude of people who say why borrow it if you can't pay it back. No-one expects things to go wrong and when it does it doesn't make you a bad person.
Its no-ones business and you don't neeed to justify yourself BIG BIG HUGS

severussnape

toomuchdebt big hugs to you

don't ever feel you have to explain your debt or answer to anyone on this board or outside life. oh just gone bankrupt not even the OR questioned him.