CCA Not Received for 11 months...! Please Help..!

ILW

I think the OP can forget about a mortgage for the next 6 years or so.

stephane_2

ILW wrote: »

I think the OP can forget about a mortgage for the next 6 years or so.

I agree, I think he can forget for a mortgage, it looks like he has ruined his file for the next few years.....

chattychappy

I think the only way forward is to write a complaint (don't deal on the phone) asserting that it was a LOB deal that was agreed. You only defaulted because they applied the wrong interest rate and consequently the minimum payment was wrongly calculated.

If you don't get a satisfactory answer then you can go to the ombudsman.

This seems to be the essence of the dispute.

I must say, though, 5.6% is a very good LOB deal. It sounds like a mistake - 5.9% on LOB is the lowest I've head of on MBNA.

If they accept that they made an error, then they should be able to correct your credit record and credit interest/charges etc. If they don't, then your record is pretty stuffed.

Stopping all payments to them won't help the situation - it doesn't look like you're acting in good faith. If you can't pay anything at all, then it would be best to see a debt advice agency (a proper one) who might be able to intervene.

raga

Hi Chattychappy,

Thanks for the advice. I will write to them to clarify. Shall I write to MBNA or the DCA? I will also double check the LOB rate.

Another question, if I agree for partial settlement for these cards, and if these show up as satisfied in my credit report, will this make things better?

Thanks

ILW

raga wrote: »

Hi Chattychappy,

Thanks for the advice. I will write to them to clarify. Shall I write to MBNA or the DCA? I will also double check the LOB rate.

Another question, if I agree for partial settlement for these cards, and if these show up as satisfied in my credit report, will this make things better?

Thanks

Partial settlement tells future lenders that you failed to pay your debts and will badly affect your credit record.

RobertoMoir

• I contacted MBNA and said I do not agree with the change of interest. Several times.

Did you write to them formally rejecting it at the time it happened or did you just ring up customer services and have a moan later? You need to have done the former, not the latter for this to be useful.

raga

Unfortunately I just rang them up and moaned..! My mistake.

I am willing to pay the balance without the high interest. Do you think the DCA or MBNA will accept this and remove the default from my credit file?

[Deleted User]

You might come to an agreement re settlement if it's with a DCA, but the default isn't coming off. Because you defaulted.

chattychappy

raga wrote: »

I am willing to pay the balance without the high interest.

Sorry, you just can't take this approach. What you're "willing to pay" doesn't come into it.

Either you "can't" pay - in which case you can go the debt management route, OR you can dispute the interest rate they are charging on the grounds it was LOB and therefore they weren't entitled to raise it. If you do this, you must do it in writing and then go to the ombudsman if necessary. A settlement might come out of that.

raga wrote: »

I am willing to pay the balance without the high interest. Do you think the DCA or MBNA will accept this and remove the default from my credit file?

No chance. They would only clean up your credit file if the interest rate kerfuffle turned out to be their error and it was only because of this you went into breach. Even that's not guaranteed if you used it as a pretext to stop any payments at all.

raga

Thanks guys, a bit clearer now; I will write to them and dispute the high interest. Whom shall I write to? The DCA or MBNA?

English is not my first language, and I am not good at using the financial terms I often see in these type of forums. Can I simply use plain english without referring to any consumer act etc?

Cheers.