How do i tackle mbna ?

DGJsaver

You cant TELL mbna to terminate your account!

joolz43

When I started my DMP in 2006 I owed MBNA over £11,000. They were a nightmare - ringing me at home and work and generally being very unpleasant. I just kept sending the regular payments (via CCCS at that time) and told them to leave me alone. Eventually they stopped charging interest and stopped ringing. My advice as others have suggested would be to write to them and tell them just to communicate via letter and if possible change your phone number. I am now in the home stretch with all of this (I owe MBNA less than £2,000) and wish you well with them. They and some of the other companies (e.g. Capital One) are nasty companies who during good times encouraged you to get into debt then act in a holier than thou way when you can't pay it back!

roberts516

Hi All,
Right I have checked my paper work (which i am good at keeping but not good at adding up ! ) I have cheque stubs making payments to Mbna as far back as 25/01/2002. I have always had the same account with them but didnt realise I had it so long ago.So I would not have a Credit Card Agreement with them I surpose.It is only the last four months payments I have defaulted so pressume I can claim the £12 charges. I have never missed a payment up until then so have incurred no other charges. They did put the interest up in July from 19.9% to 26.6% when they had been informed I was experiancing financial difficulties and went with a DMC.So what can I do and what can I claim advise please not any petty arguments

pure_dead_dopey

Hi Roberts

Could you just tell us a wee bit more about your general circumstances? Is the MBNA debt your only debt and are you in a DMP? I'm not being nosy just want to be sure that I have all the facts. You can (and definitely should) read all about UE here http://forums.all-about-debt.co.uk/index.php before making any decisions. Don't speak with them on the phone in the meantime, get everything in writing. You want to establish a trail showing that you did try to sort this out regardless of where you go with it. Take care.

barbiedoll

First of all, you need to stop the interest rate rise. Check out the article here...

http://www.moneysavingexpert.com/reclaim/credit-card-interest-rate-increases?dd

See section 3, it's all about customers in financial difficulty.

Next, send them a letter asking them to stop interest and charges whilst you are trying to pay off your debts, a template letter can be found here..

http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6

Then, as your credit card account is so old, why not try asking for a copy of the Consumer Credit Agreement (CCA)? You may find that they cannot locate a copy of it, therefore the debt cannot be enforced in a court of law and they cannot obtain a CCJ against it. Alternatively, the agreement may not comply with current regulations which would also deem it unenforceable, again, you cannot be made to pay. Either situation puts you in a much better negotiating position as they will know that you are aware of your rights and they will not be so quick to refuse your payment offers. (You could refuse to pay anymore anyway, that is up to you;))

Lastly, are you paying your Debt Management Company? You do not need to do so, you can get free help and advice from the charities. Try googling Consumer Credit Counselling Service, Payplan or Christians Against Poverty. They are all very highly regarded on here, their advice is free and you are under no obligation to accept their advice.
Let us know how you get on!

ps, as pdd says, keep all correspondance in writing and keep copies too.

roberts516

Hi all
I cant thank you all enough for your advise. I have written to Mbna stating that they have had a token payment plus another payment of £200 per month.This will be paid each month. Any arrears will be cleared if and when possible. I am not in a DMP at the moment took bad advise which cost me over £500 which I have sent a letter of complaint to the DMC and will take it further if necessary if i dont get some sort of refund. That would clear my Mbna arrears !!I phone national debt line for advise and have decided to take control of my finances myself. I do not trust any company at the moment . I have 3 other debts and have been quite successful with them. It is just Mbna im worried about. Their interest is stupid £150 per month goes in interest alone so i will never pay the debt off.!!I am going to write to them again as I had this account in 2002 and ask for a CCA and take it from there. They have made my life hell, not worth living sometimes. As they just increased the limit I kept spending and have nothing to show for it but misery. Im thinking of selling my car to pay some off, but really need it as I work shifts. All my own fault 3 years ago I had no debt and 4 months my credit limit was great I was bombared with with cheap loans etc and went for it !it all went very wrong, but now I am determined to be debt free

InDeepDebt

I have a debt with MBNA fo a similar amount as yours. Thing being, I couldn't afford anything. I sent them a letter with an SOA and made token payments of £5. The phone calls were relentless. After a while though, having been through my statement of affairs about 5 times on the phone, they accepted that I was in hardship, stopped interest and accepted £5 a month for six months.

This six month period has just stopped and the account has now been defaulted and the debt sold on. I'm paying £41 a month now (or will be) and they have said that I can offer a F&F - not sure what though.

I'm wondering if your interest charge is so high as you're paying a high percentage (2%) of your balance.

Have you asked for an interest rate freeze? Have you supplied them with an SOA - not sure what other people think of this but maybe have LESS money available for them could put you into a hardship case and they may reduce/stop interest. Post up your SOA and someone may be able to give proper advice.

I found that, other than in the first six weeks, MBNA have bent over backwards to be helpful.

Jim