Help Plaease: MBNA Rip off

diddykainer

Can anybody help me. 12 months ago i was in a dire situation but managed just to pay monthly balances to avoid going down a IVA / Bankruptcy route. I have since changed jobs & have more monthly £. I have a large sum of £11000 on a credit card with MBNA, i let them know a year ago i was struggling & the way they helped me was to suspend my account! I have just spoke to them & asked my APR apparently 34.9%!! I asked if i set up a direct debit for double the monthly payment approx 500-600 a month could they drop the APR, answer NO! Only way something can be done is if i default they will then re structure the account but this will be logged on my credit file. I dont think i can balance transfer due to my file being terrible from a year ago but really want to pay this burden off asap but cant seem to get any help. Is there anything i can do to get this APR down, MBNA say no as its a varible account, i now im stupid as apparently i've had the card 12 years!! Please help.

ILW

That is about the rate you can expect as a high risk borrower.

LAM2011

I too discovered (yesterday) that my MBNA card is 34.9%. Nearly had a heart attack as I have only being paying min amount for over a year! I tried to set up a DD for a higher monthly payment and they said no I have to do each additional amount separately each month. I cant wait to get rid of it now.

Good luck with your problem - you will get loads of good of advice off here - I did.

chattychappy

If you kept up your payments, why is your file terrible?

If it's not terrible, maybe you can get a better card to transfer to. Else you'll just have to pay it down as best you can or enlist family etc. Pity you've only just found out your APR.

diddykainer

Sorry, couple times missed payments but made them up need month etc.. Also before wife left she took out 2 other cards in my name & ran them up! I could have got her done for fraud but decided against it, cancelled the cards & paying them. I work offshore on rigs with good income & am gradually eating into them but the high rates cripple you & hinder trying to get yourself in debt.

bilbo51

Startagain wrote: »

I tried to set up a DD for a higher monthly payment and they said no I have to do each additional amount separately each month. I cant wait to get rid of it now.

You can always set up a Standing Order to pay what you like every month...

Tixy

Was the APR 34.9% at the point when you account was suspended a year ago? Or has it been ncreased since then?

LAM2011

bilbo51 wrote: »

You can always set up a Standing Order to pay what you like every month...

yes have done this now after some advice off this forum - thanks