Mbna min payment change!!!!!!

iceage3

i thought this was new cards i have had mine since jan 2009

rochdale guy /why dont you apply for barclaycard 6.9 %card and transfer some of your debt.

izools

Rochdale_Guy wrote: »

So why do the people who need help the most get shafted with higher rate % APRs and have they're existing minimum monthly repayments hiked up?

Their APRs are hiked as they are a higher risk. APR is directly proportional to risk.

They have the option to opt out of the hike. Unfortunately a lot of people who have got themselves into a sticky situation choose of their own volition to keep the account open, at the higher rate, as a source of income - incorrectly.

To suggest that the people who need help the most are isolated 'victims' of minimum payment increases is a fallacy. The increases apply to all and sundry and as I've already suggested above, are a good thing - anyone carrying a credit card debt that will take them longer than 100 months to clear are obviously carrying more debt than they can realistically manage / afford.

These people should have it noted on their credit file that they are in such a situation, and should not be able to get away with barely servicing a debt without having their credit history being adversely affected.

/two cents.

Any

Rochdale_Guy wrote: »

EDIT: Learn to bite tongue.....

So why do the people who need help the most get shafted with higher rate % APRs and have they're existing minimum monthly repayments hiked up?

Banks are business, not charity... You represent bad risk and the higher the risk, the more you have to pay...

I know the situation you are in, and I am sorry to hear that, but there are other places/ways to help you (as you were advised), I think expecting the business where you borrowed your money from and who stands to loose if you stop paying to help is a bit far fetched.

Again - sorry to hear about your problems. But this is reality.

Any

iceage3 wrote: »

i thought this was new cards i have had mine since jan 2009

rochdale guy /why dont you apply for barclaycard 6.9 %card and transfer some of your debt.

Because a person struggling with existing debt hasn't got a chance of being accepted for opportunity for even more debt I suspect.

iceage3

clive indias post is just like rochdale guy they not the same person are they.

iceage3

I think mbna in there letter are saying debt isnt the way forward and there examples are over the top.
But everyone reading that card would be alarmed so well done for mbna for taking this further .
I think if you are in real debt ie over £5000 on a card and high interest rate then you should contact them asap.

daveyh9

I currently have about £4300 on an MBNA virgin card and for about a year now have £100 paying off once a month by standing order. The new minimum payment went up to £137 last month so I have just had a default and a £12 "Late Fee" - Well I'm not late, I just paid less than they asked because they changed it. I'm going to call them in a minute. Wish me luck :-/

[Deleted User]

daveyh9 wrote: »

I currently have about £4300 on an MBNA virgin card and for about a year now have £100 paying off once a month by standing order. The new minimum payment went up to £137 last month so I have just had a default and a £12 "Late Fee" - Well I'm not late, I just paid less than they asked because they changed it. I'm going to call them in a minute. Wish me luck :-/

You're late paying the amount they asked for.

Good luck.

Paul_Herring

daveyh9 wrote: »

I currently have about £4300 on an MBNA virgin card and for about a year now have £100 paying off once a month by standing order. The new minimum payment went up to £137 last month so I have just had a default and a £12 "Late Fee" - Well I'm not late, I just paid less than they asked because they changed it. I'm going to call them in a minute. Wish me luck :-/

Sophistry. You were late paying them the £137 minimum payment.

You should really
1) still examine your statements when they come in, 'just in case,' and
2) have a D.D. in place to pay the minimum, and pay extra shortly after via S.O. rather than relying solely on SO's.

Bit late for this time, but worth considering for the future. They may waive the charge if it's your first however.

Another thing that catches some out is the change of payment dates to the extent that they creep to before the date the S.O. eventually makes it to the CC company, thus also incurring fees.

daveyh9

Well, I wasn't accused of sophistry by MBNA! I was ready for a row and didn't get one. 0800 number, rare these days, and then they refunded the £12 and took the payment that would bring me up to date. Fair play to them