MBNA From 16% to a whooping 28% (help)

help,_i,m_sinking

Hello, my bank of scotland card was transfered to MBNA, about 1.5 years ago, i have been paying this balance off for a couple of years with no purchases, they have just increased my interest charges from 16% to 28%, thus i am paying an extra £60 interest per month in interest on top of the interest that they charge, therefore I am paying £150 interest on a balance of £7400 per month, I am unable to get finance to pay this off, can they do this to me, they are going to cause me to be seriously in debt now, please please help

Phoenix79_2

How is your credit record? Can't you transfer to a 0% card? Cap One offer 0% on balance transfer until Jan 08. Alternatively the M&S &More card offer a 3.9% life of balance transfer.

EDIT: sorry...just re-read your post. You say you are unable to get finance to pay it off? Who have you tried?

tom188

Unfortunately they can raise the rate for any number of reasons including "market conditions" and missed payments.

Your best bet is to contact MBNA and explain the situation. They may be able to help - they dont want you defaulting on them.