MBNA Credit Card

mike666

Have had an MBNA credit card for about 10 years.On my April MBNA credit card statement they have gone from a minimum payment of the interest on the balance owing plus £5 to a figure of the interest on the balance owing plus 1% of the balance owing. Ihave contacted them to complain about this large rise in my monthly payments and that i could not pay this every month. According to them i have to give them a list of my outgoing monthly bills and my incoming monies. They will then decide on what i will have to pay them monthly but i would be blacklisted on my credit rating. I cannot see how they can alter the amount i have to pay monthly and also how it will affect my credit rating . Would appreciate any suggestions Mike

Fruit_and_Nut_Case

Have a look at these...

https://forums.moneysavingexpert.com/discussion/1018553
https://forums.moneysavingexpert.com/discussion/3077964
https://forums.moneysavingexpert.com/discussion/3046940
https://forums.moneysavingexpert.com/discussion/3052700
https://forums.moneysavingexpert.com/discussion/3144986
https://forums.moneysavingexpert.com/discussion/3044496

...to name but a few.

fozmcfc

The main thing, is that you should have received notification of the change.

If you are 100% sure you haven't (mine was by letter, but I do have online statements only) then I would inform them of this.

Failing that there is not a lot you can do, for now anyway they are allowed to do this by just giving notice to customers. I and others thought as it was a significent change, that an alternative to request the card is closed and to continue paying off at the previous conditions should have been available.

If you are struggling to meet the repayments, you will have to come to some sort of arrangement to pay. Your card will be closed and you will have to just pay until the balance is cleared.

The problem is your credit rating will be shot to bits.

YorkshireBoy

mike666 wrote: »

I cannot see how they can alter the amount i have to pay monthly

https://wwwa.mbna.co.uk/apply/UKCCapp/Ctl/display?pageid=pdfDisclosure (condition 11a)

and also how it will affect my credit rating .

If they agree to vary your minimum repayment they'll very likely place an 'AP' (arrangement to pay) marker on your credit file. This will tell other lenders (and anyone searching your file) that you are (or were because it'll stay on there for a minimum of 3 years and possibly up to 6 years) unable to meet your contractual obligations on this account.

jonesMUFCforever

They could be doing OP a favour - he cannot manage the debt obviously so the credit marker will prevent him getting more debt.