Mbna credit cards

JULIEL_2

Hi all

I am new to this forum and at my wits end and dont no where to start. I have 4 credit cards in total of which 3 are with mbna/virgin and the new repayments have crippled me.
I have spoken with them today and told them, i cannot afford to apy the new minimum repayments and asked what i can do.
They suggested i apply for a loan with them to consolidate the debt - i did and was turned down - reason not given. I have never defaulted on any payments cards or morrgage but i have nothing left when i have paid eveything out.
I was tols by mbna that the next port of call will be to ask about a prepayment plan and was wondering if anyone can tell me what is involved.
I want to repay my debt - i got myself into it, but now just cant afford to do it with these new increases.

PLEASE SOMEONE POINT ME IN THE RIGHT DIRECTION. I AM TOTALLY AFRAID ,

jonesMUFCforever

Go over to the debt free wanabe board for budgeting advice.

coolesticeking

Be WARNED - depending on how they do this and if you decide to accept the Payment Plan or not, it could cause them to close the account (with balance on the payment plan) and register the account as Defaulted.

This would mean you will find it difficult or if at all inpossible to obtain credit in the future (for the next six years) and you may even struggle to obtain credit from sub-prime lenders such as Capital One/Vanquis.

Ask them how they go about this, if you have heavy debts and don't want any further credit it could be right up your street if you don't mind not being able to get any further credit for 6 years.. If you do plan on getting further credit, best to check to see if you have any other options like being able to borrow from friends/family in the short term or another lender.

oscar52

I am not sure what loan you applied for with MBNA, as simply put, MBNA dont offer loans any longer - they removed themselves from that market a few years ago. Though it is posisble that what they did do was look at a secured loan with their "preferred lender"

Also, dont listen to any advice MBNA give. It only has one purpose - to line their own pockets as much as possible.

YorkshireBoy

coolesticeking wrote: »

Be WARNED - depending on how they do this and if you decide to accept the Payment Plan or not, it could cause them to close the account (with balance on the payment plan) and register the account as Defaulted.

I seem to remember another poster saying MBNA had said they'd put an AP (arrangement to pay) marker on their credit file if they couldn't meet the new contractual minimum payment.

A formal 'default' (resulting directly from a significant change to T&Cs) would be harsh in my opinion. And I suspect the FOS (if a complaint was referred to them) would take a similar view.

coolesticeking

YorkshireBoy wrote: »

I seem to remember another poster saying MBNA had said they'd put an AP (arrangement to pay) marker on their credit file if they couldn't meet the new contractual minimum payment.

A formal 'default' (resulting directly from a significant change to T&Cs) would be harsh in my opinion. And I suspect the FOS (if a complaint was referred to them) would take a similar view.

If they can sort it out in say 2/3 months (and I think 6 being max) then the Arrangement to Pay marker seems the way they will go but anything longer if they cannot cope will be the default/payment plan route.

Capital One & HSBC did the same with me.