Keep your fingers crossed

Toomuchdebt

Just spoke to MBNA and asked them again to reduce my interest and I MAY be able to reduce it to 12.2 for a year on both the cards.The only downside is that I have to then pay 2.25% of the balance by direct debit which works out as more than the minimum payments at present BUT will reduce the balance quicker.Current minimum on visa is around £175,I was paying £180,the new one will be £196 but only £90 or so of that will be interest as opposed to the current £165 interest.The mastercard minimum is £158,I was planning to pay £180 as next month's estimated interest is £175(due to interest rate going up) ,The new minimum would be £182 which is pretty much what I was going to pay and again the interest would be around £85 instead of £170 odd.It's all been set up,it just has to get authorised now.I'm hoping it will go through as it will reduce the balance by a lot more than if I just carried on paying it as I am now.I will still pay any extra that I can on these 2 cards as after 12 months the interest rate goes back to normal.Of course I am hoping I can renegotiate with them then but in any case it will have paid off a lot.

in-trouble_3

fingers crossed, good luck hope all goes well, we have a MBNA credit card, we pay around £145 a month, and its 15.9%

Toomuchdebt

Thanks in-trouble.My original interest rate was around 14% but in the last few months thew rates have gone up to 22.43% and 27.9%!!

in-trouble_3

Toomuchdebt wrote:

Thanks in-trouble.My original interest rate was around 14% but in the last few months thew rates have gone up to 22.43% and 27.9%!!

that is bad, how can they do that? have you spoke to MBNA about the interest, or did they inform you of the changes, so far ours is still 15.9% i am hoping it doesnt go up

Toomuchdebt

Yes I got a letter about the interest -the rates went up as soon as I informed them I was having trouble making the minimum payments...nice and helpful aren't they?LOL