Operation Get Rid of MBNA has began.

mountainofdebt

I posted on here a couple of weeks ago about the interest rate on my MBNA card going up to 21.9% :eek: :eek: :eek: and that MBNA had refused to convert this into a loan for me.

Well it seems like I needed this kick up the backside and since then I've been throwing every spare £1 at it ....literally - my statement next month is going to be sooooooooooo long with all the little payments I've been making but their problem not mine!

I've been lucky in the sense that we've received some money from the business (with more due next month) so that has been thrown at the debt as well and I'm expecting more than £200 in reclaimed vets fees this week so that will be thrown at the debt as well.

Anyway one of the cleared cards in my signature is in hubby's name - has offered him a BT rate of 6.9% (with no fees either!) so I'll be getting him to transfer as much as he can from my MBNA card to that .....in my mind the card will still be clear but I'll just call it my MBNA mark 2 card.

I've also dipped my toes into the world of matched betting - again have been thinking about it for a while but needed that extra push!

Perhaps I should thank MBNA for making me put my backside into gear!

tesuhoha

I think you're making the right decision to transfer the debt. Interest really does slow down debt repayment. Its a panicky feeling when you suddenly realise the introductory period is over. Currently all of my debt is at 0% and I aim to keep it that way but I am also frantically trying to pay it off in case something goes wrong and I can no longer get 0%. :eek: I really resent paying interest.

mountainofdebt

I don't mind (????) paying the interest - after all its just the price of borrowing the money.

What I object to is companies hiking up the rate of interest rate becasue you are deemed to be a high risk....which to me seems to be a contradiction!

tesuhoha

I agree that its ok to pay something for the price of the debt. I elect to pay BT fees for my 0% deals which I think is fair enough. I would go to life of balance low rates if I couldnt get them. 21+% is far too high though and would make it very difficult to pay off. I have an MBNA credit card so will have to watch that one :eek:.

Mindy_2

We have two MBNA cards - one is 27.95%!!!!! and the other is 18.25% - until I had my LBM and actually looked at the paperwork I didn't realise just how much the rates were.

We've nearly paid off the half of the highest one and should be able to pay off the rest when we get the cash-in value of our whole of life insurance back.

The other one I have only just realised they are charging us more in interest then they are asking for us to pay as the minimum which goes out on direct debit every month, example next month's minimum payment is £263.15 but the estimated interest will be £266.75, so this card is going up every month through no fault of our own.

So I am paying an extra £15 each month just to keep it going down - but we will be starting to overpay this one by around £400 a month as soon as the first one goes. Also sorting out a 0% apr to get rid of part of it.

Beware MBNA - not nice people!

Brassicks

Here is a thread that i think can join u....Ihate MBNA .......http://forums.moneysavingexpert.com/showthread.html?t=305635

Gordon_the_Moron

mountainofdebt wrote: »

I posted on here a couple of weeks ago about the interest rate on my MBNA card going up to 21.9% :eek: :eek: :eek: and that MBNA had refused to convert this into a loan for me.

Well it seems like I needed this kick up the backside and since then I've been throwing every spare £1 at it ....literally - my statement next month is going to be sooooooooooo long with all the little payments I've been making but their problem not mine!

I've been lucky in the sense that we've received some money from the business (with more due next month) so that has been thrown at the debt as well and I'm expecting more than £200 in reclaimed vets fees this week so that will be thrown at the debt as well.

Anyway one of the cleared cards in my signature is in hubby's name - has offered him a BT rate of 6.9% (with no fees either!) so I'll be getting him to transfer as much as he can from my MBNA card to that .....in my mind the card will still be clear but I'll just call it my MBNA mark 2 card.

I've also dipped my toes into the world of matched betting - again have been thinking about it for a while but needed that extra push!

Perhaps I should thank MBNA for making me put my backside into gear!

That is good but remember two things after you've done the transfer to the card at 6.9%

1. Still throw as much money as you can at the debts (clearing them will be quicker now and the quicker the better, and cheaper)

2. Until you have completely paid of the debt at 21.9% don't make more than the minimum payment on the 6.9% card just pay the minimum on that and throw every other penny at the 21.9% debt.

laurajayne

MBNA are nasty peoples :mad:

I don't personally have a card with them, but my mum does...she's on a DFW mission too.

She's met all payments, overpaid, and isn't a high risk in any way, shape or form...she noticed on her recent statement that all forms of borrowing were the same interest rate...and decided to give them a call (especially concidering the deals on the website were at 17.9% etc. She got connected to this right snotty wotsit, who confirmed that she was on 29.9% APR - 'our highest rate', and that they wouldn't do anything for her.

We looked at what's the cost, and by paying their requested mimimum, by 2107 (!) she'd OWE them £70,000! Ahem. Not good lol...I'd avoid this lot like the plague!

rog2

MBNA appear to raise the interest rate as a matter of course as soon as someone asks for help. :mad: :mad:
When I first started having money problems I sent all of my creditors a letter asking for any action to be put on hold for a month, whilst I took advice.
MBNA and Capital One wrote back within 10 days - both more than 'doubling' my apr. :eek: :eek:
I think they do this purely to get as much as they can out of you in case you go for bankruptcy/IVA. Some help. :mad: :mad:

StinkyPete_3

MBNA are the bain of my life at the moment! They are my lowest creditor and yet they seem to be doing everything they can to prevent me from getting rid of them, including ignoring all the letters payplan have sent them (although they got the one asking about a full and final settlement, funny that!) and they have also raised my apr. Grrrr they should be hung drawn and quartered!