MBNA restricting my account, will they deal?

SaveSaveSave

Ive received a letter from MBNA saying that they are putting restrictions on my credit card which basically is that I cant spend on it any more. I have never gone over drawn or missed a payment but only pay minimum payment every month by DD. I am close the limit (£1600 owed with £1700 limit) and I haven’t used the card for months.

I guess they decided they no longer view me as safe to lend money to. Im happy with this as Im trying to stop any spending on credit cards.

Im thinking of ringing them and saying that I am budgeting and prioritising my finances and asking as they no longer want my custom would they in return of me making higher monthly payments to quickly settle the account, lower my interest rate.
I don’t know if to mention that I would otherwise focus my extra payments toward another credit card, as the longer Im making minimum payments the more they’ll make over time in interest currently at 24.9%.

I value your opinions as to if MBNA would accept this or any advice on to how I may be able to reduce my rate with them. I am unable to balance transfer to another card or get a new card with promotional rates due to poor credit rating.

StuC75

mbna probably wouldnt care in the slightest, since you paying less on this account means it takes longer and so you would pay more interest in that time.

CRISPIANNE3

SaveSaveSave wrote: »

Ive received a letter from MBNA saying that they are putting restrictions on my credit card which basically is that I cant spend on it any more. I have never gone over drawn or missed a payment but only pay minimum payment every month by DD. I am close the limit (£1600 owed with £1700 limit) and I haven’t used the card for months.

I guess they decided they no longer view me as safe to lend money to. Im happy with this as Im trying to stop any spending on credit cards.

Im thinking of ringing them and saying that I am budgeting and prioritising my finances and asking as they no longer want my custom would they in return of me making higher monthly payments to quickly settle the account, lower my interest rate.
I don’t know if to mention that I would otherwise focus my extra payments toward another credit card, as the longer Im making minimum payments the more they’ll make over time in interest currently at 24.9%.

I value your opinions as to if MBNA would accept this or any advice on to how I may be able to reduce my rate with them. I am unable to balance transfer to another card or get a new card with promotional rates due to poor credit rating.

There is your answer. You have said your credit rating is poor and no doubt MBNA get regular feeds from the credit reference agencies. They probably feel you are too high risk.

My apr is about 11.8 percent with them and bearing in mind your apr they probably want to recoup their money quicker.

What I would suggest is speak to them and see if they are willing to reduce the apr. They have flexability and sometimes the nicely approach can work wanders.