Late Payment MBNA card

rubble2

I know that this is entirely my own fault but I just wondered what others thought of this situation?

I had a payment due date for my MBNA card of 21st December (Sunday), the card currently has a 0% deal running on it which runs until September 2015.
Things had been pretty busy lately but I knew that I had to make payment by last Friday at the latest, unfortunately I forgot all about it until Friday evening when I made my payment by fasterpay.

I rang this morning to see if the payment had landed in time but unfortunately it will only get credited today. The CS operator initially said that there would be a standard £12.00 late payment fee and the card would revert to standard interest rate (approx 16%). I asked if there was any negotiation possible on this and they came back with reducing the interest rate to 1.9%.

I then asked if there was any way to reinstate the 0% deal and they finally agreed to charging me the £12.00 fee plus interest at standard rate on the next statement but then reverting to 0% for the rest of the deal until September.

I am guessing that this is a good outcome for me in the circumstances and has certainly sharpened my focus on checking the payment dates more carefully.

What is the opinion of others? have I come out of this as well as can be expected or not?

Thanks

grumbler

The best outcome (not uncommon) could have been the fee waived and 0% reinstated.

What's wrong with setting a DD for a minimum payment, especially when "things are busy"?

Butti

Exactly set up a DD for at least the minimum and then supplement it each month.

oscar52

MBNA will only reinstate the 0% in exceptional circumstances now. Even that can depend on who you speak to, I've known of examples where people were hospitalised suddenly and it wasn't good enough.


As for DD - I sort of agree, but not everyone likes them, or trusts them.

oscar52

Butti wrote: »

Exactly set up a DD for at least the minimum and then supplement it each month.

Cant be done - minimum or full amount, nothing in between. Also, additional payments, depending hen hey are made, might only affect the next min amount rather than reduce the balance.

MikeMouse

I think you have had a result as MBNA's track record is to just say No regardless of circumstances. I was with them years ago and was delighted to see the back of them.

Set up a DD so you don't fall foul again and enjoy 0% interest when you get it back.

grumbler

oscar52 wrote: »

As for DD - I sort of agree, but not everyone likes them, or trusts them.

What's the reason for not trusting?
If the CC fail, they will easily waive any fees and any consequences of their failure.
On the opposite side you have the DD guarantee in place.

oscar52 wrote: »

Cant be done - minimum or full amount, nothing in between. Also, additional payments, depending hen hey are made, might only affect the next min amount rather than reduce the balance.

As soon as you know how additional payments affect the DD amount, you can easily have everything under control, but at the same time can't miss a payment because of some silly mistake.

oscar52

grumbler wrote: »

What's the reason for not trusting?
.

Don't know, just what I was told several times when I asked customers about setting one up.

rubble2

Thanks for all the replies, looking at the various answers it seems that the deal I have been offered is perhaps better than I could have expected.

Definitely need to make sure that I don't miss another deadline

chattychappy

I actually wonder if the payment might make it. I'm pretty sure that when I've made payments to MBNA in the evening they have made it. Perhaps they don't process it until the next working day, but that's not to say they don't credit it for value on the day you made it. Perhaps the CS made a mistake.

I'd wait until the statement before arguing/negotiating anything.

I too don't like direct debits. If you do go that route, then of course you still have to remember to have the cleared funds in your current account to cover the DD. Else you can end up with double charges and double negative CRA reporting. Also be sure to understand the interaction of manual payments and DDs.

MABLE

With us we have a dd in place and never any issues in the 8 years we have held the various MBNA cards. However we usually pay manually each month and then I get MBNA to stop the dd for that month and never any issues.

We look upon a dd with them as our insurance policy knowing the payment will be taken if no manual payment is made.

However if things did go wrong and their was sufficient funds to pay the dd
then the onus is on MBNA.