Advice needed regarding repayment plan!

NicciBirch

I have a credit card with MBNA and recently have not been making the minimum payments.
I am 200 pound over my limit and have come to an agreement with MBNA to make payments every month for 12 months and my situation will get reviewed in 12 months time.

However! MBNA are charging me interest and over limit fees which come to 128 pound and the agreed minimum payments I am paying on my repayment plan is 130 pound.
So after the 12 months are up I will only have paid 24 pound off my balance! no where near the 200 I am over the limit!!

Would I be better off not paying MBNA and letting them pass it to a collecting agency, then coming to an agreed repayment plan with the collecting agency? as I'm assuming they would not be charging me any the interest?!

Any advice would be appreciated!

jamalfatty

Have you spoke to their customer assistance department? Ask for it specifically, if there's evidence you are genuinely trying to clear the arrears as it sounds, they may be able to freeze the fee's until you get sorted.
Doubt they will also freeze the interest but if you dont ask and all that.

By not paying anything at all you will trash your credit worthiness even further and the charges wont stop until they pass it to an agency which could be up to 3 months so you'll be in an even worse position