Arrrgghh MBNA.....

YorkshireBoy

Treadmill wrote: »

Tell them you have just got a card with a big limit and will transfer the balance and close the account if they do not lower the APR, thats the best ploy.

It's worth a call, but they're not daft.

They have access to your credit report, and will know (lala27 admits as much) from this, and their own scoring of you, that the chances of you being able to transfer a balance away are slim.

Anyway, if you've "just got" a new card with a big limit, you're not going to be asking MBNA to lower their rate from 34.9% APR (which is what £60 interest on £2,300 is)...you're going to be shifting the debt...and pronto!

Treadmill

Tell them your parents have a card you can BT to then, or that you have cash to pay the balance of if forced but would prefer not to as you are saving it for a rainy day, but if pushed etc etc.

Anythings worth a try if the truth doesnt work.

Tom_Saunders

Can't you get an overdraft at the bank ? would be far less than 29%.

Gordon_the_Moron

Locana wrote: »

Hi

Just thought I'd let you know...

Had a balance of £2400 on my MBNA which at minimum 3% a month, my payment was around £72..

Was given £1000 and decided to pay it towards to MBNA debt and reduce my monthly min to around £42 for 6 months on the remaining balance of £1400 (am/was gonna continue to pay the original £72 to MBNA in about 6 months after having just received an unforseen bill thats just come my way)..

Just got my statement through to find that the minimum payment is... £72..

MBNA have decided to hike up my minimum percent to 5% :mad:

Grrrrrrrr.

Thanks for letting me rant!

If it charges 29% throw as much money as you possibly can at it, personally if I had a debt at that rate I would put 80% of my wages onto it on pay day and then spend on the card (or preferably another lower APR one but it doesn't sound like you have one) when I needed to (spending as little as possible) just leaving some cash in the current account for cash withdrawals (never ever ever ever ever ever withdraw cash on a credit card)

chrissied54

Never never get an MBNA card - they are totally unsrupulous lenders - just when credit card companies are supposed to be "responsible lenders" MBNA hiked limit up to £11,000 when we spent on it hiked interest from 11.9% to 24% and then today to a massive 34% !! needless to say its bye bye MBNA and account paid off and closed

Richard019

chrissied54 wrote: »

Never never get an MBNA card - they are totally unsrupulous lenders - just when credit card companies are supposed to be "responsible lenders" MBNA hiked limit up to £11,000 when we spent on it hiked interest from 11.9% to 24% and then today to a massive 34% !! needless to say its bye bye MBNA and account paid off and closed

Except if you're using their 0% on BT offers.

chrissied54

O% BT ok - but get rid as soon as its paid off - thats how we got sucked in - paid off balance and then started to use the card !

Locana

Hi Just to let you know Irang them. I didnt even have to say that I wanted to transfer the balance or anything - I just asked if they could reduce the interest rate and minimum balance rate and they said yes.

They reduced it from 34.9% (!) to 25.9%, which is still high but much better than 34.9!!

Thanks everyone...

Bismarck

thanks for letting us know Locana...wonder what would have happened if you'd talked about transferring etc...or did you think 25.9 was the bottom line for them?

ajaxgeezer

Locana I'm sure that was only their first offer unfortunately. Never mind, you are better off than you were. If you can't find another card within about 6 months I'd try ringing again for a further reduction. There's no rule to stop you asking, it's a negotiating process.

As has been said already, I'd throw every spare penny you can at that card, it's still a high rate to be repaying. But I guess you already know that eh?