mbna

hugovendeen

son through illness, changed jobs etc now living abroad and not earning enough has written to mbna asking for a freeze of interest rates and a payment scheme. They have refused saying before consider would have to be in arrears. i have kept paying it up till now but cant anymore. We have written again asking for a settlement instead of them defaulting him, instead of getting something which is sure;y not in anybodys best interest.
What is best way to go about this?

Tom_Saunders

pay what you owe.......god why do people always look for the easy way out. ?

MPH80

While Tom may have been blunt in his response ... think about it this way ... why would a bank or anyone accept the word of someone that they can't pay, until they prove they don't.

If you are paying it - then the bank clearly believe it has a good chance of getting all its money back and you have to prove otherwise ... how do you do that - you stop paying and let them chase it!

Then they'll start thinking about settlement figures.

Think about it this way - if you leant someone £100 on the understanding they'd pay you £10 a month for 20 months ... and they, 5 months in, said "sorry - can't pay the rest - would you accept £70 more quid" ... would you accept that - given they'd been paying the £10 happily? I'd be asking - why? what's changed? show me! prove it!

The banks are no different and the punishment for not being able to repay is the damage to your credit rating.

M.

hugovendeen

Thanks for the polite response MPH80, that response I can work with.

YorkshireBoy

MPH80 wrote: »

...the punishment for not being able to repay is the damage to your credit rating.

...and this damage, in the form of a default/CCJ, could last for up to 6 years.

Even an 'arrangement to pay' (which is what I think you're looking for) would damage his credit rating, albeit less than the above.

Undersized_Rascal

hey, I'm i the same boat as your son with MBNA. Has anyone else been in this position with MBNA?

Tom_Saunders

pay the minimum, or ruin your credit score, quite simple really. You don't get anything for free and nor should you.