MBNA Problem

NZGirl_2

I did a balance transfer with MBNA at a preferential rate. They received a payment from me 1 day late and reverted from the reduced rate to their normal rate - an increase from 2.9% to 23.9%. I also got charged 12 late payment fee and 12 for going over my credit limit (due to the increased interest.)

I accept that what they did was in their terms and conditions but my argument was the punishment did not fit the crime. Also I had paid a 3% balance transfer fee only two months before this incident. So I was hundreds of pounds out of pocket for one day late payment. (and before anyone says I should have it on direct debit, I have done that now)

Anyway I complained to MBNA and they were hopeless, did not send a copy of their complaints procedure, did not reply in the time allowed, etc etc. Eventually I got a final response declining to help.

Unfortunately because I have been overseas and got distracted by other things I suddenly realised the 6 months time period to go to the FOS has expired and I am so mad at myself.

Is there anything else I can do about this to recover any extra interest costs or penalties. I would add that I have now paid of this debt but there were a few months of increased interest plus the wasted transfer fee. Can I go straight to the SCC with this?

Thanks in advance for any assistance:cool:

skyrider007

There is hardly anything you can do as they are within their rights to charge you under the terms and conditions which you have agreed to.

Since you have already cleared your balance, I'd say pay the £24 charge and close the account OR:

1. Regularly check your account on the Internet (https://www.mbna.co.uk), this can be accessed even when you're in NZ or anywhere in the world
2. Pay by DIRECT DEBIT (at least the minimum amount or fixed amount if you like)
3. If you can't pay by Direct Debit then pay by DEBIT CARD on the Internet

NZGirl_2

I know it is in accordance with their T & C but so are the other charges that they make that people seem to be able to claim back. It cost me hundreds of pounds for being one day late, as I said, the punishment does not appear to fit the crime.

Also the late payment charges are in the T & C and these can be disputed so what's the difference?

skyrider007

Go ahead and make the dispute then. Good luck

NZGirl_2

Sorry, I was just asking for some advice. I thought that was a reasonable question to ask.

YorkshireBoy

You may be able to reclaim the £12 charges, but you've no chance on the interest charged.

Perhaps a better place to research (how to get the £12 charges back and why interest cannot be reclaimed) would be the 'reclaiming charges' board...

http://forums.moneysavingexpert.com/forumdisplay.html?f=102

petera74

I had the same and I was furious to say the least.

Make sure you send a letter of complaint to MBNA. Do not telephone, they take no notice whatsover.

I Complained by letter and they said they would transfer me from 29.9% form 16.9% after a long battle. Its worth it. Make sure you highlight that you have been in discussion with the Financial Obudsman, get a reference number from them and include it on the letter.

Hope you get back to the going rate you deserve.

MBNA are con merchants and will try every trick in the book to up your rate.

Good luck

Peter

NZGirl_2

Thank you Peter. The thing that annoyed me was that I did write to them and I made a complaint. I made it quite clear in my first letter that if they couldn't help I intended to switch to another card at a lesser rate but they waited to the absolute last minute of the process to tell me that they weren't prepared to, so another two months at the horrible rate. Stupid me for bearing with them and thinking they might give me some kind of concession!

petera74

The problem I had was that I called to change my DD and they said they never had a call from me. Lucky for me I took the persons name and number, which I do on a regular basis now. Due to past problems we people not taking details correctly off me.......

I couldnt get another card to transfer, or I would have straight away....

Did you manage to get another Credit card to transfer the balance??
I hope so.

Peter

jonnyb

Thanks NZ for using the word problem, instead of rip-off.

I think you might have had a chance of them re-instating your preferential rate if the economy was in its "pre credit crunch" state.

If the charges for late payment were more than £12 then you might have a chance of reclaiming, but as that is the level suggested by the OFT as fair, then I doubt you will get them back.

And as Yorkshire Boy says, no chance on the interest reclaim either. The deal is that they offer you the preferential rate if you stick to their terms and conditions. You admitted that you missed their deadline, and their "punishment" has fit the crime, as laid out in their terms and conditions.

NZGirl_2

I did manage to do a bit of jiggery pokery and ironically the debt ended up back with them at 0% on a special deal. Although I had to pay the balance transfer fee again but it was still the cheapest option.

What made it worse was the fact that I had paid the fee for the first balance transfer only two months prior to my misdemeanour. It makes me annoyed that I get quoted the T & C back at me but they did not adhere to their own written complaints procedure.

I have left it too late to get the Ombudsman involved as it is 7 months ago, I forgot there was a time limit. I got the paperwork out to deal with it and was annoyed I had missed the dead line, so I just wondering if there was any other course of action available to me.