I was hoping to ask for some advice..
I’m a Mature student, coming to the end of my degree and I’ve managed to get together a bunch of money to sort out my credit cards (O, how I love my Mum!).
My MBNA card is the worst offender, over its limit by a few hundred and accruing £50 per month in charges (plus interest).
By my calculations there’s been £625 worth of ‘fees’ over the life of the card.
I’ve got the money to pay the whole thing off and close the card down, so I called them to see if we could come to an agreement.
They offered a ‘short payment’ that would wipe 20%, but would show on my credit rating. Not good enough, I think.. The 20% works out at £395.
Now, I gave them the whole “these charges are punitive and therefore unenforceable” speech and he was having none of it, so I said I’d seek advice and get back to him.
Is my best idea to pay the card off, leaving a balance of £625, and go for the court option?
Thanks in advance for any advice =)