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Hi, I had an agreement with MBNA where they would hold all interest, as long as I paid the debt off within 10 years. The amount owing was divided up in 120 months (10 years). However, in the mean time, they have decided to sell the debt, at the same time as our financial situation has changed. The monthly payments are now less. They write to inform me that I am in arrears. The DCA have said the following, is this right does anyone know?? The payment was set by MBNA, based upon, I assume a previous Income and Expenditure form at the point of being 'charged off' which means no further interest is applied to your account but it does mean that this is your 'normal monthly payment'. This can not be amended now as it was sold on this way. It is also less than the 5% normally applied to credit card accounts. And so, we are happy to accept your offer of payment but as it is does not meet your contractual payment the arrears will continue to accrue. We have a legal obligation to reflect accurate data to the Credit Reference Agencies, which also includes arrangements, missed payments and arrears and so your data entry at the credit reference agency will be updated with this information.
The CMA's so called "in depth" investigation into current bank accounts is disappointingly underwhelming Potential remedies include (and yes, they are only 'potential'): Requiring banks to prompt customers to review the service they receive from their bank Making it easier for consumers and businesses to compare bank products Requiring the creation of a new price comparison website for SME Requiring banks to help raise public awareness of switching bank accounts, Requiring better sharing of information with credit reference agencies, banks and financial advisers https://www.gov.uk/government/news/cma-proposes-better-deal-for-bank-customers Big sighs of relief all round at Barclays, HSBC, Lloyds, Royal Bank of Scotland and Santander.