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MBNA Deny life of balance rate - now 34.9%!


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Hi

 

I am hoping someone can help me with this.

In 2005, I was looking to consolidate some loan and credit card debt onto a lower rate. I found a "lifetime balance of 5.4%" deal with MBNA Platinum Plus Mastercard - I think it was via fool.co.uk. I transferred a total of around £14k onto the card.

 

Since then, I've used the card maybe three times for purchases. I haven't been diligent in looking at my statements - I have just regularly been paying in £400 per month, and treating it as a loan. Silly me. I have had a few direct debit failures, mostly due to my previous bank (HSBC) magically destroying all my SOs and DDs and then being unable to restore them. This period and the process of moving to another bank, them not setting DDs up correctly, etc etc meant some payments were late. But all were paid manually and MBNA kept up to date.

 

I've occasionally wondered how my balance was looking and meant to get round to checking, but never did. Today I opened a statement.

 

My monthly % looked high, so I called to query it and found my APR was 34.9%!!!! When I called them, I was told the following:

 

1. My account was never on any kind of promotion. It was 6.9% variable (the current "variable" rate being 34.9%)

2. There is no record of a call I made about 18 months ago to check my outstanding balance and the apr rate with a possible view to settling the account. The agent told me it was 5.4% at the time.

 

They basically seem to be saying that they can charge me whatever they want and that I'm lying about the lifetime balance rate. But I certainly would never have transferred so much debt onto a variable rate card (I have other cards, all of which have lifetime balance rates on - I hope).

 

Stupidly I have lost the original agreement. MBNA are supposedly sending me a copy agreement but judging by comments on this forum, I don't hold out much hope.

 

So what can I do? I'll spend the rest of my life paying this off at 34.9%. Net of interest, my £400 per month payment currently clears about £30 off the balance each month!

 

I feel angry, helpless and stupid.

 

:(:(:(

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If you did have a low lifetime balance then that would have been withdrawn as soon as you missed or were late with a payment. So maybe, that's what has happened in this case.

If you feel I've helped then by all means click my star to the left...a simple "thank you" costs nothing! ;)

 

Restons MBNA -v- WelshMam

 

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Also, why not do a CCA request and see if there's anything on there about the promotional rate??

 

However, as I said above, if you've been late with any payments then you will probably have forefeited any right to the promotional rate.

If you feel I've helped then by all means click my star to the left...a simple "thank you" costs nothing! ;)

 

Restons MBNA -v- WelshMam

 

MBNA Cards

 

CitiCard

M&S and More

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If you did have a low lifetime balance then that would have been withdrawn as soon as you missed or were late with a payment. So maybe, that's what has happened in this case.

 

No, they say (and I quote), "There has never been a promotional offer on this account". I would never have taken a standard variable rate card and consolidated onto it without a promotion!

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Also, why not do a CCA request and see if there's anything on there about the promotional rate??

 

However, as I said above, if you've been late with any payments then you will probably have forefeited any right to the promotional rate.

 

 

Sorry to be ignorant, but what's the difference between a CCA request and a SAR?

 

Also, see above - they deny there was any promotional rate EVER.

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Sorry to be ignorant, but what's the difference between a CCA request and a SAR?

 

Also, see above - they deny there was any promotional rate EVER.

 

£9 !!!

 

CCA is £1 but doesn't always produce a copy of the agreement. SAR is £10 and should provide everything they hold on you, BUT you must be specific about what you want in your request.

If you feel I've helped then by all means click my star to the left...a simple "thank you" costs nothing! ;)

 

Restons MBNA -v- WelshMam

 

MBNA Cards

 

CitiCard

M&S and More

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Thanks - I will do that when I have received the copy agreement.

 

My concerns are:

 

a) How to prove I was on a lifetime balance rate

b) How to get the interest rate back down

c) How to get a refund of interest (we are talking around £8K plus)

d) How to ever pay the damn thing off.

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make sure u request the comms log in an uneditted condition PF

If I have been of help to you please feel free to click my scales to the left Thanks.:)

I have no legal training and the advice I offer is what I have learnt here and offered as a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

 

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 

CARTER V Co-Op

BANK CHARGES

REFUNDED £3567

 

POMPEYFAITH V Co-Op PPI

OFFER MADE BUT REFUSED

ONGOING AND STILL ONGOING

NOW WITH THE OMBUDSMAN

 

R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

 

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