MBNA platinum card dispute

[adammc]

Hi Guys.

 

I've just had my monthly statement through from our friends at MBNA and after paying a minimum fee of £211.00 I have been informed that next months will be £304.45 a current monthly rate of 2.5292% is this more or less the same rates that others re paying per month?

Nothing has been purchased on the card for a long time.

 

card taken out around 6 years ago and is an MBNA platinum type card.

 

Anyway after realising the amount of money I have given them after never missing 1 payment in the last 6 years and the balance still remains I have decided to request my credit agreement from them to have a look at its legitamacy.

I have been lucky enough to never incurr charges as I have been an exceptionally good cash cow but have paid more in interest than the sum owing.

 

Is it wise for me to continue to pay the monthly minimum amount whilst I request all information, I think so but am not 100% sure.

I am now on benefits and my cash reserves are running low so the monthly payments are nearly as much as my mortgage!

 

What are the first steps that I should take in approaching MBNA for my information and are there any template letters for this?

 

All your help is greatly appreciated.

[freethemice]

Hi Adammc and welcome to the madhouse.

Personnaly I would send a request for all the data held like the template here:

http://www.consumerforums.com/resources/templates-library/48-bank-templates/110--data-protection-act-1998-subject-access-request-

If you just edit to suit your circumstance.

Problem with just doing a cca request is the credit card companies just send what they want and quote s78 so you are no wiser if they have a valid agreement for your card at all. You soon get into a cycle of exchanging letters where they insist they have complied and you insist they haven't

Question you should ask at the outset is what do you want to achieve?

If it is just easier payments and suspention of interest then I would recommend the cccs.

CCCS - Free Debt Advice from the UK's Leading Debt Charity

Unlike other debt companies their service is free as they are a charity.

If you don't mind been hounded by debt collection agencies, having your credit rating trashed and ultimately appearing in court most credit card agreements of this sort of age are flawed. This means that it is very hard for a credit card company to get an enforcement order. It is also useful if you plan to bargain with the credit card company for a reduced amount for a full and final settlement.

It is a long road though so beware.

[adammc]

Hi Freethemice.

 

I certainly am not taking this lightly and reading through the threads it is a long hard stressfull battle that needs lots of soul searching before undertaking.

 

I have recently become unemployed and am on income based JSA things in the building industry will not be put right for some time to come and I can't see many offers of employment on the horizon, like many on here I have been plodding along and solvent for some time until the recession took proper hold, I have some savings put by but they will not last long and I am going to try and insulate myself somewhat before the money runs out and the mortgage company starts hounding me.

I have provided MBNA with a substantial amount of cash over the years and think it only right and proper that if they are going to hound me relentlesly over financial difficulties in the near future then if i could negotiate a settlement then there is a chance I may survive this recession somewhat intact.

I am not trying to wriggle out of paying and am fully aware that I have got myself in to this posistion but another few months out of work and everything I've worked for in the last 22 years will be sold from under my feet.

Again reading through the posts I am under no illusions that MBNA will not care if this happens and will be less than sympathetic with my circumstances so if I can eventually sort out some sort of agreement then I might just save what will otherwise be a personal disaster.

[freethemice]

Just making sure you know what your taking on.

 

Always only reply to letters - never phonecalls. Never put a true signature on a letter just type or sign over a printed patern and think how would this letter look if this ever went to court if you are writing to banks or dca's.

Oh and good luck!