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MBNA - massive hike in rates not sure what to do?

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Hope this is in the right forum? Bear with me, I hope this makes sense?


I have 2 MBNA CC's (one branded as Virgin). When I signed up the rates were a reasonable 13.9% apr however over time the rates on the MBNA card have crept up until about a month ago I received a letter raising them from 21.9% to 34.9% - it also gave me a choice of freezing the card at the lower rate and closing it when paid off, or accept the new rate. I don't have a huge amount on the card (about £2K) luckily so froze it.


Oddly enough, about a week or two before this happened I received an offer from Virgin for a balance transfer, and also a £2K limit increase, although I dont use the card much - £2-300 on it. Didnt take them up on the transfers and dont use the card as I am running it down.


I therefore rang MBNA to ask why I had been singled out and was told it was a general review and there could be many reasons. Asking specifically why they refused to tell me - a choice of market conditions (which would affect all clients), interest rates - the same, or my credit score. Here I admit I am not squeeky clean having a huge amount on Credit a few years back and being late on occasion (never missed), but now pay all loans, CC's etc by DD and for well over 18 months haven't been late, never ever missed a payment and recently paid off a £17K car loan a year early, so in reality my rating is probably better than it has been for years, so can't see any justification for the rises.


Told this to MBNA and also that I had been given an increased limit on my Virgin card, my rates were unchanged etc only to receive a letter 3 days later raising the rates from 16.9% to 24.9% on the Virgin card.


I can't see any justification and think they are randomly picking accounts for this treatment. Increasing my credit limit and inviting more debt in transfers clearly arent the actions of a bank worried about my credit worthiness so think they are trying it on. I have complained to MBNA to no avail, being told they wont tell me why. Have also written to FOS but have been fobbed off with "its their right to make commercial decisions", all against the backdrop of my close family and friends not being affected by any MBNA rises (in fact my pensioner father has had his rate dropped when he went to leave them). From the same information on my credit file they have raised the limit on one card, raised the interest rates on the other, then when I complained raised the interest rate on the virgin one.


Not sure where to turn now, the FOS won't do anything by the looks of it, MBNA won't divulge reasons why and whilst I want to transfer the balances to another lender or pay the cards off am not in a position to do either at the moment.



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