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MancMonkey

MBNA Thoughts

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Hi all,

 

After reclaiming my bank charges a couple of years back I let my credit cards drift off into minimum monthly payments, this is now something I want to rectify to get them cleared up.

 

I took an MBNA credit card out in 2006 by transferring a balance at an introductory rate of 0%. Having recently noticed that despite no activity on the account for a couple of years and paying the minimum payment every month, it seemed no original balance had been paid off.

 

I contacted MBNA to ask what my current interest rate is to see if this was the reason. According to them it has been increased from the original 0% to 16% then to 26% and it now stands at a frightening 34.9%! I asked them to justify this but they said they 'had a review process which they were not willing to divulge and they could increase this rate according to their terms and conditions'. It got a bit heated on the phone and they essentially said they would not explain any further and then suggested I could talk to someone if I was struggling to make payments.

 

As they have got my back up I wanted to know what option would be best to pursue. Other then exceeding my limit by pennies on a couple of occasions (which I have been charged for) I have always made monthly payments on time and never under paid etc. So:

 

1. SAR request to try to reclaim any charges will probably be the first step.

 

2. I have been told by a financial advisor that on increase of any interest rate I should have been informed (MBNA said they had sent letters which I do not believe I had received) and given the option to close the account at the rate prior to increase, is this the case? If so Is it likely I could write a letter of complaint to get the account closed and reverted back to one of the original rates of interest? I suppose I could also ask for a refund of interest due to not being informed of the original increases.

 

3. The CCA route, I would quite like to say stuff them and not hand over another penny but if this is likely to affect my credit rating then it is a non starter.

 

Any advice would be appreciated as it's a little confusing from what I've read on the other MBNA threads.

 

Thanks in advance :)

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Hi MancMonkey,

 

I would suggest starting with a CCA...you are not harming anything by doing this and it will let you see what they have...or not. The advise that i have read re SAR's is to wait a little and see what the CCA turns up.....then if you do start down that road this information should start to add to your record and when the time is right you ask for a SAR and see what information is recorded (this sound confusing when you try to write it down!!) but basically if they try to say that they never recieved certain letters from you but the SAR shows them....then this is more power to your elbow should you fight the CCA.

 

On your very good point re the "Hike"in Interest rates......I too have had this stunt pulled by MBNA (and others)...I have just recently reviewed my Credit File and up unitl 6 mths ago i had not a blemish on it. Ok i was paying mimmums on some accounts but never missed or went overlimit on any. Despite this i have suffered astronomic rises in rates during this "clean" period.

 

Now am I thick or what...If you are keeping you accounts in order and paying your way, albeit slowly (but I thought that is what these vultures wanted!) why are they slapping your bum with a rate rise....which....after a while just pulls you under to the point that you can't take it anymore and start to miss/short/stop payments.

 

So a clean nose means that you are a bigger risk?????

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Thanks for the quick response Barrowby, as it happens I am sat at my kitchen table with a huge pile of paperwork. I have found (literally 30 seconds ago!) a CCA request (and response from MBNA) from back in 2007. Looks like I already started this process and then it fell by the wayside.

 

The CCA response from them states they have included copy of original credit card applications, T&Cs and recent statement of account. There is nothing in this response that is original paperwork nor is anything signed.

 

I can only assume that I am being spanked on interest rates because of the couple of occasions I have strayed over my limit and the fact I only pay minimum payments each month.

 

Now I have found a CCA response I assume I can proceed with the SAR and then decide on the course of action from there?

 

Thanks

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Hi MancMonkey,

 

I am not the most qualified on here to tell you what to do....but I would suggest sending another CCA request (only a £1) and seeing what the make up this time, if it is different you might be able to use this in the future. I would alos spend an evening (or 2!) reading the great threads on this site.....hopefully someone a little more experienced than I will be able to help.

 

Perhaps you could post (less ALL identifying marks) your 2007 CCA responce and this could get the advice ball rolling.

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