Debt with capital one and mbna

[donbuzzin]

Hi, I'm new to the site and looking for some advice, I stumbled across the site whilst searching for advice.

 

I have two credit cards one with mbna and the other with capital one I owe about £5000 in total.

 

I am currently receiving benefits due to health problems.

 

I have been paying money to capital one on a reduced payment plan for a while and currently pay £7 per month.

Every six months they get me to send a current bank statement plus copies of my benefits letters.

 

I have been paying the minimum monthly amount to mbna up until now as my savings have now run out.

I spoke to them yesterday and they have asked me to work out my income and expenditure and to call them back and they will tell me what I can do.

 

Can anyone advise me on how to handle the situation and whether I should just do as they tell me or do I have the right to turn down their offer.

 

I have also read that I should not provide bank statements etc. But I always have as I wanted the problem to be dealt with amicably when dealing with capital one.

 

I haven't contacted any debt agencies and don't really know anything about how I should proceed with the problem.

 

Any help would be gratefully appreciated I look forward to your responses.

 

Thank you

[dx100uk]

you are under no legal obl to supply ANY pers details esp financial ones

 

you TELL them what they are going to get as a GOODWILL gesture [£xx for xxmts]

 

as a reciprocal goodwill gesture, you require them to freeze interest and refrain from levying any PENALTY charges

 

should they refuse to help as they must with due regard to the published guidelines

 

then you will have no alternative other than to drop the payment to £1PCM till you die

 

 

what about reclaiming PENALTY charges & PPI?

 

dx

[donbuzzin]

Thank you DX

I will be brave, bite the bullet and call them armed with your wise words.

I will post again with an update as soon as I have spoken to someone.

I have never and would never pay for PPI, I have always turned it down.

Thanks Again

[gordies]

No no no no no - do NOT call them, only do it in writing. Always write and have an audit trail. If you call you will get pressure and maybe even forced into something that is totally unsuitable for you.

 

Never talk to creditors, always do it in writing.

[Spacedancer]

I'm certainly no expert, far from it in fact, but have read a lot of good info on here over the last few days.

 

From what I gather, the best thing to do is to write to them explaining that you are suffereing financial problems, attaching an income/expenditure record accompanied with an offer to pay a reduced amount of £x (whatever you can realistically afford) and a request that all interest and charges are stopped. Send this letter by recorded delivery and ensure that you retain a copy for your records. Also make sure that you commence payment of the amount you have offered straight away and don't stop paying, even if they reject your offer initially.

 

Like I say, I'm no expert and what I say is from my own experience and what I have read on here over the last few days. Someone who has a better knowledge of things may well be along shortly and I stand to be corrected on anything.

 

Best of luck with it.

[dx100uk]

wrong..

 

 

benefits are for those that they are paid too

 

NOT for some debt to some unhelpful creditors

 

the benefits are YOURS TO LIVE ON - not for debts - end of!

 

taking control of your finances is YOUR responsibility NOT for a creditor to dictate what you do with YOUR money.

 

dx

[donbuzzin]

Thank you all so much I have taken on board all of the advice offered and I have sent them a letter from a template found on this brilliant site.

 

I have asked them for all correspondence to be by mail as I would like to have a copy of it,

I have also offered them token payments and given them a copy of my income and expenditure.

 

I have set up the payments by standing order so they will commence immediately.

 

This site is amazing, the amount of information and advice on offer is mind boggling and you have restored my faith in the human race.

Many Thanks

x

[havinastella]

Are there any charges or PPI on the accounts?

[brokebutnotbeatn]

Donb. You will need to stand firm. It doesn't stop overnight. But you will get there.

[trickyricky]

I have to say Capital One are one of my pet hates. I sorted them out once and for all and posted it on here a while back, but basically I owed them £3000. I paid them a measly some each month but they completely ****ed me off with their carry on so I sent a cheque to their accounts department along with a letter stating that this cheques is in full and final payment for the above account. By the way the cheque was a for £5.00 (five quid) I deliberately avoided sending it to their collections department and sent it to their accounts department instead. The idiots cashed the cheque....lol Thereby accepting my terms and final payment. They had no choice but to write off the remainder. I bet they dont fall for that one again

[donbuzzin]

After sending off my letters including my income and expenditure and after taking advice from this forum no bank statements, I have finally had responses from both companies accepting my offer of a £1 token payment per month for the next 12 months or until my situation changes whichever is sooner. I am so pleased that both companies have responded to my offer and they were both very understanding. Not what I thought was going to happen at all, I thought I would be in for a battle but nothing of the sort. I almost felt like calling to thank them and then realised that would be a step too far LOL.

Once again my thanks to all of you who took the time to reply to my plea for help it really worked and it's one less thing I have to worry about for the time being

[dx100uk]

any PENALTY charges or PPI to reclaim now?

 

dx