Interest Rate Increase

[jamesdryan]

Hi

 

Calculated that MBNA owe my £300 in charges from the last 2 years so sent them the preliminary letter, response 2 days later saying "we are looking into it, response will be in about 4 weeks". After 14 days was up, sent the Letter Before Action on 25th April and on 26th my account was credited with £160 (i assume a letter is at home regarding this).

 

However (and sorry for the long winded way of getting to this), in Sept 2005 i agreed a rate of 7.9% APR on all account transactions if i kept my card open with them. I've just noticed that a few months ago they increased my APR to 13.9%.

 

My question is, are they allowed to do this? I have a letter from them saying my APR is 7.9% from Sept 2005.

 

James Ryan

[surreyscouse]

This bunch of wasters are a law unto themselves.

 

It does say in their t & c's that they can alter the rate and they obviously review it now and then. Write to Michael Rhodes who is their ceo complaining about the incorrect rate and ask that he refunds the over paid interest. Enclose a copy of their letter confirming the lower rate just in case they try to stall you.

 

I take it you are going to acept that £160 and tell them you will pursue them for the other £140 ? Don't let them get away with that.

 

Keep us posted !

[jamesdryan]

Hi

 

Oh i will get onto Michael Rhodes as soon as i get home tonight and copy their original letter.

 

And there is no way i am letting them get away with my money, the £160 can stay in my account but i am sticking to my timetable of 14 days before court action if they don't pay the rest up, and a letter stating that is going out tonight!

 

James

[surreyscouse]

Good man !

 

You'll get it back, don't worry !

[angry cat]

Hi!

 

If you are late with a payment or go over limit, then mbna 'jack up' your interest rate!

 

Mbna call it "Risk Based Repricing" otherwise known as "International Default"

If you do a google search there are a lot of USA consumer complaints about mbna adopting the "International Default" policy.

 

I sympathise ! because I had my interest rate hiked up to a shocking 24.9% by MBNA - Of course, I am in dispute with them.

 

Now, whether they are allowed to raise rates like this, is another question but you can be sure that it is in their terms & conditions..

 

Don't let them get away with a thing and

Good Luck with your claim

 

Thanks

angry cat

[jamesdryan]

Balls!!

 

Oh well, whether they an or not is a question for later, first hings first is to get home and see what they've said about the £160 they have refunded me. Will definitely be back on tomorrow with the letter i've posted back to them!

 

James

[jamesdryan]

This topic was closed on 09 March 2019.

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