MBNA interest

[chic]

Can't believe the amount of interest being charged on this card. Paid £200 last month and only £5.00 paid off my debt. The rest went on interest and PPI ( which I have now cancelled and waiting to receive the backlash)
MBNA still sending me mail offering balance transfers!! Reckon I'll still be paying this off when I'm 90.

[Tools]

Re: MBNA interest

Hi Chic and welcome to Legal Beagles.

The order in which any payments to your MBNA account will be as follows.

We will use your payments to pay off balances at lower interest
rates before those at higher interest rates, including transactions made
after your last statement date but before the date we receive your
payment. If any standard interest rate and any promotional offer
interest rate are the same, we will pay off your promotional offer
interest rate first. If you have two or more promotional offer interest
rates on your account which are the same, we will pay them off in the
following order: first we will pay off the balance at the promotional offer
interest rate which expires first or, if two or more promotional offer
interest rates expire at the same time, we will pay off the one which
would otherwise have had the earliest start date. If two or more
promotional offer interest rates have the same expiry date and would
otherwise have the same start date, we will first pay off whichever has
the lowest standard interest rate. Then we will pay off balances in the
following order: card purchases; balance transfers; cheque transactions
and money transfers before cash transactions.

So basically if you have used your card for cash advances, or purchases when it was a promotional rate for only balance transfers (as many cards are) the amount of interest you are paying may seem quite high. May I ask the outstanding balance on the card and what were the original terms i.e was it a 0% card that has now expired the promotional rate and has reverted to the normal APR.

If you are struggling with this or any other debts, please let us know in the appropriate forum and maybe we can help.

Jules

[enaid]

Re: MBNA interest

Hello chic and welcome to Legal Beagles.
Please have a look round and if you need any help with anything give a shout, someone will soon be along to help you.
If you have an ongoing claim, or a problem you need answers to, then you can start a thread in the appropriate forum. If you are unsure of which forum you feel your thread should be in, or indeed if you would like your details kept private, then please just reply to this message.
If you are just here seeking information, then please feel free.Once again if you need help doing this just ask.
When you have settled in, if you feel like a chat we have the Legal Beagle Chatroom, or there is The Lamp Post for off topic threads. Hope to speak soon Enaid x

[chic]

Re: MBNA interest

Hi Jules,
thanks for your reply. I'm still trying to find my way round the site so apologies for not replying sooner. My balance is £8,300 and had a 0% interest offer for 6 months when I started about 4 years ago. At first I used the card just for purchases but then used it for a balance transfer about 18 months ago. Balance transfer offer had 6 months 0% too. Not sure where to start but will keep reading threads.
Thanks again
Chic
------------------------------- merged -------------------------------
Hello Enaid,
Thanks for your welcome. I'm enjoying the threads and look forward to getting useful information.
Chic