MBNA and Financial Difficulties

[supermac9]

I've had an interest free arrangement in place with MBNA since the back end of 2012, but in the 12 months or so prior to that I was really struggling and paid late and other fees (which I have since had refunded) on a monthly basis as I could meet the required payments. I also paid a whole load of interest during this period, despite MBNA recognising that I was having problems (a long list of online messages confirms this).
Now, a couple of years down the line, I have sent them a quick online message asking for their comments on this, nothing more at this stage - will post again when I have their reply.

[supermac9]

Re: MBNA and Financial Difficulties

Update.
My secure message was dated 28.08.14
MBNA response 30.09.14, advising:
1. That without income and expenditure details, they cannot "consider separating an account from normal collection procedures" (meaning that they continued to apply interest at 29.9% (as well as fees))
2. That following receipt of my I&E details in August 2012, they reduced my interest to 0% (I knew this already funnily enough!)
3. As interest applied before August 2012 was in accordance with their T&C's, they can't "complete any refunds"

In response, I wrote to my 'case manager' on 07.10.14 asking:

1. You make it clear that it is ‘impossible’ for MBNA to consider varying their collection procedures without income and expenditure details. Is this simply a company policy, or are you restricted by statute and/or codes of practice in relation to this?
2. MBNA have recognised on many occasions that I have experienced financial difficulties since early 2011 – several of my messages since that time had their category changed by MBNA to ‘Experiencing Financial Difficulties’. However, despite the financial disadvantage caused by the continued charging of interest at 29.9%, you made no offer to do anything about this (i.e. reduce the rate of interest to a level charged, for example, on the majority of your existing customers’ accounts) – would you agree with this statement?
3. Despite the circumstances, at no time between early 2011 and August 2012 was any reference made by yourselves to an income/expenditure summary, which would have greatly assisted me at that time if it had resulted in a zero/reduced interest arrangement – is this assessment correct?

So far, I have an acknowledgement (dated 20.10.14), but nothing else.

[supermac9]

Re: MBNA and Financial Difficulties

Lots happened since then, but no joy from MBNA or the Ombudsman, who found in their favour.
Anyway, it looks like they are going to sell my account on, so I have stopped payments while this goes through - I'll then wing off a CCA request to the successful buyer and see what happens.

[supermac9]

Re: MBNA and Financial Difficulties

Lots happened since then, but no joy from MBNA or the Ombudsman, who found in their favour.
Anyway, it looks like they are going to sell my account on, so I have stopped payments while this goes through - I'll then wing off a CCA request to the successful buyer and see what happens.

I've been told by MBNA that they are looking at the possibility of selling my account - in the meantime, I have simply stopped making payments and everything has gone a bit quiet.

[supermac9]

MBNA - PRA Group

Sold - to the highest bidder!

PRA Group, Bromley, Kent

Just had their second letter offering a settlement balance of 90% of the value of the outstanding amount with MBNA - seems like a starter for 10 and I cant imagine for a moment that they would expect me to accept it.

CCA request will be issued in a few weeks time.

[FlamingParrot]

Re: MBNA and Financial Difficulties

Was this always an MBNA card or one of them cards they bought from another bank?

How old is your card?

I've also got an MBNA card I haven't paid in over five years, I can hear the lovely sound of a clock ticking away. :clock: It was an ancient A&L card to start with, no agreements available for the majority of those, which is why I'm asking what sort of MBNA card you had, they bought quite a few portfolios over the years.

[supermac9]

Re: MBNA and Financial Difficulties

That's a very good question.
I am pretty sure it has always been MBNA, originally with a football team logo (Newcastle United!). The account is quite old, but not sure how old.
I expect they will be able to produce a copy of the T&C's but we'll see.
I have had the account put on hold for a month.

[FlamingParrot]

Re: MBNA and Financial Difficulties

That's a very good question.
I am pretty sure it has always been MBNA, originally with a football team logo (Newcastle United!). The account is quite old, but not sure how old.
I expect they will be able to produce a copy of the T&C's but we'll see.
I have had the account put on hold for a month.

A copy of the T&Cs is not a credit agreement, they'll need to send you the terms from inception, i.e. when you first took out the card. When you say it's old, could it be more than 8 years old, i.e. taken out before April 2007? That can be quite significant due to a change in legislation.

[supermac9]

Re: MBNA and Financial Difficulties

I will need to check this, but I am sure it is at least 8 years old.

[FlamingParrot]

Re: MBNA and Financial Difficulties

I will need to check this, but I am sure it is at least 8 years old.

If you took out the card before April 2007, you have better chances of it being unenforceable. ray:

[jimmyay]

Re: MBNA and Financial Difficulties

They have bought so many companies down the years it's hard to keep track!

[supermac9]

Re: MBNA and Financial Difficulties

CCA letter being sent off today.

[FlamingParrot]

Re: MBNA and Financial Difficulties

CCA letter being sent off today.

Do keep us posted when you get anything. :typing:

[supermac9]

Re: MBNA and Financial Difficulties

Acknowledgement received, together with a note that they will take no further action until they get something from MBNA - lets hope they struggle in a big way!ray:

[FlamingParrot]

Re: MBNA and Financial Difficulties

Acknowledgement received, together with a note that they will take no further action until they get something from MBNA - lets hope they struggle in a big way!ray:

They did with me, CCA request sent March 2010... not a trace found so far... :clock: :clock: :clock: