# Mbna credit card



## seanp (19 Jul 2011)

I have a 15k balance on my card,i have been paying the minimum for the last 12 months but obviously getting nowhere.I want to try and sort something out with mbna,freeze/reduce interest.What is the best way of dealing with them.Do i need to ask them to freeze interest or do i need to default first.Any suggestions would be great thanks


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## partnership (19 Jul 2011)

They wont do anything as long as you pay the min payment each mth.  You have to ask yourself if it is worth getting bad credit rating over.  Can you get a loan from credit union or somewhere else?


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## flossie (20 Jul 2011)

Have you discussed with them about offering you a promotional rate? Or have you applied to another credit card to avail of the 0% interest free periods that are around? That helps a lot, as the minimum payment is directly lowering the amount you owe.


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## demoivre (20 Jul 2011)

seanp said:


> Any suggestions would be great thanks



Read this thread.


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## Gekko (26 Jul 2011)

flossie said:


> have you applied to another credit card to avail of the 0% interest free periods that are around?


 
It would be just as helpful to suggest purchasing an old lamp and rubbing it in the hope that a genie might appear...0% balance transfers are no longer available for those in difficulty.  Credit union loans are also not available.

Posters should stop offering other posters false hope.


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## DangerMouse (26 Jul 2011)

seanp said:


> I have a 15k balance on my card,i have been paying the minimum for the last 12 months but obviously getting nowhere.I want to try and sort something out with mbna,freeze/reduce interest.What is the best way of dealing with them.Do i need to ask them to freeze interest or do i need to default first.Any suggestions would be great thanks



Hi seanp,
Curiously how does the minimum payment work. Does it cover the monthly interest or is it less than the interest? 
For example, if you are accumulating interest of 100 Euro per month but paying a minimum payment of 80 Euro, then the following month you will pay interest on interest and your balance will continue to grow.
Alternatively a payment of 100 Euro would cover the interest from the previous month but leave the balance untouched. 
Sorry this isn't helpful but it is useful information to be aware of.


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## flossie (26 Jul 2011)

Gekko said:


> It would be just as helpful to suggest purchasing an old lamp and rubbing it in the hope that a genie might appear...0% balance transfers are no longer available for those in difficulty. Credit union loans are also not available.
> 
> Posters should stop offering other posters false hope.


 
That's a bit harsh Gekko.....OP states that he is making minimum payments so is not defaulting on the payments. You can still apply for 0% balance cards and tell them that it is what you applied for. I had a balance of around €7k on my MBNA card earlier this year, called AIB and told them i wanted to apply for their balance transfer offer and was approved. There is some movement out there still. If you have missed payments then yes, you are likely to be turned down, but if you are meeting minimum payments and fulfilling T&Cs of the card then you can at least try.


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## Gekko (26 Jul 2011)

flossie said:


> That's a bit harsh Gekko.....OP states that he is making minimum payments so is not defaulting on the payments. You can still apply for 0% balance cards and tell them that it is what you applied for. I had a balance of around €7k on my MBNA card earlier this year, called AIB and told them i wanted to apply for their balance transfer offer and was approved. There is some movement out there still. If you have missed payments then yes, you are likely to be turned down, but if you are meeting minimum payments and fulfilling T&Cs of the card then you can at least try.


 
Hi Flossie

I hope for the OP's sake that such an option is available.

However, in the present climate I don't believe that any institution would accept a balance transfer of €15,000 where the customer has made minimum payments for 12 months.


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