# MBNA Credit Card DEBT (Need Advice)



## Butternutz (10 Mar 2011)

Hi All, 
Completely new to this forum but saw it on Ireland am this morning.

Currently i am in debt with MBNA Credit card to €5,500, No sympathy required completely my fault. Untill now i have been going around ignoring the situation, but i really need to manage this now.

I am in full time employment, i have a mortgage and a Loan from when we got married. I'm stretched to the limit and get paid fortnightly and only have €25 euros left over after all the bills are paid. 
I cant get a loan at the moment and have been turned down.
My wife has been approved a loan on her account for €3000.( Not keen on paying off €3000 and not able to pay off the rest as the interest will just keep building)

Friends of mine have given me different advice, from dont pay the debt ignore it and make arrangement with the debt collection ageny ( doesnt sound like a good idea to me)
Also i was told to call MBNA and ask them for a Settlement Figure but i dont have any experience in this. If anyone has any experience or advice would be great.

I think ive included everything, any help/advice would be greatly appreciated.

Kevin


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## wbbs (10 Mar 2011)

It might be possible to get a settlement from them but they would need to see your income and expenditure details to show them you cannot pay off existing amount.   Are you making payments at the moment or just paying minimum?   If you have been keeping up payments and your income is good they may consider that you should be able to pay by making cutbacks elsewhere.   It is more likely they will want you to exhaust all other possibilities first, any chance you could change mortgage to interest only for 6 months or so to allow you get credit card reduced and then you might be able to clear balance with the 3k loan.


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## Butternutz (10 Mar 2011)

Hi wbbs, I am trying to make the minimum payment but often i miss it and  get a call from the collections department. The credit card is maxed at  the moment and each time i pay the minimum i get stuck with interest  and it really feels like i am going backwards. 

I have torn my budget apart to see where i can save money from my  expenditure, unfortunately i cant see where i can save anymore, I have  no problem in them seeing my income and expenditure i know that i have  saved at every corner i possibley can. Would agreeing a settlement  affect my credit rating in future.?

We have been on interest only for the last 3 months they wouldnt extend  it any further. We have had to use that money for another issue.

Thanks again for the suggestion


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## truthseeker (10 Mar 2011)

Maybe if you posted in the money makeover section detailing both yourself and your wifes income and expenditure you might get some suggestions as to how to make cuts elsewhere and free up more money to pay off the mbna debt?


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## Butternutz (10 Mar 2011)

Thanks for that i will do it up later.


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## Bronte (11 Mar 2011)

In addition you might clarify why on earth your wife is applying for another loan when you cannot pay your current debt.


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