Approaching MBNA about reduced repayments

Hi,

My wife has an income of 188 per week currently. She has debts totalling 16k with two institutions, one of which is MBNA. We have, and always will, pool our income together and pay our debts out of this. The MBNA debt is approximately 10.5k, and I am wondering if anyone has any advice on how best she can approach them to reduce repayments, basing it on her sole ability to pay. Current minimum repayments are approx 240-250 per month (140-150 interest and 100 off balance).

We have decided to take charge of our future instead of killing ourselves stupidly for reckless lending 2 or 3 years ago and will repay every penny, but need to be cut some slack from our lenders.

Any advice is much appreciated, she rang them a while back and the dropped the interest rate slightly, but we just dont know the right things to say/do when it comes to asking for lower repayments without getting crippled with charges etc.

Anyone with info who has had a similar experience would be really grateful to hear from you. She is more than willing at this stage for the card to be closed down and just repay the debt

Thanks

Does she have any assets? If she has little or no income then MBNA will cut a deal. If they have you paying they are less likely to negotiate.

And re reckless lending, it takes two, so there was also reckless borrowing.

Any advice is much appreciated, she rang them a while back and the dropped the interest rate slightly, but we just dont know the right things to say/do when it comes to asking for lower repayments without getting crippled with charges etc.

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There is no "right thing to say" in approaching MBNA. just be open in your approach to them. You are not a party to this loan so effectively your wife should complete a statement of income and outgoings (include her contribution to joint loans and living expenses) & send this to MBNA with an offer to clear the facility on the basis of a proposed monthly payment. You need a finite agreement from MBNA (I.e. that the payment of set amount over a 5 year or other term will be accepted in full discharge of the loan. If you do this correctly you should receive a favourable response.

Thanks for the advice
Apologies Bronte, I did actually mean to type borrowing instead of lending - to the stocks for me then!

That's fair enough scarednow, honesty is preferable. Lots of us made mistakes including myself.