MBNA Credit Card

[RAnn]

My DH has an MBNA cc (in his name only). He's had the card 7 yrs or so. There's always been a balance but we've been paying more than min due to try to pay it down. Feb 2002 DH got hurt at work, since then he's declared 100% disabled and his only income is SS. Since his income was cut we used the card and the balance got to be $14k. In July 2004 Workers Comp stopped paying so for 2 months didn't make cc pmt. Then in Sept when his case settled we started paying again. During that whole time they called almost daily wanting a payment. One day I was on the phone with them for 3 hours getting switched from person to person to see if we qualified for any pmt plans. Didn't. And won't do a home equity to pay off cards. Anyhow told them we could pay max $200 a month to try to catch up. Interest was at 12% (the lowest they said they could go). Min pmt was $175 so we were doing good paying anything we could over. In Nov - they upped the interest to 16.49% , Dec 16.74% with a min pmt of $224. In Jan DH signed up for a 0% cc and transferred $3500 towards MBNA to try to pay it more so the min pmt would go back down. (Now the acct has been closed since last summer). Feb interest 16.99%, Mar 17.24% then April 25.49%. with a min pmt of $226. Heck the account was going up not down our pmt didn't even cover the interest! That's when I called. Got them to say they would go back to 17.99% fixed and did a credit adj of $61 supposedly the difference in interest and I said I could pay $180. Get May bill and guess what - interest still 25.49% with a notice saying it will be 17.99 variable next billing. And they still want $234. Called again. Can't (won't) do anything this month, interest rate is actually 18.24 since it's variable - this person said they don't DO fixed. Again told them max can pay now
is $180-DH is fixed income. Again they go through their whole speel about consolidation blah blah blah, refinance... Said can't. Oh well -we'll be past due cause they won't due anything.
This is SO frustrating - DH says don't pay it at all since it's going backwards anyhow not due to us and he'll just file bankruptcy so they'll lose. Everything else is current but really tight.
Any ideas what to do with this? (Can't get any more 0% = tried and was turned down)
thanks
RA

 

[annie70]

Mbna

I had the same issue w/ MBNA last year...but by setting the acct on automatic draft for 1 year, they reduced my account from 28% (due to a couple of missed payments)to a fixed rate of 14%. This year I set up another automatic draft (just 3 weeks ago) and again I was set at a fixed rate, but this time they said they could only reduce to 18%. Either way its a fixed rate w/ no over the limit charges or late fees.They also tried to get me to sign up on a home equity plan, but I refused. Maybe you should speak w/ a supervisor to see if you can get any additional help.

 

[RAnn]

Thanks for the reply. I'm afraid of the automatice draft cause if I don't have the $$ in the acct I'm screwed. I do pay them by electronic pmt which is better than check (and that way I can put the date I want them to draw).
I think you got 18% like they told me - prime is higher than last year so I'm 18.24
RA

 

[ccustis]

I too seem to be having a problem with MBNA. My account has been closed for over a year. My last billing statement Feb. 2006 my monthly payment was $160. (at a 12.99%) March 2006 statement is $424. my interest rate went up to 25.99% on a closed account which I can't charge on, the only thing i can do is pay the bill. I can't understand why MBNA is allowed to raise the interest rate on a closed account. there is no way I can pay this $424. monthly bill (it's over half my mortgage.) I talked to them and went through their "We are not-approving you process.....we want you to struggle". and they were willing to lower my interest rate to 17.99% which gives me a monthly payment of $364. Like this is a big difference. I still can't afford this. I have a child in college. What can I do? I need help or MBNA is going to ruin my credit because I can't pay them.

 

[schultel]

Mbna

I also had a problem with MBNA. After coming to the conclusion that I would never get out of debt with this company because of it's outrageous fees, I paid them off with a home equity line of credit, slicing my payment in half!
Upon sending them the balance due 15 days early, they had the nerve to send me a bill for a finance charge of $54.00! I called them and threatend to report them, the "customer service representative" replied that "as a courtesy I will remove the charge". I said as a courtesy, how about I call the better business bureau!
Needless to say, get out from under this company if you can.

 

[LazyE]

Mbna

I think MBNA got bought our not long ago by American Exporess?! My dad had a MBNA card and they sent a letter to him stating that he would get a new card, and ended up getting an MBNA American Express card. When he went to use it at a gas station they would not take it because they don't honor American Express. Wow was he ever mad!
He had them re-issue a card from MC or Visa. His credit is perfect so I don't know if his APR% went up or now cause he pays it in full each month.

 

[bryan]

Actually American Express was forced to allow banks to issue their cards. MBNA did get bought but it was by Bank of America.