mbna have given me 28 days to clear my balance!

I

ivor james

Registered User
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81
ok so i have a small debt on a credit card which i can no longer use due to my bad credit rating,(long story business went bust ) however the other day i got a letter from them informing me that due to a new rule being brought in by the financial regulator, i must pay the balance in full within 28 days or it will be sent to a debt collector. Now the silly part, the actual balance is only about 700euro, I have paid the minimum which is 20 euro a month AND another 20 on top of that ,and bit by bit the balance has been reducing,infact within a couple of yrs it would have been paid off in full.
I rang them up and they were not helpful at all simply stating that this the new regulation and thats that!
As far as I am now concerned they can sell it to whoever debt collector they want,I have no fear of them as they have no powers,but I refuse to pay off any more than I have been.
Does anyone else know what they are up to? Can anyone explain it to me in laymans terms?
It seems like a very retro-grade step to me,I mean It is a small enough debt and its not as if I have been running away from it,but their new terms are a joke!
 
Hi Ivor

Did they specify the "new rule"?

I would have thought that you are only obliged to pay the minimum? Are you in arrears in the sense that you have not been paying the minimum in the past?

MBNA is not a deposit taker in Ireland, so there would not be any Irish rules on solvency applying to them.

Brendan
 
Ivor, I am sorry for your trouble.

What has happened is that MBNA have ran a credit check recently and realised it was bad and are now closing your account. They are doing this alot lately.
 
ivor james said:
o...i got a letter from them informing me that due to a new rule being brought in by the financial regulator, i must pay the balance in full within 28 days or it will be sent to a debt collector.....
Click to expand...

What rule specifically?
 
Sounds like the lies Dunes employees have been telling customers about running out of plastic bags. When in reality thery are having a dispute with Revenue re the payment of Bag Tax, so are no longer supplying bags.

I would ask them for the rule in writing.
 
I received a similar letter. I rang them up and got no help what so ever. They told me that due to a change in the financial regulator in the UK and US that they were giving me 28 days to pay the debt or it "may" be passed onto a third party.
 
In my opinion, following my own experience, (posted in another thread), MBNA are fed-up collecting money in dribs & drabs, so they are threatening people with ruin if they dont cough up. They suceed in a lot of cases and fail in others.
 
mbna must be struggling if they are putting pressure on people like that. People will pay up and leave. If they can.
 
And if they can't they end up with a bad debt that was previously been serviced each month.
Madness imho.
 
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