partnership
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I received a letter from MBNA today to say that from May they will be increasing the minimum payment on the credit card to 1% plus interest. They are doing this on all their cards.
At present like many others I am just making the current minimum payments each month which of course does not decrease the debt and have no way of taking a loan to pay it off.
The effect of this change is that my minimum payments will double to about 300 per month which I cannot afford.
Does anyone have any suggestions about what I can do how to negotiate etc. My understanding is that they do not do deals unless you are in arrears. I have never missed a payment.
Thanks in advance
At present like many others I am just making the current minimum payments each month which of course does not decrease the debt and have no way of taking a loan to pay it off.
The effect of this change is that my minimum payments will double to about 300 per month which I cannot afford.
Does anyone have any suggestions about what I can do how to negotiate etc. My understanding is that they do not do deals unless you are in arrears. I have never missed a payment.
Thanks in advance