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MBNA change min payment terms. Can I cancel contract?

  • 14-07-2011 7:01pm
    #1
    travnett
    Closed Accounts Posts: 59 ✭✭


    I have just discovered that MBNA have changed the way they calculate their minimum payments which you owe on your credit cards. Now this new change means that I will be paying more in minimum payments than I did with the previous way.

    I consider this a change of their terms and conditions and was wondering as such seeing that I did not receive any preempt warning either electronically on my account or written by post can I legally negate from the contract seeing as I haven't agreed to their changes in the terms and conditions?

    I see that this has worked for people with phone contracts allowing them to cancel the contract before their 12 or 24 months are up.

    Any experience with this?


Comments

  • #2
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,633 ✭✭✭✭Marcusm


    Absolutely you can cancel the contract. Just pay the full amount due per the last statement plus any interest further accruing since that point, write them a letter and enclose the snipped up credit card.

    Or did you mean, can I walk away from my debts?

    The Ts and Cs for the credit card which you accepted at the beginning will allow them to make modifications at any time - actually if you read it closely enough you'll see that they can cancel it any time too meaning that if you don't like the new terms, you have no option. Unless the new terms are retrosPective, I doubt even if the regulators (Central Bank, National Consumer Agency) would be perturbed by an increase in the minimum payment as they don't like cards being used as long term credit facilities.


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