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Advice [can I get MBNA to reduce my outstanding balance?]

  • 08-01-2013 4:27pm
    #1
    stevie2411
    Registered Users, Registered Users 2 Posts: 2 ✭


    Some advice on doing this please-I really want to get away from these money grabbers (the interest is crippling ) but paying €9,000 could take forever!! :( I could get a loan from the Credit Union for hopefully €5,000 tho'


Comments

  • #2
    Gloomtastic!
    Registered Users, Registered Users 2 Posts: 8,833 ✭✭✭Gloomtastic!


    This is where you got to! ;)

    Get the money from the credit union first. Then call up MBNA and tell them you've lost your job and you might consider paying off your outstanding balance if they were willing to do a deal. As I said in the other thread, I got 50% off.

    Ask them how it affect your credit rating - they may say that the other 50% is an unpaid debt.

    Good luck to you, don't let the bar stewarts get you down!


  • #3
    cooperguy
    Registered Users, Registered Users 2 Posts: 2,650 ✭✭✭cooperguy


    Gloomtastic! wrote: »
    This is where you got to! ;)

    Get the money from the credit union first. Then call up MBNA and tell them you've lost your job and you might consider paying off your outstanding balance if they were willing to do a deal. As I said in the other thread, I got 50% off.

    Ask them how it affect your credit rating - they may say that the other 50% is an unpaid debt.

    Good luck to you, don't let the bar stewarts get you down!
    Could you get the loan from the credit union for 5k and transfer the remainder to a new credit card with 0% on balance transfers? That could buy you a year to deal with it.


  • #4
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    It will affect your credit rating. Also your other post on boards says you are in a stable, secure job so unlikely you will get a deal if you are working away in secure employment. In fairness why would they? You are contracted to pay and why should they give you money off it. Its one thing if you were on the dole and everyone coming at you for money but you are working and you just lost the run of yourself with the card balance. Maybe you should look at your control on your spending if you get up to that sort of balance. I cant see them giving you anything off it.


  • #5
    howamidifferent
    Registered Users, Registered Users 2 Posts: 1,819 ✭✭✭howamidifferent


    stevie2411 wrote: »
    Some advice on doing this please-I really want to get away from these money grabbers (the interest is crippling ) but paying €9,000 could take forever!! :( I could get a loan from the Credit Union for hopefully €5,000 tho'

    Please come back and let us know how you get on with them. :)


  • #6
    Savman
    Closed Accounts Posts: 8,323 ✭✭✭Savman


    You need to be in arrears, and quite badly in arrears tbh.

    Even then nothing is guaranteed, plus they have been taken over now so there's a new gang involved which may not be so quick to negotiate settlements.


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  • #7
    Beancounter 2013
    Registered Users, Registered Users 2 Posts: 27 ✭Beancounter 2013


    We had a balance with MBNA (though not as high as 9k) and I have been unemployed from construction sector for the last 4 years. After quite a few letters back and forwards and completion of a financial statement they did write off a portion of the debt. It has gone up on the Credit Bureau record as 'settlement', but to be honest that is the least of my worries......where will I be borrowing money from in the next few years? I think we paid off about 60% of the outstanding debt and it was closure. I would recommend a chat with MABS - they were very good with strategy suggestions.


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