Abbey & A/L Credit card by MBNA

[Geffrye09]

What a fantastic relief that I discovered this site. This is like a God sent messiah. Many thanks.

My problem is, I have two credit cards being managed by MBNA- Abbey and Alliance & Leicesters cards. I signed for these cards in year 2002 & 2000 respectively, when they were used to be manged by the two banks (Abbey & A/L).

On Abbey credit cards, I could remember vividly that, the agreement I signed was that the interest rate charged would NOT be increased beyond 10%-regardless of what happened to bank of England increase in rate- as I have other banks credit card then- therefore didn't need another card.

On A/L card, the credit agreemnet was signed because the bank promised to beat every other competitors in the market on their interest charges...Promo, to fool people? fine!

Now, since MBNA took over the management of these cards (can't remember the year now) my interest rate had been increased by over 200%. I am now being charged 27-29% interest on outstanding balance.
I phoned mbna last year and complained bitterly over this, but they told me that they have rights to charge what they like on the money being loaned to me. On one occassion, they advised me to transfer some money from Abbey to A/L and promised to charge me low interest for certain period of time- which I did, and after six months they wrote a letter to increase the intersts on the outstanding balance including the balance transfered

What should I do? I know I am being conned here. And I feel like stopping the payment altogether as I find this to be very very unfair. I have never default in my payment to any credit card company, I also have good credit rating, but this MBNA ones is really making me angry. It's a day light robbery. I mean 27% interest on the money I spent when the interest rate was just under 5%. Plus why charging 27% when other credit cards I have only charged 16% or maximum 18%. Please help me.

[Sapphire]

Re: Abbey & A/L Credit card by MBNA

Hi Geffrey, have you got copies of the paperwork that you signed, if not I think that before you can proceed with any complaint it would be wise if you sent off an SAR (Subject Access Request) with a £10 fee and you can get copies of all paperwork pertaining to both those accounts. Use this letter and adapt it to suit your circumstances. Once you have copies of the paperwork (agreements etc) then we can work out a way forward. In the meantime why don't you do some research about getting a 0% card and transferring the balance over there, that way you can go someway towards nipping this in the bud AND shorten the lifetime of the debt.

Dear Sir/Madam




ACCOUNT NUMBER(s): xxxxxxxxx (or multiple numbers if more than one account)

1. I formally request that you forward me a true record of any Data held by your organisation relating to myself for the complete term of the account(s).
2. I am also aware this request should include any Data held for more than 6 years as under the Data Protection Act there is no time limit for information requested.
3. If you do not hold Data for a period longer than 6 years I also request confirmation of this in writing along with your methods used for disposal of such information to comply with the Data Protection Act stating the name and contact information of your registered Data Controller and Code Compliance Officer.
4. Additionally, where there has been any event in my account history over this period which has required manual intervention by any member of your staff, or any other person, I require disclosure of any indication or notes which have either caused or resulted in that manual intervention, or other evidence of that manual intervention in relation to my business with you.If you are unable to supply this data because there has been no such manual intervention, then please be so kind as to confirm this in your writing.

I enclose the statutory maximum fee of £10. You have 40 days from receipt of this request in which to return to me the information requested , securely and in legible condition.

If there is specific information which you require in order to satisfy yourself as to my identity, please let me know promptly. However, please note that the above address is the one registered with your organisation and which you have previously found to be acceptable.


I would be happy to prove my identity or collect any documents at my local branch.


Yours faithfully,

[Geffrye09]

Re: Abbey & A/L Credit card by MBNA

Great! I'll do that as soon as possible and get back to you.

On making balance transfer; I don't feel like doing because I know all along that what 'mbna' is doing is NOT fair, legal or justfiable, only I don't know how to approach it in a legal way. But now that I found you site, I am confident that I will get something back from the 27% interest they have been charging me (for more than 3 years) and then transfer.

Regards

[Geffrye09]

Re: Abbey & A/L Credit card by MBNA

I wonder if you could give me the MBNA address; where to send the letter.

Thanks.

[calamity jane]

Re: Abbey & A/L Credit card by MBNA

MBNA Europe Bank Limited
PO Box 1004
Chester Business Park
Wrexham Road
Chester
CH4 9WW


CJ

[Geffrye09]

Re: Abbey & A/L Credit card by MBNA

Hi,

I received a reply to my SAR letter from MBNA three days ago. The parcel has 50 pages of documents which include; recent statement of accounts, old/recent credit terms and conditions, and ONE (1) instead of 3 Credit Agreement requested for.

In the only signed Credit Agreement enclosed, the interest rate was put at 10% (with a small print of flat rate). This is my bone of contention. When I signed for the card in 2002, Abbey National Bank told me specifically that ‘it is 10% interest for life of the credit (purchase or cash withdrawal). And this was how it was before MBNA took over the account in 2006 or 2007 and started charging me over 27% interest per month.

The other 2 Credit Agreements- one for Alliance and Leicester card and the other for Abbey MasterCard- was not enclosed.

Now, where should I start and what should I do. The balance on the cards is £6,800.
I need your advice please.

[WendyB]

Re: Abbey & A/L Credit card by MBNA

In order to prove that the 10% was for life, yu would need a copy of the T&C from the time, as simply saying that you were told this will not be enough.

If I were you, I would still transfer to a 0% card now. You can argue the toss with MBNA about the higher interest afterwards, but if you don't transfer now, you will still be paying their extortionate interest rates for the whole time it takes to get it srted, which could be ages. You don't have to have an open account with them to make a complaint.

[Geffrye09]

Re: Abbey & A/L Credit card by MBNA

Thanks Wendy B.
Actually I've found in one the documents sent (Alliance & Leicester contract), where it says the 'interest rate for life, with money back promotion.

On the T&C documents not sent, what should I do?

[WendyB]

Re: Abbey & A/L Credit card by MBNA

Well if you've got it in the docs sent, that's a good start. If that's in the contract you signed, then great. regarding T7Cs, not sure if this would be covered by SAR, or there may be some old T and Cs in the library on here, or possibly on other sites.