mbna and interest payments

[mgfboy]

HI

I have a slightly different question, I put in a request for a copy of our credit agreeent and they finally produced one after about 7 months. We keep paying the card during this period but my question is as we where in dispute did we have to? I know that theoritically we didn't have to, but would they be able to post adverse credit info on the missed payments and when they did supply it would we then have had to pay the missed payments?

[Never-In-Doubt]

Re: mbna and interest payments

Sorry, what do you mean exactly?

If you pay then they will not add any adverse data - of you do not pay they will.....

[mgfboy]

Re: mbna and interest payments

HI

What I mean is could the payments we made while the account was in dispute be seen as goodwill payment to MBNA.

The agreement would seem to be unenforcable, but as I have destroyed my credit record and the MBNA card is in my wifes name we cannot go down this route. The only reason why were enquired about the agreement was to find some leverage to get them to reduce the interest rate on the card ( they had doubled it!!!). They have offered to refund some of the interest and charges but I was wondering if I had any legal basis get the whole amount back?

[Never-In-Doubt]

Re: mbna and interest payments

Sorry i'm still not making sense of what it is you're asking, i'm usually quite quick on the uptake so something isn't right for me to miss it twice....

Ok, slowly - you have ruined your credit record but your wifes is fine, and this MBNA card is hers so you do not want to go down the UE path but instead haggle for a reduced payment or something?

What I don't get though, is what exactly do you "want back"? If you paid into a card then you've paid - why would they send money back to you? That is the part that confuses me - maybe i'll try asking another question which should help - have you spoken to others or read about unenforceability and maybe been given wrong info or misread something? Point is with any unenforceable debt, the debt remains - it is not written off - so the fact you paid changes nothing, you will not get it back unless you are in credit on that particular account.

As for your credit record, if yours is ruined so will the wifes as you'll be financially linked.....

[mgfboy]

Re: mbna and interest payments

fair enough.

But I only thought the credit accounts where linked if you where applying for joint credit otherwise you where treated as separate people.

[Never-In-Doubt]

Re: mbna and interest payments

sure - that's true, that would be usual but you live together right? Do you have any join accounts or even better have you checked your credit files (both) and checked under linked associates section?

Try reading this for CRA info: ---> viewtopic.php?f=48&t=48

[diddlydee]

Re: mbna and interest payments

Just wanted to make a quick point, if I may.

When I worked as an underwriter, I had to spend time checking through the credit searches and can confirm that if an applicant had a financial link to another person with a seriously bad credit record, then they were, unfortunately tarred with the same brush (not my policy but the companys!), unless they could prove the link was unfair.

An odd missed payment would probably be overlooked, but defaults and ccj's were not.

[mgfboy]

Re: mbna and interest payments

so in effect what your saying is we might as well trash my wifes record as well then as in effect I already have and save ourselves £1000 plus a month?????

[diddlydee]

Re: mbna and interest payments

I don't think anyone is making any suggestion of the sort! However, there is a higher than probable chance that you are linked financially, which can have repercussions on your wifes ability to obtain credit.

People on this forum generally come here as they are struggling to pay their bills, and are at the end of their tether to know where to turn. You have to be aware that if you are considering going down the unenforceability route, that you must do so with the knowledge that you shouldn't be looking for further credit for a long period of time.

If you are looking to say to your creditors "my credit card is unenforceable, so how about we make an agreement", then that is fine, and up to you and them to discuss.

But unenforceability doesn't mean that the debt no longer exists, it means they cannot enforce it in a court of law. They have the freedom and right to update your credit history to reflect your payments, defaults etc.

Hope this helps.

[mgfboy]

Re: mbna and interest payments

I suppose I just get annoyed by the credit card companies, they can send or do what ever they like and even if it bends or breaks the law. But us, all it takes is a couple of late payments and you are a financial leper

Also from a credit perspective why should we be linked when in every other respect , tax etc They dont?????

[Never-In-Doubt]

Re: mbna and interest payments

Because with tax you are separate but with credit you are linked.

Look at it this way, if you both earn £1k per month and you have a lot of debt and have to pay out lets say £750 of that, how do you live for the next 30 days on £250? You can't so you share your partners wage right? Point is - you're linked.

tax, you pay and she pays - end of, finished - linking would achieve nothing, what could it do?

I know you were talking hypothetically but hopefully with the info you've been given it should make more sense now - you're not going to be able to just walk away from this, you need to sit down and think long and hard about what you do want - being honest with you, first impressions from me and a couple others - are you serious or taking the mick cos some of the stuff you're asking goes against everything I stand for (and it is my site btw)... for instance I am all for screwing the banks - but only legally... you seem to be pushing the right buttons for debt avoidance which I do not involve myself in.

[mgfboy]

Re: mbna and interest payments

No not trying for debt avoidance , I just want the banks and credit card companies to start treat us all fairly and yes Niddy I do know this is your site and you have been most helpful to me in the past on Martin Lewis's forum.

More than happy to try and pay our way but when your wife has always paid her credit card for 16 years and her rate is more than doubled becuase of me I get a little peved!!!!

[Never-In-Doubt]

Re: mbna and interest payments

I understand what you're saying - however unfortunately you are linked - no other way of explaining it so chances are her credit will be soiled..... the *only* way I know to alleviate this is to technically break up and then update the CRA's..... its dodgy ground so i'll be careful what I am saying, but simply so long as you have NOTHING joint with the mrs then you can easily break the link.

[mgfboy]

Re: mbna and interest payments

thanks sounds like we are both caught then for the next 5/6 years until all the adverse credit goes from my account.

[Never-In-Doubt]

Re: mbna and interest payments

If so why not consider UE on her accounts then?