Ok, so they said on the phone, if your account has a minimum of say £40 as a required payment to be on a "reduced payment plan", but say then a debt management company that works out a pro rata offer for all your creditors in the same way that the court does, decides you can only pay £20 per month. They make you pay an extra £20 quid on top of that in order to stay interest free.
Isn't that really immoral?
Would it be better to get CCJ'd by them? How do you get them to do it?
2007-03-14 04:27:56 · 4 answers · asked by Captain K 2 in Politics & Government ➔ Law & Ethics
For those that don't know, the £20 offered to MBNA on the pro rata basis is done by dividing excess income amongst creditors based fairly upon the amount owed to each creditor. The excess is conidered what is left after buying food and paying rent etc.
The £20 extra that MBNA demand has to come out the food etc budget.
2007-03-14 12:35:33 · update #1
Hello,
(ANS) I used to work for a market research company in Leeds, we used to do quite a bit of work for financial clients. So I know first hand how debit management companies work & how companies like MBNA operate.
**MBNA are totally 100% ruthless in the way they function & will hassle you day in, day out, until they squeeze the money back from you (the debitor). make no mistake about it, MBNA have a dedicated dept for hassling people who get into financial difficulties with them.
**I always warn people never sign up for any products or services with MBNA or Capitol One or Privident or Yes! car credit they all work in the same utterly ruthless & throughly IMMORAL way!!
**No! because for MBNA to apply a CC judgement against you would cost them more money so they wont go down that route. MBNA are only interested in how BIG a profit they can make from what they do.
**MBNA is a MASSIVE company, and have offices in USA & are huge employers in Northern Ireland.
IR
2007-03-14 04:48:46 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes.
We dumped MBNA last year after struggling with exhorbitant (immoral) interest rates for a decade, but finally paying them off.
.
2007-03-14 11:33:29 · answer #2 · answered by tlbs101 7 · 1⤊ 0⤋
No, I don't think it is immoral, sorry.
The Bank is making sure that when the next payment is due, there is sufficient funding for that payment to be made.
As you will only have to do this once, I think you should not call the MBNA immoral.
2007-03-14 18:49:58 · answer #3 · answered by MANCHESTER UK 5 · 0⤊ 1⤋
they have their own way of doing things based on the way they do business....giving credit cards to high risk bad credit people....
2007-03-14 11:31:32 · answer #4 · answered by Anonymous · 1⤊ 0⤋