Hi
I am in the process of negotiating reduced payments with various creditors, i.e., credit card issuers and loan issuers, as my income has dropped too far for me to be able to keep up with regular payments at the moment.
I have used the income/expenditure and pro-rata payment calculations found on the Internet to work out what I can currently afford. Some creditors are agreeing readily enough.
MBNA, however, is saying that they will not accept payments that are less than 0.8% of the outstanding credit card debt, but this is more than I can afford right now. So my question is, is that actually their policy, or is it just a negotiating ploy? TIA