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Negotiating with creditors

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

Reply to
Martin Thompson
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It would seem that MBNA are asking you to cover the interest cost at the very least. I would write to them again asking them to suspend interest. They may not want to play ball but you could also add that if it went to court they might not get anything at all! Eric

Reply to
Eric Jones

Thanks... it sounds as if you might be correct about that.

Reply to
Martin Thompson

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