MBNA / Virgin Card - Credit Card Charges

[Wandsworth2015]

I have a number of defaulted agreements dating back to 2010 all used for business back in 2008,

but legally (another hard lesson) in my name and therefore didn't fall into the company administration.

 

 

In retrospect, I should of gone personally bankrupt, but was advised down a very poor route

by a "friend" and financial adviser involving Momentum networks and a con man called Basil Rankine,

I was desperate and he took the rest of what I had left and I was left with the debts and a whole lot of grief for many years.

 

All my fault I know and I'm paying for it.

 

 

For over 6 years I've lived in a rented shared room on my armed forces medical pension at 45,

but enough of the violins, now I want some control back in my life, I wonder if you can help.

 

I recently received a notification of changes to my credit file at Equifax,

I contacted them and found a new agreement in the name of Arrow

and a previous MBNA agreement had been "settled", sold.

 

I've not had credit since my business failed in 2010 and my personal issues followed.

So being in a better emotional place and now rebuilding my life,

I decided to use this as a catalyst to review my finances.

 

MBNA outstanding now with Arrow Global is £5748.62

I reviewed the MBNA statement adding up all transactions, payments and charges

 

A summary of payments versus receipts below:

Card Transactions: £13,642.13

Balance Transfer: £ 3,741.51

Total balance: £17,383.64

 

Receipts: £16,029.91

Balance minus receipts: £ 1,353.73

 

Total MBNA fees & charges: £ 4,067.97

 

 

From February 2007 and May 2010, a total period of just over 3 years, exactly 39 months,

I paid MBNA Europe Bank Limited an average of £411.02 per month, a total of £16,029.91,

a great deal of money in a very short space of time,

especially considering my financial state, little wonder I needed long term therapy afterwards.

 

There were 39 months of transactions averaging £349.80 per month totalling £13,642.13

plus a “balance transfer of £3741.51” totalling £17383.64, leaving £1,353.73 outstanding on the card,

plus any charges, remaining to be paid, a monthly average of £34.71 which should have been relatively easy to manage and looking at my finances.

 

However, during the 39 months life of the card,

MBNA Europe Bank Limited charged £4,067.97 in fees and charges,

a huge amount considering the balance, limit on the card and the total number of receipts made.

 

I contacted MBNA stating the situation was unfair, adding interest to the charges

and willing to minus the outstanding balance from the charges and they can repay me the rest,

I sent two letters, they ignored both.

 

I followed up with Arrow Global and they have now responded,

and I've attached that response to their "investigation".

 

In my opinion and in retrospect, this shouldn't even exist, but I'm obviously going to say that.

But given the numbers of charges and the type of charges,

 

 

what is the legal stance on this and

is there any point even pursuing MBNA or Arrow through the courts,

 

 

I would have to borrow the money to pay legal fees, which I understand is £280 before I even start.

 

Is the Financial Ombudsman a valid route for a complaint such as this?

 

In 2008 the defaults are removed I think after 6 years,

it would be nice to be able to get a mobile phone that doesn't cost a fortune to send a text or make a call, I live on skype.

 

Thanks for your help,

 

kind regards

Edited March 13, 2015 by Wandsworth2015
Reviewing attachment sizes

[fkofilee]

For whats its worth, this shows you exactly what is wrong with the debit industry...

See how many times its been sold around to different DCAs....

[Wandsworth2015]

Indeed fkofilee, I contacted each and everyone, they did the same thing, call me 50 times, knock on my door countless times and threaten legal action. I did the same each time with all of them, excellent, lets go to court, please initiate legal action, I want to go to court and stand up and state how wrong this is.

 

Needless to say, not one of them ever tried to take me to court, so basically the industry is there to threaten you and take as much money from you as possible the further into debt and more vulnerable you become.

[fkofilee]

I know you are looking for advice, however getting back CC Charges etc is not my forte shall we say. (Im attempting to reclaim from Lloyds Group on OD Charges)

However the site team will be along to have a look at somepoint.

 

Good thing it hasnt gone to court yet, however because of how litigious Arrow Global can be, hopefully we can help.

[Wandsworth2015]

Thank you kindly, very strangely in the last few hours a letter arrived from MBNA, I've attached this as well, this will have been sent before I contacted Arrow I contacted MBNA or maybe because I did contact them.

 

Anyway.... thank you.

[dx100uk]

sadly you can only reclaim the fixed sum [£12} PENALTY fees.

 

 

using the CISHEET at their int rate.

there never been any success in any of the others you have on your list.

 

 

dx