If you find yourself in financial difficulty, it could be hard to figure out what to tackle first. This page includes things to look out for to prevent things getting worse, and links to helpful information should you need a little extra help to take back control.
Get help with money worries
The most important thing if you’re having money worries is, don’t keep it to yourself. If you find yourself in financial difficulty with your MBNA credit card or loan, please contact us to discuss your options.
You’ll find more information on our dealing with debt page, or you can call us.
Call us on 0800 056 7298 (or +44 1244 757 233 from outside the UK). We’re here to help Monday to Thursday 9am to 8pm, Friday 9am to 6pm, Saturday 9am to 1pm. Standard network charges may apply.
Call us on 0330 678 1430. We’re here to help 8am to 10pm, 7 days a week. Standard network charges may apply.
Keeping track of your credit cards online
Fees and charges
Additional charges apply if you go over your agreed credit limit, you miss a payment or it arrives late, and for some types of transaction. If you’re already struggling to meet your minimum payments, charges like these could make things harder still, so it’s important you know about them. Learn about credit card charges.
Additional charges apply if you miss a monthly payment, or it arrives late. If you miss a monthly payment, your loan will be transferred to our Collections department and we will charge you £25. If you continue to break the agreement you may be subject to further charges.
How much are you spending?
Assess your monthly income and expenditure - obviously if you’ve got more going out than coming in, you may need to change some things. The goal is to earn more than you spend, and look for ways to reduce or eliminate non-essential spending.
- Try creating a budget, write a list and stick to it.
- Keep your receipts to check against your statement, and as a reminder of what you’ve spent.
- Avoid making impulsive purchases... do you really need that item/service?
- Review services like phone contracts, insurances and utilities - could you save money by switching?
- Check the rates of interest you pay on debts - could you transfer a balance to take advantage of lower rates elsewhere (transfer fees may apply)
- Budget for expenses you can predict, like annual car insurance premiums or holiday spending money.
- Ideally, you’d save a little money for eventualities, like essential car or home repairs.
- It goes without saying really, but try to only borrow what you can afford to repay over a reasonable amount of time.
Helping you stay on track
If you breach the terms and conditions of your credit card account or loan account, either by missing a payment or going over your agreed credit limit, charges will apply. You could also lose any promotional offers on your credit card account, meaning the higher standard interest rate will apply to your whole balance.
To avoid this happening with your credit card:
- Always make at least the minimum payment by the due date detailed on your monthly statement - we offer a range of payment options.
- Consider setting up a Direct Debit - we’ll claim payments automatically from your bank account, so you’re less likely to forget.
- If you only pay the minimum each month it’ll cost more and take longer to repay your balance - try to pay more if you can.
- Keep track of your account balance - even if you don’t buy anything, charges could take you over your credit limit, so leave some available credit.
To avoid this happening with your loan:
- Set up your Direct Debit monthly payment for the time of the month when you have money. This will probably be just after you get paid each month.
- Keep track of your monthly spending and stay on top of your budget – you want to make sure you’re able to pay back what you borrow.
Managing your credit card account or loan account
We’ve also got answers to questions many of our customers ask about loans, from how to pay off your loan early to what fees and charges there may be. Learn more about personal loans.
If you have financial concerns or find yourself in financial difficulty, please contact us to discuss your options. Everything will be handled with the sensitivity you’d expect.
Call us on 0330 678 1430. We’re to help 8am to 10pm, 7 days a week. Standard network charges may apply.
Free and independent advice
You can get independent advice about money worries from a range of organisations, including:
Money Advice Service (MAS)
StepChange Debt Charity
Visit Citizens Advice
Visit National Debtline
Please note: the contents of this page is not intended to be taken as financial advice or recommendation made by MBNA. You should seek independent financial advice if you’re unsure about your financial needs.