Advise please

I have an MBNA Arsenal credit card since 2004 and the interest rate has always been between 14.9% and 15.9%. Recently I used my credit card to fund yogift.com project hoping that the interest of the card will not be increased.

I received a letter from MBNA late last yeast sting interest had been increased to 26.99% APR, in January MBNA increased the interest to 32% APR.

I rang and complained but was advised there is nothing they can do and I am disappointed because the interest on the card is now £120.00 per month.

With the budget am currently on I can't afford to pay this high interest, I have requested MBNA to freeze the interest or accept reduced payments but they have refused. However they did say if i do not pay the full amount including interest each month for 180 days, they will sell my credit card debt to a debt collection agent. Record default on my credit history despite the fact am making payments but reduced amounts not the full interest.

MBNA Arsenal credit card company staff made it quite clear that they do not have arrangement payment programmes like other banks or financial lending bodies.

However MBNA Arsenal credit card has written a letter to me stating they have offered me help and i have refused. I rang them again asking them to explain the letter they informed me pay in full the interest that’s the help they can give.

Is anyone having problems with MBNA Arsenal credit card? Why did Arsenal FC get involved with such a bank that just rises interest when they feel like.

I wish i never applied for this card, i regret, next time i will use my brain, not use the fan factor.