How do i get my credit card companies to freeze the interest, anyone done this?

Question

i can pay my minimum payments but at the rate i am going it will take about 12 years to pay them off. I have heard about interest freezing, has anyone managed to get their creditors to do this and how do i go about it. I don't want another company doing it for me then me having to pay them also, how do i do it myself? thanks

Answer 1

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good luck!

Answer 2

As long as you can demonstrate that you have the means of paying and meeting the minimum payments, it's unlikely the companies will be prepared to freeze the interest. If you had a sob story that will give them the impression that you are unlikely to be able to keep up with the loan agreement, they will be prepared to talk and negotiate with you - however, be prepared as you are likely to get a default registered against you on your credit file.

There are template letters that you can use with on the national debt line website, the consumer credit counselling service website or the citizens advice bureau's website. You can also speak with all of these companies and they will be able to offer advice that suits your peculiar situation. By the way, they are all completely free!!!

I wish you all the best.

Answer 3

In the States, they want to keep your business and your monthly interests rates to stay in business. You can call the customer number on your monthly bill and speak to a rep and ask them to lower your interests rates. You will probably be asked to pay your bill on time for 6months before they will lower the rate. You should ask if your interest is set..but when the rates go up for other companys, yours will too. If they will not help you, you do a couple of things. Look on your bill and find out how much extra they charge you for interest and you write a check double that. You ignore invites to raise your credit limit for when they see you are paying yours off than before, they will try to snag you in with more credit available. You find yourself a part time job and use that money solely toward paying off this debt. I bet by next summer you will be debt free or very close. Make a plan and stick to it and trust yourself over all others because YOU are the only one who wants your credit debt to end!

Answer 4

i be sure out it this way. It by no potential hurts to ask. some companies prefer you to conflict so which you would be waiting to get the money. Whats the worst that that they had say? "NO"? If it rather is a bigger recent card opportunities are extreme they gained't freeze the intrest, and that they dont care in case you have a activity now or now not, they only prefer your earnings optimum circumstances. you are able to call and be conscious what they say yet opportunities are extreme you will would desire to shop paying the min teach you common how you are able to understand come for the era of a sparkling activity. optimum companies dont paintings with you tell once you're already in collections and your credit is already ruined. in the event that they do enable to chip down on the intrest ask them how this would result your credit, additionally verify you be sure out your statment to paintings out that the recent intrest cost replaced into utilized on your account. you will desire to additionally ask them how long this would take you to pay it off, and what the outcomes are. they'd desire to be up front with you.- solid fulfillment i desire all of it works out

Answer 5

Contact the Consumer credit counselling service, it's a registered charity who have excellent relations with most credit card companies, banks and lenders etc. They help you to form a debt management plan and contact all creditors on your behalf for free. They also maintain contact with you and will relook at the plan as often as you need should your circumstances change. Good Luck.

Answer 6

If your payments are current and have been for a while, call and ask for a reduced rate. If you have other cards that are well under their limits, call them first and ask for their best balance transfer rate. You may get a better deal from company 1 if you can tell them company 2 offered x% if you transfer the balance.

Answer 7

If you are genuine and you are in debt as a result of losing yor job as a result of redundancy or if you were married and your partner left you in the lurch then the answer is you have a good chance.
Are you in the UK? if so go to the cab and they will help you, as long as you are not trying to pull a fast one you should be ok.
I was in the same situation when I lost my job due to il health, within minutes of losing my job I notified all my creditors and because I was quick in reporting my problem and not letting things get out of hand, and as my circumstances were genuine I was granted my intrest to be removed, which was reasessed yearly.
Good luck

Answer 8

I had this prob too, I told Natwest I couldn't pay my mim payment of £24 so they said they'd reduce it to £17 monthly but I'd be black listed for 6 years! If you go to a company like CCCS they may be able to help you out

Answer 9

This is an easy and surprising answer. Default! If you stop paying for long enough they'll start sending you demands and stop charging interest, though there will be admin charges. Eventually, they'll sell your debt off to a collector. You'll be offered deals like, pay off half and we'll leave it at that.

Be warned, though. You'll find it hard to get credit for a while after that.

Answer 10

What interest rate are you paying now?

If it's real high (over 25%) you can just tell them to lower the interst or you will go to another company with a better rate. If they don't drop it, then look around.

If it's already fairly low (15%-18%) then don't expect them to budge at all.

Do you own a home? You may want to look into a home equity loan, or go to the bank/credit union and look into a personal loan. The interest rate will be a few points lower.

Answer 11

Change your name to Eduardo Gonzalez. Buy a mule. Go gold prospecting in the Sierra Madre. Discover rich vein of gold. Pay of debts. Easy.