what shall I write to my credit card provider?

Question

I am paying a credit card debt but only making the minimum payment per month. I know that I soon will be unable to do this so I want to know how I should approach the company with a view to stopping the interest being added and accepting a lower payment. Even suggesting they accept a percentage of the debt for settlement. At the moment the account is not in arrears and I pay everymonth on time.
This is the only way I can see that I will be able to pay off the debt as adding so much interest only makes it like fighting a loosing battle.
I am not in a position to transfer the debt to a lower rate card nor can I get a loan.
I would be grateful if someone gave me an example of the letter I should write
thankyou

Answer 1

call the company and ask to be put through to the correct department, they should freeze the a/c but will be happy that you have called to explain the situation, and agree on an amount to pay every month. more direct than writing as sometimes letters can get lost!

Answer 2

I feel sorry for you but welldone for realising you will have a problem before the problem escalates.

I would contact The National Debtline, they are a non-profit making organisation (might even be a charity) set up to help people in debt. I was in a similar situation (although i left mine until i was getting nasty letters etc) and they sent me through an information pack. In this there are sample letters for you to send to companies you owe money to with all of the legal jargon in it. It really, really works and it will stop any hassle that you would get if you reduced payments without going down the correct channels.

I hope this helps x

Answer 3

I would call them instead of writing. They are usually willing to work with you, especially if you've made all your payments on time. I'm sure they would be willing to accept a lower monthly payment, but I doubt they would lower or stop the interest.
They MAY take a settlement..I know collection agencies will let you settle for a lesser amount, just to get it paid off, but I'm not sure about the credit card companies.

Answer 4

Take a loan with lower APR and lower monthly payments, if this is not a option Claim bankrupcy and just get a new line of credit in 7 years :) Rob them bastard!!! Also when you're on the phone with them dont let them scare you be the rudest most annoying ahole to ever grace the planet and get your point across you're the one with the control they will threaten to take you to court and that's fine if they do the court will give you lower payments and no more interest so either way you really cant lose

Answer 5

last time i was laid off i missed a payment. they called me several times a day. i finally answered the phone told them the situation. they put me on a hardship program. i had to close the account but the interest went from 29.9% to 9% for 6 mos. after the 6 mos. i called them and told them of a wage garnishment i had. they gave me a 6 mo. ext. after that the interest went up but only to 19%. better than 29% i still owe them alot of money but at least more is coming off the balance than before.

Answer 6

Just tell them the truth. and learn from your lesson. Credit cards are one of the downfalls of people, because they give no thought to the fact that you have to pay what you owe..

Answer 7

have you cut up your card to stop any more debt depending on the amount i have heard of a gov scheme that wipes part of your debt you should look into it talk to citizens advice bearue

Answer 8

theres not much you can do just try to pay off as much as you can when you can

Answer 9

http://www.paidforum.net/?referrerid=2745

Answer 10

well you either grovel, or tell outrageous lies...
either way, its doesnt matter, they want their pound of flesh...