Help! Advice to best negotiate interest rates down for £20k debt

HappySad
HappySad Posts: 2,021 Forumite
Combo Breaker First Post First Anniversary
in Credit cards
Can you hep! I have a dear friend who is has a £20,000 debt on a few cards and missed a few payments. I have advised then ensure they create a standing order to meet minimum payments.

I said they could negotiate the interest rates down or have the interest frozen so they can pay it off. Are they any web links to article on how best do this?

Or what advice would ou give when negotiating rates down or getting debt reduced??

Many thanks
“…the ‘insatiability doctrine – we spend money we don’t have, on things we don’t need, to make impressions that don’t last, on people we don’t care about.” Professor Tim Jackson

“The best things in life is not things"

Comments

  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    HappySad wrote: »
    Can you hep! I have a dear friend who is has a £20,000 debt on a few cards and missed a few payments. I have advised then ensure they create a standing order to meet minimum payments.

    I said they could negotiate the interest rates down or have the interest frozen so they can pay it off. Are they any web links to article on how best do this?

    Or what advice would ou give when negotiating rates down or getting debt reduced??

    Many thanks

    Lenders don't negotiate reduced rates nor do they freeze interest on accounts where the borrower is meeting the minimum payments.
  • HappySad
    HappySad Posts: 2,021 Forumite
    Combo Breaker First Post First Anniversary
    BugsyBrowne wrote: »
    Lenders don't negotiate reduced rates nor do they freeze interest on accounts where the borrower is meeting the minimum payments.

    Thanks 4 this advice.
    “…the ‘insatiability doctrine – we spend money we don’t have, on things we don’t need, to make impressions that don’t last, on people we don’t care about.” Professor Tim Jackson

    “The best things in life is not things"
  • Better_Off_1983
    Better_Off_1983 Posts: 385 Forumite
    Debt-free and Proud!
    Your friend could ask the credit card companies to put a block on the cards so that no more spending can take place.
    DEBTFREE AND PROUD!!
  • Mozette
    Mozette Posts: 2,247 Forumite
    HappySad wrote: »
    I have advised then ensure they create a standing order to meet minimum payments.

    Many thanks
    Make sure they don't miss a month (i.e. pay twice in one billing cycle, and not at all in another) if it is a standing order rather than a direct debit.
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