We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

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

HappySad
HappySad Posts: 2,033 Forumite
Part of the Furniture 1,000 Posts Combo Breaker
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: 2,033 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.3K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.4K Spending & Discounts
  • 247.2K Work, Benefits & Business
  • 603.9K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture