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  • FIRST POST
    • HappySad
    • By HappySad 7th Dec 12, 5:52 AM
    • 1,946Posts
    • 664Thanks
    HappySad
    Help! Advice to best negotiate interest rates down for £20k debt
    • #1
    • 7th Dec 12, 5:52 AM
    Help! Advice to best negotiate interest rates down for £20k debt 7th Dec 12 at 5:52 AM
    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
    ďÖthe Ďinsatiability doctrine Ė we spend money we donít have, on things we donít need, to make impressions that donít last, on people we donít care about.Ē Professor Tim Jackson

    ďThe best things in life is not things"
Page 1
  • BugsyBrowne
    • #2
    • 7th Dec 12, 7:23 AM
    • #2
    • 7th Dec 12, 7:23 AM
    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
    Originally posted by HappySad
    Lenders don't negotiate reduced rates nor do they freeze interest on accounts where the borrower is meeting the minimum payments.
    • HappySad
    • By HappySad 7th Dec 12, 8:14 AM
    • 1,946 Posts
    • 664 Thanks
    HappySad
    • #3
    • 7th Dec 12, 8:14 AM
    • #3
    • 7th Dec 12, 8:14 AM
    Lenders don't negotiate reduced rates nor do they freeze interest on accounts where the borrower is meeting the minimum payments.
    Originally posted by BugsyBrowne
    Thanks 4 this advice.
    ďÖthe Ďinsatiability doctrine Ė we spend money we donít have, on things we donít need, to make impressions that donít last, on people we donít care about.Ē Professor Tim Jackson

    ďThe best things in life is not things"
    • Better_Off_1983
    • By Better_Off_1983 7th Dec 12, 8:26 AM
    • 380 Posts
    • 493 Thanks
    Better_Off_1983
    • #4
    • 7th Dec 12, 8:26 AM
    • #4
    • 7th Dec 12, 8:26 AM
    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
    • #5
    • 7th Dec 12, 10:12 AM
    • #5
    • 7th Dec 12, 10:12 AM
    I have advised then ensure they create a standing order to meet minimum payments.

    Many thanks
    Originally posted by HappySad
    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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