Help! Advice to best negotiate interest rates dow...

[HappySad]

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

[BugsyBrowne]

Originally Posted by HappySad

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]

Originally Posted by BugsyBrowne

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.

[Better_Off_1983]

Your friend could ask the credit card companies to put a block on the cards so that no more spending can take place.

[Mozette]

Originally Posted by HappySad

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.