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Help! Advice to best negotiate interest rates down for £20k debt
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# 1
HappySad
Old 07-12-2012, 5:52 AM
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Unhappy Help! Advice to best negotiate interest rates down for £20k debt

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"
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BugsyBrowne
Old 07-12-2012, 7:23 AM
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Quote:
Originally Posted by HappySad View Post
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.
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# 3
HappySad
Old 07-12-2012, 8:14 AM
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Originally Posted by BugsyBrowne View Post
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.
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"
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# 4
Better_Off_1983
Old 07-12-2012, 8:26 AM
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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!!
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# 5
Mozette
Old 07-12-2012, 10:12 AM
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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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