Help! Advice to best negotiate interest rates down for £20k debt
HappySad
Posts: 2,021 Forumite
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
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"
“The best things in life is not things"
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Comments
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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.0 -
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"0 -
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!!0
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