Can u stop interest on a cc?

olliesmummy06

Hi, my friend is having probs at the mo with her cc (not going down and too much £ going out to whats coming in) and im sure i read that you can ask them to stop any interest on your card and not use it again-or have i imagined it? also if it is possible does it effect your credit rating an dif so how long for? Thanks in advance guys.xx

NickX

Well they have been known to freeze interest on Credit Card account.

However, this is usually only for a limited period of time with a view to allowing the customer to get through a difficult period where they are struggling with cashflow.

Your friend would need to explain them the nature of their problems, probably by submitting a Statement of Affairs, and they may agree to freeze the interest for period of time.

It won't do your friend's Credit Rating any good though. If they have not defaulted before, then perhaps they would be better to apply for a new 0% Credit Card to transfer the debt to. This effectively freezes the interest without the detrimental effect on the Credit Rating.

Good Luck.

olliesmummy06

They have too much debt to get another card. Thanks for the advice, ill let her know.