Credit Card Company - Do They ever freeze intrest??

angeleyes

Hi
I am asking for advice on behalf of someone.basically they want to know if if anyone has had any experence of a credit card company freezing intrest while making as much payments as they can.
This is due to a change in circumstances and are wondering if this is possible rather than get a loan and get into a downward spiral of more and more debt and I don't think they will get enough credit on a new credit card in order to transfer to a 0% deal.
thanks in advance :beer:

magentadreamer

The best bet is to ring the CC company up explain the change in circumstances and take it from there. They might be able to reduce the interest if nothing else.

angeleyes

angeleyes wrote:

Hi
I am asking for advice on behalf of someone.basically they want to know if if anyone has had any experence of a credit card company freezing intrest while making as much payments as they can.
This is due to a change in circumstances and are wondering if this is possible rather than get a loan and get into a downward spiral of more and more debt and I don't think they will get enough credit on a new credit card in order to transfer to a 0% deal.
thanks in advance :beer:

We were also wondering if we contacted CAB they would be able to get further with this??

angeleyes

anyone else

barbie_babe

payplan will help you with this you need to ring them . sorry i havnt got a number to hand .they will tell you what to do to get companys to freeze intrest .we did this and they stopped the intrest on both are cards.

debtfreeplease_3

Hi angeleyes.
My circumstances have to also changed over the last few months and was/is finding it difficult to keep paying the minimum payments on cc's. I did phone up my card companys and they agreed to freezing all intrest and charges on them, these being MBNA all charges suspended for 12 months, and nationwide for 6 months.

I just was totally honest with them and told them waht exactly was happening and told them if circumstances change that i would let them know.

Good luck to your friend.

shazamaca

9 times out of 10 if you contact the credit card company explaining your change of circumstances they will freeze interest and charges as long as you come to an agreement about payment. They will also require to see a copy of your financial statement. Interest and charges are normally suspended for a period of 6/12 months thereafter they will contact you to ask for a review of your circumstances. If they have remained unchanged just let them know and charges will remain frozen.

Please do remember that CC companies are under to obligation to freeze interest and charges as you did sign a credit agreement with them when you took the card out and within this you agreed to there charges.