Stopping Credit Card Interest - Possible??

m933201

Hi everyone, was just trying to find out how easy it is, or if its even possible to get your cc company to stop your balance of the card, and start making agreed monthly payments, say to get the balance paid off within 5 years or something.

I have £15000 on credit cards, now my monthly payments have shot up massively as had some on 0%. I have been able to just afford the minimum payments for a couple of months, was in the process of trying to sort out a loan (my parents offered to take one out for me and then I repay it), but this will not happen for another 6 months or maybe longer and there is no guarentee that they will get loan!

Anyway now the minimum payments are increaseing to such an extent I cant afford them. So as mentioned I was wondering how likely the cc companies are likely to accept my proposal of stopping cc altogether. (i.e. no more interest) if I agree to make guarenteed monthly payments. I understand this would mess my credit rating up, but to be honest I'm not to concerned about this at the moment.

Any help or advice much appreciated!

CLAPTON

usually you would need to
-stop paying your minimum monthly amounts for 2-3 months
-they will then default the cards
-they will add lots of charges
-this will trash your credit rating for 6 years
-they then may agree to stop interest and charges and a small payment per month
-they may take you to court and get a CCJ
-if you own property they may try for a charging order on the house.

However, from what you say you only have a problem for six months when your parents will be able to help... so there may be better ways of handling this.

Can't really give advice with out knowning your full financial details
perhaps you would consider posting up a full SOA.. format here
http://www.makesenseofcards.com/soacalc.html
and/or posting on the debtfreeewnnabe board or contacting a free debt agency like CCCS or Payplan or CAB.

jimbo26

Barclaycard stopped interest for me and agreed a small payment each month until I was on my feet (now fully paid off). No default and no adverse marks on my file.

Barclaycard were brilliant in this respect.

~Brock~

jimbo26 wrote: »

Barclaycard stopped interest for me and agreed a small payment each month until I was on my feet (now fully paid off). No default and no adverse marks on my file.

Barclaycard were brilliant in this respect.

I think that you have confirmed the concept that lenders can and will be as accomodating as is reasonably possible with customers who are honest with them from the start and dont try and mask their real issues by kicking and screaming like petulant children.

Maybe a lesson there for others.

jimbo26

In contrast MBNA were complete !!!!!!.