Can i freeze credit card interest?

Davidp77

Hi

Was hoping someone would be able to offer some advice.

I currently have about £10k on credit cards and a terrible credit rating. I can only afford the minimum repayments and that is only really covering the interest they are charging.

I have had all of the cards for several years now so the companies have made plenty of money out of me. I tried applying for new cards to transfer the balance to a 0% rate but was turned down each time.

Is there anyway I can write to the companies and ask them if they will as a gesture of goodwill freeze the interest for a few months just to help me reduce the debt a little. I had read that this might affect my credit rating but that is bad anyway so i'm not worried about that.

Does anyone know if there is a letter template anywhere that I could use as a start to see if they will help me out?

Many Thanks

David

kaisersoze_2

As your still paying them (be it only the minimum balance) i think the credit card companies will most likely turn down your request as its not in their interest to do this.

You could not pay them for a while and then try and come to an arrangement but this is risky and will seriously hinder your credit rating

Robert_Sterling_3

You can write and ask.

Jvic28

You can but try, be warned though that this will affect your credit history. I have got all my creditors to stop interest but I was already in arrears.