Stopping Interest

nikki_london

(posted else where, told this is the best place to post this question)

Hi,

I'm new to this and if this has been answered before apologies.

I have fallen behind with my credit card payments due to problems with my job, I have missed 3 payments now, on a debt of just over £8,000. They are still adding late payment fees and interest, what I would like to know is how can I stop the interest being added (if I can that is), as if they keep adding it, it will soon be closer to £9,000.

Is there a point when they have to stop adding the interest?

Any help and advice would be appreciated .

Thank You

rog2

Hi n_l and welcome to DFW

Have you informed your creditors of your situation?


You will get some great advice, on how to ask creditors to freeze your accounts and accept reduced payments by contacting one of the Debt Counselling Charities, such as:

• CCCS - www.cccs.co.uk/ tel. 0800 138 1111
• National Debtline - www.nationaldebtline.co.uk/ tel. 0808 808 4000
• A Debt Adviser at your local CAB

It is important that you communicate with your creditors, informing them of your situation, and, possibly, make 'token payments' to each card until things improve.

There are some great template letters that you can use on the NDL website - just click on the following link:

http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#3

earplugs

Hi there

The creditors don't have to stop interest on your accounts, but as rog2 has said, if you contact one of the above or use the national debt line letters yourself and ask for smaller payments per month and a freeze on interest, whilst explaining your current problems to them, they might freeze interest for a while but theyre under no legal obligation to do so.

Good luck!

nikki_london

Thank you people for the advice :-)

beanielou

Great advice there.
Just wanted to say welcome to MSE