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Stopping Interest

(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

Comments

  • rog2
    rog2 Posts: 11,650 Forumite
    10,000 Posts Combo Breaker
    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: 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
    I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
    If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.

    HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7

    DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS
  • earplugs
    earplugs Posts: 68 Forumite
    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!
  • Thank you people for the advice :-)
  • beanielou
    beanielou Posts: 95,844 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Great advice there.
    Just wanted to say welcome to MSE :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
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