Asking cc companies to freeze interest

PokerFace_2

Hi

As I have a lot of money on 3 different credit cards I was thinking of calling the companies to see if they woudl freeze the interest, I am worried though that if I tell them I am having difficulty repaying that they will ask me to pay the money back immediately, would this happen? is there any down side to asking?

Deep_In_Debt

Hi

No downside in asking - nothing ventured, nothing gained...

However, they will normally freeze interest if you have been demonstrating problems with paying - i.e. regularly missed payments, on a dmp etc. If creditors think you are not experiencing problems then they are unlikely to accommodate.

RoyalBlues

If you contact them and inquire about an interest freeze, this will alert them to the fact that you are experiencing/about to experience difficulties in making your payments and they will probably increase your APR.

They will be unsympathetic and tell you that you can't even attempt to inform them that you cannot meet the minimum payment until 3 months have passed. In the meantime they will continue to charge you interest and late payment charges and this will increase the debt, not to mention the adverse effect to your credit rating.

These credit card companies are legalised money lenders (IMHO) and in my experience not only do they prey on the least fortunate but they also seem to get some sadistic pleasure from the fact that they know that you are completely desperate and in utter turmoil...........

If you phone them, they won't ask for immediate repayment in full (they will follow the above procedure) but I do not recommend or advise it.

Good luck, you may well need it! I've been there and it's not nice.

fatbelly

If you can't pay, you can't pay.

There's a National Debtline standard letter here

naamsohail

PokerFace wrote: »

Hi

As I have a lot of money on 3 different credit cards I was thinking of calling the companies to see if they woudl freeze the interest, I am worried though that if I tell them I am having difficulty repaying that they will ask me to pay the money back immediately, would this happen? is there any down side to asking?

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