Will credit cards freeze interest without a DMP?

in*the*red_6

Hi

Just a quick question on behalf of a friend. Does anyone have any experience where they've asked the credit company directly to freeze interest for say a few months while they get back in control without going down the full DMP route?

Thanks

ITR

dmb37

Last year I rang Barclaycard up and said I was struggling to pay the required amount. I suggested a figure and they agreed, although they didn't freeze the interest they reduced it to 1%. However, Morgan Stanley wouldn't oblige.
Best bet for your friend is to ring them and ask.

in*the*red_6

Thanks. If they did manage to agree it, would it have an effect on their credit rating?

john_kent

In my recent expieriance no. I have had to go through the CCCS self help pack. Most creditors wouldnt even talk t me regarding these issues until ihad a CCCS case number and sent paperwork in on CCCS provided forms. Even then , Cahoot insisted on only accepting their form.

dmb37

Yes it would be put on their credit file. If they are in serious debt then I would do what John suggests above. If payments have been missed or are late payments.....it all effects your credit rating.

HueyBuey

Hi, both of the above have frozen interest & accepted a lower payment for me - Goldfish was for 6 months, Citicard I believe is life of balance...Amex were the worst and have now passed to debt collection agency so I am calling cccs tomorrow as I can't now manage alone - it is wortha try however :-)