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Will credit cards freeze interest without a DMP?

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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

Comments

  • dmb37
    dmb37 Posts: 74 Forumite
    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.
    Proud to be dealing with my debts :wave: :wave: :wave:
  • in*the*red_6
    in*the*red_6 Posts: 474 Forumite
    Thanks. If they did manage to agree it, would it have an effect on their credit rating?
  • john_kent
    john_kent Posts: 425 Forumite
    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
    dmb37 Posts: 74 Forumite
    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.
    Proud to be dealing with my debts :wave: :wave: :wave:
  • HueyBuey
    HueyBuey Posts: 24 Forumite
    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 :-)
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