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will credit card companies stop applying interest if you ask them?
thatdamien
Posts: 7 Forumite
After years of bad debt I have sorted most of the big ones and am left with a Citi card credit card owing just over £900 They have withdrawn the card yet they still charge me 27.9% APR interest. Due to bad credit history I don't think a zero %balance transfer is an option. Am I able to ask Citi card to freeze or reduce the interest charge? I have no intention of using/applying for the card again.
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Comments
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No you can't, but if they are planning to increase the rate in the future then you'll have the opportunity to opt-out, which means you'll pay the debt at your current rate, but the account will be closed0
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cheers, they wrote to me a few months back informing me of an increase and admittingly I didn't do anything, do you think its worth asking to opt out retrospecively? Thanks again. D0
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Err , Stephane , YES he can ask , wether they say yes is another thing , if the account is in default , or the OP has missed payments etc then it can turn out to their advantage anyway , in regards to the interest rate applied and wether the creditor sells to a DCA at some point0
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You only have 30 days from the moment you receive your interest rate increase notification to opt-out0
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Err , Stephane , YES he can ask , wether they say yes is another thing , if the account is in default , or the OP has missed payments etc then it can turn out to their advantage anyway , in regards to the interest rate applied and wether the creditor sells to a DCA at some point
He can but he won't get it...simple as that0 -
thanks to both of you, I'll write to them anyway - worth a try! cheers
D0 -
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sorry, am new to this - am I the OP?0
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