Is it possible or not?

emskizzle

Hi there,

So, finally 2011 is here and my main objective is to sort out my finances- a New Years Resolution which i am determined to stick to.

So i've calculated what i owe in loans and credit cards and how much i pay a month to cover these repayments. Its quite a lot; and i am pretty sure consolidating them isnt an option- i dont think my bank will help me (I have a meeting with them on Tuesday); my Halifax credit card i am currently paying 20.9% interest.

I am wondering if it is possible to contact these credit companies and see if there is a way to negotiate on this? The problem is, whilst i am meeting the payments, its only the minimum so i cant see myself getting out of this debt anytime soon.

Someone advised me to call the company and ask to have the account closed to stop interest accruing, but when i spoke to Halifax this morning they confirmed the information i had been given was wrong.....

zppp

emskizzle wrote: »

Hi there,

So, finally 2011 is here and my main objective is to sort out my finances- a New Years Resolution which i am determined to stick to.

So i've calculated what i owe in loans and credit cards and how much i pay a month to cover these repayments. Its quite a lot; and i am pretty sure consolidating them isnt an option- i dont think my bank will help me (I have a meeting with them on Tuesday); my Halifax credit card i am currently paying 20.9% interest.

I am wondering if it is possible to contact these credit companies and see if there is a way to negotiate on this? The problem is, whilst i am meeting the payments, its only the minimum so i cant see myself getting out of this debt anytime soon.

You can only ask. In my experience, generally unless you have not had a substantial change in circumstances i.e. redundancy or reduction of income. In these scenarios, they may look at the interest rate, they may look at reducing the amount of the repayment.

emskizzle wrote: »

Someone advised me to call the company and ask to have the account closed to stop interest accruing, but when i spoke to Halifax this morning they confirmed the information i had been given was wrong.....

You can reject a rate hike. So if you get a letter stating theu intend to increase your interest rate, you can write back and stop it from happening, but you are probably going to be unable to use the card for further purchases.

CLAPTON

First thing to do is to draw up a proper budget and summary of your debts ... a good format is here
http://www.makesenseofcards.com/soacalc.html


Impossible to give much advice without the full facts

However, CC companies won't in general reduce or freeze interest until you have stopped paying and the accounts are in default; that will trash your credit record and make further debt impossible to get