Natwest Credit card debt - Help Please!

helpkitty

Hiya
I have a credit card with Natwest which I've had forever and is over the credit limit at £6200. The minimum payment every month is £145 and I cant afford to pay any more than this and the balance is going up every month!
Due to "associated credit" I am unable to get a new loan / credit card to switch this too.
What would happen if I asked them to freeze the interest on this card and how would this affect my credit rating? (as it doesnt currently show on my credit file?)
Any help would be greatly appreciated!
Thanks
K x

creditisbadnews

helpkitty wrote: »

Hiya
I have a credit card with Natwest which I've had forever and is over the credit limit at £6200. The minimum payment every month is £145 and I cant afford to pay any more than this and the balance is going up every month!
Due to "associated credit" I am unable to get a new loan / credit card to switch this too.
What would happen if I asked them to freeze the interest on this card and how would this affect my credit rating? (as it doesnt currently show on my credit file?)
Any help would be greatly appreciated!
Thanks
K x

Move over to the debt-free-wannabe board they are more than helpful.

Tixy

Are you sure it doesn't show on your credit file with any of the 3 CRAs?

If you ask them to freeze interest & demonstrate that you cannot afford the monthly payments (by showing them an income & expenditure) they may agree to freeze interest but with either record a default or arrangement to pay on your credit file. This will make it very hard to get new credit for years.

Also if you also have a bank account with Natwest or an associated bank you would need to move your account elsewhere to prevent them from offsetting money in your current account.

ironlady2022

Are you still spending on it? Surely if you have stopped, the amount should be going down.

helpkitty

Hi No I havent spent on the card for years its the charges that keep the balance going up ...
And it deffinatley isnt on any of the credit files, not sure why?

helpkitty

creditisbadnews wrote: »

Move over to the debt-free-wannabe board they are more than helpful.

How do I do this? (sorry)

bengal-stripe

creditisbadnews wrote: »

Move over to the debt-free-wannabe board they are more than helpful.

helpkitty wrote: »

How do I do this? (sorry)

Klick here:

http://forums.moneysavingexpert.com/forumdisplay.php?f=76