Credit Card advice needed Re: Interest

BlueArmy73

I am running up some fairly heft debts on Credit cards.
It's not the fact that I dont want to pay them , it is the interest charges. I am not getting anywhere near lowering the outstanding amounts.

Is there any way that I can contact the companies and request the interest be frozen? I am struggling to make the minimum payments and one of them was £65 last month and only £5 came off the original balance rest was interest.

It is getting to the point where I am about to go under and not be able to afford to pay any.

Is it possible some may accept a request to freeze interest?

Tixy

Very occasionally a creditor may informally agree to freeze interest for say 6months. This is a goodwill gesture that some cards will do for some people some of the time (ie don't count on it until they've actually said they will).
By asking and alerting your cards to your problems you run the risk of having your accounts closed or your credit limits reduced (and even your APRs increased - although if this happens then make sure you reject any rate hikes).

You say you aer running up debts - are they increasing? is your interest more than your minimum repayments? have you stopped all spending on the cards?

If you cannot meet your minimum payments and can demonstrate to your creditors you cannot (by showing them an income & expenditure etc) then they may agree to let you pay reduced payments and freeze interest - this would in effect be a self-managed DMP, if your card companies did this they would almost certainly marke defaults or arrangement to pay on your credit file, which will seriously impact on your credit files for the next 6years.

I would suggest your best starting point might be to post up a statement of affairs on here for you to see your full finances and for people to be able to offer suggestions as to a way forward. http://www.makesenseofcards.com/soacalc.html