Freeze CC and OD interest.

MoneyMax

Hi, wonder if anyone can offer advice?

My partner has an OD of £400 on an account that he doesnt use and a CC of £6k.

I want to get these paid off ASAP as they are high interest. Do you think i would be sucessful in requesting that they freeze the monthly interest, freeze the card and account and we pay what we can afford (without going under the minimum payment for the CC).

My reason for asking is that were struggling to keep up minimum payments.

Thank you
Max

Tixy

Some credit card providers will occasionally agree to this for a short time (6months or so) but will usually mark your credit file to reflect this (with an arrangement to pay marker).

Aside from that if you cannot meet minimum payments they may agree to a reduced payment plan and possibly to freeze interest if these are his only debts and if he can demonstrate he can't meet minimums but this will be at the expense of his credit report and the accounts will almost certainly have default markers on them - which stay on file for 6years.

MoneyMax

Tixy wrote: »

Some credit card providers will occasionally agree to this for a short time (6months or so) but will usually mark your credit file to reflect this (with an arrangement to pay marker).

Aside from that if you cannot meet minimum payments they may agree to a reduced payment plan and possibly to freeze interest if these are his only debts and if he can demonstrate he can't meet minimums but this will be at the expense of his credit report and the accounts will almost certainly have default markers on them - which stay on file for 6years.

His credit score is very very good so he doesnt want to mark this, we make the payments but its soo hard. Suppose will will have to try harder! Thank you