Any tips on persading CC companies to stop charging interest on my debt?

keigh

See other thread if necessary.

Has anyone had any success in persuading CC companies to stop adding interest to their debt? If so what did you do?

I seem to have made a "mistake" in following CCCS advice to offer to pay off my debts in full by selling my house, so they all know I have a house, and so there is no incentive for them to stop interest.

Any ideas? Thanks

fatbelly

Letter from National Debtline. Keep pestering them!

Dear Sir/Madam

Re: Account/Reference Number

Thank you for your letter/telephone call of _________ concerning the above account. I am /we are sorry that you feel unable to suspend interest charges on the above account. The majority of my/our other creditors have agreed to the offer of payment and agreed to suspend any interest charges still accruing. They have accepted that to continue to charge interest would not assist me/us in my/our present financial difficulties, and can only serve to increase our total debt.

As you are aware, I/we have already paid considerable sums in interest to my/our account. If interest charges continue, the monthly installments I/we are paying will not even cover that interest. Also the co-operation of my/our other creditors who have agreed to freeze interest already would be put at risk.

(Optional - add details of your circumstances and financial situation)

I/We would therefore be grateful if you would reconsider your decision not to freeze the interest. This would mean that the monthly payments I/we make would actually reduce the balance outstanding to your company.

I/We look forward to hearing from you as soon as possible.

Yours faithfully

Tootsie_Roll

Put yourself in their position - they know you have the ability to repay the full debt owed (and reagrdless of whether you had admitted it or not they would have found out) so why would they accept anything less ? If it were money owed to you would you do it differently ?

kevster1009

woo hoo, another helpful reply!

Me_Myself_2

Trolls Excel Themselves At Every Opportunity!!!!!!!!11

looby75

I didn't think I would ever actually see myself typing this but TR does actually make a good point.

I'm not saying it's right, but cc co's are just that companies out to make money, if they know that they are going to get paid in full eventually why on earth would they stop.

Sorry OP, I know thats not what you want to hear, and you do have my sympathy. I've read your other posts and I know you are in a difficult situation at the moment. Send the letter fatbelly suggested and fingers crossed at least some of the cc co's might be generous.