Credit Card Debts

bobster316

I have multiple credit cards with various amounts of money owed on all of them, I've also been out of work for over 6 months and kept my head above water by paying minimal amounts from my savings, i've also now defaulted on most of them. I've finally magaed to get a job and hopefully will be able to start paying back some of the debts.
Does anyone know if i can negotiate wth the credit card companies to lower the interest rates so i can pay back their money and not just the interest.

Tixy

If you can't afford minimum payments then its worth asking the credit card companies if they'll accept lower payments and if the will consider freezing interest & charges.
If they've already entered defaults on your credit file then it should make them more likely to do so, especially if you can prove you can't afford to repay the minimums, although its at their discretion whether they'll agree to.

You can either try writing to them individually yourself or you could contact one of the debt advice charities who might suggest doing a DMP with them or give you suggested template letters for writing to your creditors.
The national debtline website is another useful source of template letters you could look at and adapt to your situation.