Debt help

bobster316

I have been out of work for approx 1 year and have finally managed to get a job, I am in debt with 10 credit card companies with various amounts owing on each.
I have missed a few payments on some of them and received default notices. I want to pay back the debt but the interest I am being charged is not making it easy to pay back the balances.
Is it possible for the CC companies to freeze my interest so I can pay back what I owe them. I do not want to go down the road of entering into an arrangement with them that will finish off my credit rating.

Tixy

Hi

For any that have defaults entering into an arrangement with them won't make your file look any worse - the defaults will stay on file for 6years regardless and already be having a major detrimental impact on your credit file. For any not yet defaulted and just showing some late payments then if you ask them to consider freezing interest it is likely they will mark a default or an arrangement to pay.

You could ask those that have defaulted if they will freeze interest - they'll usually only consider this if you can demonstrate you cannot afford minimum payments on all your debts. And usually they'll expect you to make reduced payments to all your creditors before they'll consider it.

RAS

Hi

It may also help to talk to one of the debt charities http://www.moneysavingexpert.com/loans/debt-help-plan?utm_source=forum&utm_medium=clicks&utm_campaign=resourcebar#help

Sometimes the creditors are more reasonable with them , although some companies refuse to play ball with anyone.