10k m and s card help!

Nicksky

Hi,i have a problem. after splitting with my missus, i have got the 10k m s card .

I have a poor credit rating.
basically its £250m per month, ill ask a naieve question....
can i get the interest frozen? ill never be able to pay more than the min amount.

helpful suggestions needed.

Moneymash

How do you know your credit rating is poor? Have you actually checked it recently. You can get your credit report for free from https://www.noddle.co.uk/ I would check it first, perhaps it is not as bad as you think and you could try applying for a 0% card.

CLAPTON

really need to know your full financial circumstances (income & spending)

but basically, no they will not freeze the interest until you stop paying and default

trikidy

Nope sorry.

sistafromanothermista

As above really. Why would they freeze when you're paying on time and the amount req? They bank on you only paying the minimum!!

jason1231972

Nicksky wrote: »

Hi,i have a problem. after splitting with my missus, i have got the 10k m s card .

I have a poor credit rating.
basically its £250m per month, ill ask a naieve question....
can i get the interest frozen? ill never be able to pay more than the min amount.

helpful suggestions needed.

In order to go down the freezing interest route (which is difficult), your lender will require you to provide details of income/expenditure. Often, you'll be required to prove it, as well. If you can afford the minimum (even if it's all you'll ever be able to afford), you're highly unlikely to get any form of assistance or goodwill from them.

So, an idea might be to go through your own SOA (statement of affairs), and identify ways in which you can make cutbacks in order to pay more than the minimum, and get out of debt quicker. It's surprising how much we can spend on non-essential items without thinking about it. It's also surprising how much of a positive difference paying even a couple of quid more than the minimum on debts can make.