cancel c/c

southamptoe

Hi All,

Paying off my c/c at moment but struggling to make ends meet.
A couple have very high interest and wondered if I got in touch and explained I will probably default in next couple of months if they will freeze interest if I cancel my cards.
Is this possible or will I have to default first.
I now will effect my credit history but not worried about that at moment.
Thanks

YorkshireBoy

southamptoe wrote: »

...will I have to default first.

Yes, almost certainly.

Letting them know of your current troubles will likely have the opposite effect, ie a 'rate for risk' re-price of your interest rate!

[Deleted User]

They may put you on an arrangement of reduced interest. Icll impact your rating but less than a full default would.

dresdendave

Before making the decision to default why not post an SOA on the DFW board. You will receive good advice on cutting your outgoings, freeing up money that you can then use to make inroads into reducing your card debt.

southamptoe

Thanks for the help.
Think I will give them ring Tuesday nothing to lose dont think interest can get much higher Y/Boy!