Freezing interest on credit card debt

sea-horse07

About three weeks ago I sent a letter to my credit card company asking to freeze the interest or to come to some arrangement regarding monthly payments. I'm not sure when to follow up the letter as I was advised that it would take a while to get a reply when I sent it.

I was wondering if anyone else had done this and how long it had taken for the credit card company to reply?

(I should add this is me being proactive rather than part of a payment plan etc as my minimum payments are becoming a bit unmanageable).

danielleindebt

bump - im unsure but im sure someone will be around soon to answer your question

ThankYouAndEnjoy!

Hello

Letters are normally dealt with by banks efficiently. Did you send recorded delivery?? Are you sure your letter has arrived??

Under most circumstances when a request for 'frozen interest' is requested, they send you out a form, similar to a S.O.A (statement of affairs) whereby you list income/outgoings and your offer to pay back the account (per month)

If you are saying that the payments are a 'bit unmanageable' then i assume that you are still making mimimum payments? Im not sure if you will be successful in your request as you are running your account to the agreed Terms and Conditions ...

hypno06

I would give them a call and explain that although you are managing to keep on top of your minimum payment you are now not able to do so. Explain you have already written to them but have not heard back. This shows that you are serious about trying to sort things out before they get too bad.

Remember though that this will result in an adverse entry on your credit file as you will not be complying with your terms and conditions of the card, so if you have a clean credit file and want to keep it this way for the next 6 years, then this is not the way forward.

Have you posted an SOA on these boards (as per southernscouser's sticky above) which would allow the wonderful DFW community to see if things could be eased off for you another way? Might be worth a try, and gives you control too, rather than having to rely on the credit card company.

Good luck and keep posting x

sea-horse07

Hi, thank you for your advice.
I didn't think to send the letter recorded delivery but I will phone them.

I am making only minimum payments at the moment but it's not making any difference to the balance, it is just increasing. I know paying only the minimum is not good but it is only the last couple of months I have had to do it as my interest has increased.
I've been a bit concerned by this as my cash flow is unpredictable and will decrease shortly which is not ideal!
I will definitely consider putting up a soa although I have used the budget planner from this site and have cut right back on everything!