Freezing barclays interest?

leoniestacy

Evening all, to cut a long story short, I've got myself into quite a bit off debt.
My worst debt is barclays, I owe around 2500 and I'm paying the lowest amount every month which is around £60 however because the interest is so high high, I'm paying off around month.
Is there any chance they would freeze the interest for a while so I could have a chance of paying off this card?
I am struggling to pay the £60 every month anyway.
Many thanks

Tixy

Hi

A few people have reported successes with credit card companies agreeing a reduction in the interest rate from just calling and asking, or a short term freeze on interest for say 3months. Though if they do agree a freeze it will likely show in some way on your credit file (possibly as an arrangement to pay).

If you cannot afford repayments longer term then it may be worth considering a reduced repayment plan and asking them to consider freezing interest & charges.

They are most likely to consider freezing interest if you treat all your creditors equally, that is to offer reduced repayments to all of them.

National_Debtline

Hi

Just to add to Tixy’s post, it’s a good idea to complete a statement of affairs to see how much you can realistically afford to pay towards your debts after you've covered your essential living costs.

If you can’t realistically afford the contractual minimum payments on all of your debts each month you could try negotiating reduced payments and frozen interest in writing (there are sample letters on our website to help with this), or possibly use a free debt management plan (DMP) provider such as Stepchange.

As Tixy says, it is likely to have a negative effect on your credit reference files if you don’t meet the CMIs each month.

James
@natdebtline