Credit card stop interest

Itsme1

I have a barclaycard the interest is ridiculous. Anyway they won't lower interest. Itvbeen at its limit for months I won't use it just trying to pay it off. I can't transfer to another card as I made a few late payments. Is there any way I could write to barclaycard or get the account closed with interest froze so I can pay it off.

[Deleted User]

Only if you default on the account, then it will be closed.

And you risk it being sold to a collection agency.

How much is owed on it?

Willing2Learn

Read the article from StepChange - Arranging debt payment with creditors

https://www.stepchange.org/debt-info/arranging-payment-with-creditors.aspx

Within that article there is a link for a letter template you can use with Barclaycard. There is no need for it to be marked as a default when you can come to an arrangement.

Edit: If you decide to use the letter template, then I suggest you phone StepChange before sending the letter as it the letter says you have contacted them.

TrickyDicky101

Willing2Learn wrote: »

There is no need for it to be marked as a default when you can come to an arrangement.

That's not correct - you are failing to abide by the terms of the agreement you have already made with the card company (ie their T&Cs when you borrowed their money). The CC company can and probably will report it to the CRAs as a default.

Willing2Learn

TrickyDicky101 wrote: »

That's not correct - you are failing to abide by the terms of the agreement you have already made with the card company (ie their T&Cs when you borrowed their money). The CC company can and probably will report it to the CRAs as a default.

Not necessarily...it all depends

BoGoF

If it's not marked as default it will be marked arrangement to pay......equally as bad on a credit file.

foxy-stoat

Itsme1 wrote: »

I have a barclaycard the interest is ridiculous. Anyway they won't lower interest. Itvbeen at its limit for months I won't use it just trying to pay it off. I can't transfer to another card as I made a few late payments. Is there any way I could write to barclaycard or get the account closed with interest froze so I can pay it off.

Naaa they wont reduce the interest, why would they? Just overpay were you can if you cannot balance transfer it to another card if your credit history is that bad.

Your balance should be going down by 1% every month if you are not using the card for spending so no way should it be on its limit for months - Do you pay the minimum payments?

MEM62

Willing2Learn wrote: »

Not necessarily...it all depends

You can dance around the semantics but the reality is that there is almost no chance of the OP freezing the interest or entering into an arrangement without a negative marker of some kind on their credit report.

OP, If your finances are stressed I would suggest that you get over to the DFW boards, post up an SOA and see some advice on budgeting and clearing your debt. The guys over there are really good at that sort of stuff