Advice on asking for CC interest reduction

CarelessReuben

Hi,
I'm looking for advice on how to approach (one of) my CC companies to ask about reducing the interest charges on a large debt. I have had a Mastercard for about 15 years and over that time I have lived at the limit for much of the time in a spiral that I am sure is familiar to many here.
In around 2011,uninvited, they extended the limit from about £11K to £14.5K and like a fool, I used it. I have been at or close to the limit ever since.
About a year ago Lloyds TSB wrote to close the account so since then I have been paying to clear the debt, which is down to about £11.5K and I have paid on time for a year now (I was regularly late due to the payment date but only ever by a week or so). I have 3 other cards with total balance of a similar amount, which I want to pay down but never seem to quite manage much headway.
I am fortunate in that I have a good job but due to the accumulated debt, I have no reserves.
What I would like to do is get Lloyds to reduce the APR from 20% to something more like the rate they are offering on new cards so that the £350 I am able to pay reduces the capital owed faster. This is 6.5% with a note that some may be offered 15%, presumably if their credit history is poor like mine. Even this would be a help. I don't qualify for DMP as far as I can tell and I am not trying to duck responsibility but I need to get out from under this.
So, my question is has anyone had any success getting rates reduced outside of DMP, IVA etc? And if so, do you have any pointers as to what makes the CC companies respond favourably.
Thanks in advance for any suggestions.
Regards
Reuben

[Deleted User]

It's rare, but be aware that it's likely to be marked as an arrangement if agreed.

They're unlikely to offer you the current headline rate as you're much higher risk.

sourcrates

Hi,

Credit card companies may agree temporary interest reductions for say 6 months or so, but any long term reduction would need to be as part of some kind of debt management plan, and obviously this would effect your credit file in a negative way.

It really depends if this is a massive problem for you, or if it’s more of a short term glitch.

Anyone can do a DMP if it’s the right choice, there is no pre-requisite criteria you have to meet, if you have a good income, then you may be able to make savings elsewhere in your budget that allows you to overpay on the debts, so avoiding debt management.