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Asking credit cards to freeze or reduce interest

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24

Comments

  • Thanks for your feedback both.

    One other thing one debt company has suggested an IVA as opposed to a DMP. Do you have any opinions on this?
  • EssexHebridean
    EssexHebridean Posts: 24,424 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Halifax are delighted to offer you a consolidation loan because they are fully aware that the vast majority of people who consolidate end up in more debt. 
    Front line staff are not trained debt advisors nor is Halifax in the business of giving tailored advice. They are merely providing an option, not the solution. That can only come from the person themselves. 
    Then I'm afraid they should have a standard policy in place that someone calling because they are struggling with debt does NOT get offered further borrowing. while people posting on here can have it explained to them why consolidation is an awful flawed idea for the majority, it's unrealistic to expect the vast majority of the public to know that. 
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
    Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
    £100k barrier broken 1/4/25
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    she/her
  • Thanks for your feedback both.

    One other thing one debt company has suggested an IVA as opposed to a DMP. Do you have any opinions on this?
    Which debt company suggested that? someone anting to make money out of you?
    If you go down to the woods today you better not go alone.
  • Thanks for your feedback both.

    One other thing one debt company has suggested an IVA as opposed to a DMP. Do you have any opinions on this?
    Which debt company suggested that? someone anting to make money out of you?
    Consolidation Express from looking online I suspect you may be right
  • Look don't even think of touching any company who will make money from you with a 50 foot barge pole.
    If you go down to the woods today you better not go alone.
  • EssexHebridean
    EssexHebridean Posts: 24,424 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If an IVA was right for you then StepChange would have recommended it or at least suggested you look into it. NEVER take debt advice from someone whose primary interest is in making a profit out of you - it's unlikely to be unbiased. 
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
    Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
    £100k barrier broken 1/4/25
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    she/her
  • Thank you both.

    So if I go ahead with DMP I still have some CC payments due this month should I stop them now? Then loan and CC payments which have already been taken for this month stop them before next month? Any tips on how to deal with the inevitable phone calls etc which will come. Do I need to send any letters to creditors? Is it worth making any kind of token payments? And finally should I wait for all accounts to default before processing DMP or just set a 6 month window?
  • So are you going to do your DMP through Stepchange?

    The general advice is not to rush into the DMP, others will be along with more advice for you.
    If you go down to the woods today you better not go alone.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Halifax are delighted to offer you a consolidation loan because they are fully aware that the vast majority of people who consolidate end up in more debt. 
    Front line staff are not trained debt advisors nor is Halifax in the business of giving tailored advice. They are merely providing an option, not the solution. That can only come from the person themselves. 
    Then I'm afraid they should have a standard policy in place that someone calling because they are struggling with debt does NOT get offered further borrowing. while people posting on here can have it explained to them why consolidation is an awful flawed idea for the majority, it's unrealistic to expect the vast majority of the public to know that. 
    Debt consolidation is an option for some people. Ultimately people have to accept responsibility for their own actions. Not offering a consolidation loan isn't going to stop people running up further debt. There have been great strides over recent years to progressively tighten up the lending markets and make lenders more accountable. Still more to be done. Takes time to wean people off the easy credit tap. 
  • So are you going to do your DMP through Stepchange?

    The general advice is not to rush into the DMP, others will be along with more advice for you.
    I think thats my best way out if I want any kind of mortgage in the future aswell i guess the saying is "short term pain for long term gain" 
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