Interest Freeze

clarkycat_2

HI,

I am trying to write to my credit card company to put a hold on my interest on my outsading bill. At the moment I cannot afford tyo pay back the minimum amount let alone the interest on top. I believe there is a way of getting them to do this. Also, is it possible to get them to postpone ANY paybacks, whilst I try and sort out this dire situation. I just need advice on what I should include in my letter that I am going to write.

Thanks

Xbigman

You need to do a budget and work out what you can afford to pay. Send a copy of this budget to any creditors you have and make an offer to pay whatever you can afford. Explain things as fully as possible.

If you read through the debt free wannabe board you will find a lot more information on this.
If you have a wider problem than one credit card debt you should to to CAB or phone CCCS.
Regards




X

Fatboy_NSS

You'd also need to cut up your card and any outstanding cheques and send them back with the letter, or give them your assurance that you'd already destroyed them. You're also more likely to be successful if you've already paid a large amount of interest and charges on the card.

When you're working out how much you can afford to pay each month make sure you go for a reasonable figure, as if you miss a payment interest will probably start again, and it will be much harder to get the interest frozen a second time.