Reducing Interest

Murphy0207

Im finding it hard to meet my multiple payments, this is due to mismanagment i admit, im told that credit card companies are obliged to offer support by reducing interest, a payment holiday, or some other method, what is the best way forward, i have multiple cards in total around 22k, thank you for any advice. 

born_again

To be honest best to post in debt free section. (Have asked to be moved)

But other than that you need to talk to each provider. To see what they can do to help you. But any of the above will see the card being stopped from being used. 

Brie

If you tell each of them that you are having financial difficulties and can't pay this month (or longer) they will respond each according to their processes.  If you stop paying completely (i.e. default) then they will then stop interest.  The first might not cause any issues with you using the card but the second will get them cancelled.  That's why some people default on most of the debts but leave one card, unassociated with any other debt, available for when they need it.  

might be helpful for you and us if you were to complete a statement of accounts (see the link below) and post it back here for more detailed help on your budget.

sourcrates

It will also depend on how long you expect your financial troubles to last, credit card companies only offer a temporary reprieve by stopping interest payments, or by lowering your min payment.

Usually if your issues are expected to last any longer than 6 months, they will just refer you to one of the debt charities for help.

Also note any arrangement you make with your card provider will result in AP markers on your credit file, if this is going to be more of a long term problem, best to stop paying altogether, and then enter a debt management plan with stepchange or Payplan.

Sunbakedscobble

My story is similar to yours. I was 34k in debt on credit cards. I contacted them all to ask for interest getting stopped or reduced. Non of them accepted. However the Halifax referred me to payplan. They were absolutely brilliant at helping me. All of my interest was frozen. whenever I have had letters saying the interest is starting again, I just forward onto payplan and they get it stopped. I am due to make my last payment in June 2026 (I can't believe only 6 months left) and recently all of my lenders have written to me to say my interest will now remain frozen until July.

Payplan told me to stop paying. So they all missed 1 month whilst the DMP and my new bank getting sorted.

my credit score (based on experian) has steadily inproved throughout the past 4 years from the lowest to now in fair.

Payplan was the best thing I did.