Request to Freeze CC Interest....!

dreamcatcher_3

Hi

I have been receiving MSE emails for a while now but have only recently opened my Lever Arch files (I'm very good at filing...!) to see just how bad my debts were getting.

I am at just under £19,000 on CCs. At present I am joint owner of a mortgaged flat with my mother, she has agreeed to buy me out leaving me with a 10% interest in the property (though I will not be named on the mortgage deeds). This should give me a lump sum of about £23,000 to £25,000.

Upon the advice from CAB Last week I wrote to my four CCs explaining my financial problems asking for the Interest to be frozen and suggesting a payment of £30 per month until my money from the sale of my share of the flat comes through.

My question if anyone knows is: how long should I wait to hear from the CCs before phoning them to follow up my letters or should I call anyway to see if they are going to respond to my letter?

dreamcatcher

Snaggles

Hiya, I saw your thread last night but didn't get chance to answer, sorry. I'm not really sure how quickly to chase up the letters, if at all, but will bump your thread to see what others think.

Have you been managing to make your monthly minimum payments on your credit cards up until now? If so, it's probably unlikely they will agree to reduce the interest, but it's worth a try.

dreamcatcher_3

Hi

Yes I do pay each month by DD so while I am being strangled by my debt I also at the same time have a good credit rating....!

I think I will call them on Friday after work to chase up - I won't know till I ask I suppose?!?

Thank you for your response

dreamcatcher_3

UP-date:
HSBC sent me a letter and form accepting my request of payment offer. They've told me to cancel the DD to stop next months full payment and asked me to either send the card back or cut it up.

One down three more to go!

PS: I did Martins Budget Spreadsheet - it's great really; shows where all your pennies disappear to... and where you can make cuts in your spending...!