Freezing Interest?

caitlinsmummy2006

Hi

I have a really big problem. A few months ago I got 2 credit cards, they were my first and the APR's on them are 30 plus.

Each month I am paying £30 off each (last month I paid £50 off one coz it was over the limit - that took it to in credt about £10) when I've just checked one of my cards despite having £10 credit last time I looked I am now minus £30 odd coz they've slapped the payment protection plan on and the interest!

I've just been working out all of my money commintements and I can't afford to pay any more than £30 each. I can't transfer the balances to other cards coz I can't get any cards with lower APR's and I can't get a loan due to bad credit rating too.

Someone mentioned to me about freezing interest so I can pay things off but I dunno how to go about it.

I know I shouldn't have gotten into this mess in the first place but I originally got he cards to pay for driving lessons and test and then I got loads of Xmas pressies on them too which is why they are at the limit.

Any help would be grately appreciated as this is causing big problems for me and my partner.

ad44downey

before you do anything else cancel the payment protection plan . it's a complete waste of money.

exel1966

caitlinsmummy2006 wrote: »

Hi
Each month I am paying £30 off each (last month I paid £50 off one coz it was over the limit - that took it to in credt about £10) when I've just checked one of my cards despite having £10 credit last time I looked I am now minus £30 odd coz they've slapped the payment protection plan on and the interest!

Secondly, destroy the cards now before you get tempted to spend anymore when you've paid some money off.

Could you rephrase this para as it doesn't make easy reading? You had 1 card in credit ? What are the current balances of both cards and what rates per balance ?

jamalfatty

exel1966 wrote: »

Secondly, destroy the cards now before you get tempted to spend anymore when you've paid some money off.

Could you rephrase this para as it doesn't make easy reading? You had 1 card in credit ? What are the current balances of both cards and what rates per balance ?

I think what they meant was they had £10 available credit, which it then sounds was wiped out by the interest/ppi going on to the balance.

To get under the limit and avoid the inevitable charges, you would need to pay the minimum payment and the amount you are over the limit by.

If they are new cards as it sounds, doubt very much they will completely freeze the interest unless you fall seriously in arrears. As your making payments albeit relatively small ones, there is no reason for them to freeze it.

Phone them up and see what they can do, and cut the cards up whilst ploughing as much money into them as is humanly possible to get the balances down

fatbelly

Maybe hop over to the debt free wannabee forum and run the whole picture past them. Hopefully they can help you sort out how you are going to afford the minimum payments.

caitlinsmummy2006

I've cut the cards up already, I did that yesterday, I got on to Barclays to see about reducing payments and they put me through to a debt management company who is going to phone me back on Monday and help sort things out.

Thanks for your feedback:beer:

lesley1960

caitlinsmummy2006 wrote: »

I've cut the cards up already, I did that yesterday, I got on to Barclays to see about reducing payments and they put me through to a debt management company who is going to phone me back on Monday and help sort things out.

Thanks for your feedback:beer:

I dont know much about debt management companies , but i'm not sure you should trust a company your bank recommended to necessarily have your best interests at heart , I echo the advice you were given to post on the debt free wannabees board