Will card stop/reduce interest?

fuzzgun19

I have a number of credit cards, and a few years ago came to an agreement with them to pay less each month.
All but one of the cards reduced or stopped the interest due to my financial dificulties.
The card has a balance of £1314.96 and the interest each month is about £28.82. I am paying £30 pm, so it will take years to pay off and I cant afford to pay any more.

I've heard of these balance transfer things, but I bet no company would give me a loan or card because of bad credit history.

I have tried phoning them anout the interest but they said that as I'd agreed to terms when I got the card there was nothing they can do.
Is there any other way I could get them to reduce/stop the interest?

Xbigman

Unfortunately if you can service the debt, meaning you can at least pay the interest, then they have no incentive to cut your interest. Are your other cards being paid off more quickly? If so concentrate on them and as each one is cleared you can pay more off the one charging interest.
Regards



X

matrix999

Try contacting the CCCS - Consumer Credit Counselling Service. This is a charity organisation who will interview you regarding your debts and negotiate on your behalf with your creditors who normally when the CCCS is involved Freeze/Stop interest altogether so that any payments you make go to clearing the debt and not the interest charges.

There are no fees or charges for using the CCCS as they are a charity

http://www.cccs.co.uk

suetmc03

Can you tell us who the card is with?

fuzzgun19

It was a 'Index littlewoods' storecard, but is currently with a debt collector.

Nicky_3

A creditor wont hold onto an account forever when the account is in that condition. It will only be a matter of time before this card is passed on and interest is either reduced or frozen.

CCCS is one option or there is also https://www.payplan.com who are also a free company.

No creditor is under obligation to freeze interest however, its just that it makes sense to do so, especially if you are trying to sort out your finances rather than burying your head in the sand, therefore, most creditors will freeze interest eventually.

fuzzgun19

Nicky wrote:

No creditor is under obligation to freeze interest however, its just that it makes sense to do so, especially if you are trying to sort out your finances rather than burying your head in the sand, therefore, most creditors will freeze interest eventually.

Its been going on like this for 3 years, so if they were going to freeze/reduce the interest you'd think they would have done it by now.

Nicky_3

Stop paying them then and let them go for a CCJ, that will stop the interest.

Not the normal advice I would give, but not a normal situation by the sounds of it.