freezing the interest on my credit card?

manclad2

HI all. i wonder if anyone could help me.

I currently have a capital one credit card (bad i know) with a balance of £3000.

The monthly payments are currently £140.00 per month with about £80 per month of that interest alone. As you can imagine this is now cripling me and leaving me with very limited funds to live off.

I have read somewhere that i may be able to contact the credit card company with the possibility of frezzing the interest on the card and making them an offfer to pay of the debt at a monthly amount.

Please can anyone advise me if this is a viable option and the best way to go about it?

Many thanks.

Peter

CLAPTON

Have you considered trying to get a lower interest rate card and BTing the balance across?

Its unlikely they will freeze interest unless you default on the monthly payments first... that means your credit rating will be trashed for 6 years.

If you are in such a desperate situation I would suggest you go over to the debt free wanabe board, read the stickie for newbies and post up an SOA.. full details of income, spending, and debts and see what we can suggest over there before taking such a drastic step.