Desperately need advice on getting interest frozen!

jester77

Hi there everyone,

I am currently just about surviving with monthly payments and am just in 1 months arrears on one of them. However next month I will be worse off as I am in a transition with work where I am moving from being self emploed to employed as im not earning enough.
Is there anyway I can get the interest frozen on my cards without affecting my credit rating?
How do you go about freezing them?
Any other hints or tips anyone has?
Also at what point is an account classed as defaulted?

GirlRacer_2

I don't know if it's possible to freeze interest without admitting to the CC company that your having problems meeting your repayments. Are you able to change your cards to 0% balance transfer cards?

jester77

Well I am one month in arrears already and will probably just get worse, at what point can I ask them to freeze it? Also how to I get into an arrangement with them, that is a better option than defaulting surely?

van22663

Hi Jester,

have you spoken to national debtline or CCCS, they can give you lots of really good advice.
If you contact the credit card companies, most of them will let you come to an arrangement with them for a period of time. However, they will want an income and expenditure list from you. Some companies will help you with that but in my experience, you are better to get help from professionals like the CCCS. If you do enter into an arrangement with them, they will freeze interest for up to 12 months but it will reflect on your credit rating. That will be on your credit file for up to 6 years. If you think that the problem is just short term, there may be better options available to you. Also some credit card companies will just show as an arrangement in place but others will straight away show a default, even with an agreed arrangement in place. Egg is one that do this and Goldfish are another. Hope this helps, good luck.

Undersized_Rascal

jester77 wrote: »

Well I am one month in arrears already and will probably just get worse, at what point can I ask them to freeze it? Also how to I get into an arrangement with them, that is a better option than defaulting surely?

call them and let me know how you get on!

jester77

Well I think I will make do for as long as I can, will probably be next month I have to do something and the problems will be with Capital One and Virgin.