Can i ask this???

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katie4
katie4 Posts: 430 Forumite
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in Debt-free wannabe
Has anyone had any success ringing up and asking for their interest rates to be reduced?
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  • sourcrates
    sourcrates Posts: 28,879 Ambassador
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    Don`t ask, you don`t get........do you ;)
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
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    Hi katie4


    Are your debts affordable at the moment? Creditors are much more likely to freeze interest if you send them a statement of affairs (SOA) and it shows them you can't afford your contractual repayments. If your debts are affordable you can still ask for a reduction, but I'm afraid they are much less likely to agree.


    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • fatbelly
    fatbelly Posts: 20,499 Forumite
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    Katie - have you posted a statement of affairs on any of your threads?

    I feel sure you will get good advice if you do
  • savingholmes
    savingholmes Posts: 27,390 Forumite
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    Have you joined the MSE credit club and checked out your credit score for free? Are there any cards you can balance transfer to that are lower rate without sticking your head above the parapet in terms of saying your debt is unaffordable?

    When I first started tackling debt I was on high APRs and didn't think anyone would give me 0% offers. Within weeks we transferred everything to 0% and then began to make real headway with our debts. We all start somewhere...
    Achieve FIRE/Mortgage Neutrality by mid 2030
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  • katie4
    katie4 Posts: 430 Forumite
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    Well i called aqua and was point blank told interest rates are non negotiable :(
  • IrisViolet
    IrisViolet Posts: 110 Forumite
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    Hi Katie.
    I recently went on a payment plan with Aqua. I was managing all my payments but at a cost as completeky skinting us and most of the payments were just paying interest.
    I decided to write to my creditors explaining and including an SOA that detailed my outgoings. I used the stepchange calculator to see what they would recommend we budget.
    Anyway both Aqua and very accepted my offers no more questions asked. I pay bith less than the previous minimum payments but still high (£100 &£140 pcm) But all interest and charges have been stopped and I havent defaulted.
  • Nicosy
    Nicosy Posts: 46 Forumite
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    Nice idea Katie. Although everyone I actually speak to seems to have zero influence on terms of credit.

    Is there a direct line to the algorithms that decide all?!
  • katie4
    katie4 Posts: 430 Forumite
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    savingholmes wrote: »
    Have you joined the MSE credit club and checked out your credit score for free? Are there any cards you can balance transfer to that are lower rate without sticking your head above the parapet in terms of saying your debt is unaffordable?

    When I first started tackling debt I was on high APRs and didn't think anyone would give me 0% offers. Within weeks we transferred everything to 0% and then began to make real headway with our debts. We all start somewhere...



    Hi yes im signed up for the credit club but im not eligble for any 0% cards or loans im trying my luck with my local credit union who have always accepted me in the past so fingers crossed Aqua will be chopped up and burned then! :rotfl:
  • katie4
    katie4 Posts: 430 Forumite
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    IrisViolet wrote: »
    Hi Katie.
    I recently went on a payment plan with Aqua. I was managing all my payments but at a cost as completeky skinting us and most of the payments were just paying interest.
    I decided to write to my creditors explaining and including an SOA that detailed my outgoings. I used the stepchange calculator to see what they would recommend we budget.
    Anyway both Aqua and very accepted my offers no more questions asked. I pay bith less than the previous minimum payments but still high (£100 &£140 pcm) But all interest and charges have been stopped and I havent defaulted.

    Hi thanks for that I might try if i am not successful with the credit union loan, however does that affect your credit rating at all going on a payment plan?
  • katie4
    katie4 Posts: 430 Forumite
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    National_Debtline wrote: »
    Hi katie4


    Are your debts affordable at the moment? Creditors are much more likely to freeze interest if you send them a statement of affairs (SOA) and it shows them you can't afford your contractual repayments. If your debts are affordable you can still ask for a reduction, but I'm afraid they are much less likely to agree.


    Susie
    @natdebtline

    Hi I would say they are affordable now as I became Full time in December I think i just need to learn how to budget and find out where my money is going.
    I have cut down our spending especially on take aways, and we have set a grocery budget, we always find we have no luck as soon as we have a bit extra money something always seems to happen, like we had a flat tyre last week, then school trips to pay for
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