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  • FIRST POST
    • katie4
    • By katie4 5th Feb 18, 1:28 PM
    • 136Posts
    • 39Thanks
    katie4
    Can i ask this???
    • #1
    • 5th Feb 18, 1:28 PM
    Can i ask this??? 5th Feb 18 at 1:28 PM
    Has anyone had any success ringing up and asking for their interest rates to be reduced?

Page 1
    • sourcrates
    • By sourcrates 5th Feb 18, 2:00 PM
    • 14,042 Posts
    • 13,302 Thanks
    sourcrates
    • #2
    • 5th Feb 18, 2:00 PM
    • #2
    • 5th Feb 18, 2:00 PM
    Don`t ask, you don`t get........do you
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
  • National Debtline
    • #3
    • 5th Feb 18, 2:24 PM
    • #3
    • 5th Feb 18, 2:24 PM
    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
    • By fatbelly 5th Feb 18, 4:59 PM
    • 12,247 Posts
    • 9,281 Thanks
    fatbelly
    • #4
    • 5th Feb 18, 4:59 PM
    • #4
    • 5th Feb 18, 4:59 PM
    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
    • By savingholmes 6th Feb 18, 7:41 AM
    • 8,955 Posts
    • 17,004 Thanks
    savingholmes
    • #5
    • 6th Feb 18, 7:41 AM
    • #5
    • 6th Feb 18, 7:41 AM
    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...
    Today is a new day 93/310 10 a day Mar Challenge DFD August 2021
    • katie4
    • By katie4 6th Feb 18, 3:19 PM
    • 136 Posts
    • 39 Thanks
    katie4
    • #6
    • 6th Feb 18, 3:19 PM
    • #6
    • 6th Feb 18, 3:19 PM
    Well i called aqua and was point blank told interest rates are non negotiable

    • IrisViolet
    • By IrisViolet 6th Feb 18, 5:26 PM
    • 99 Posts
    • 1,845 Thanks
    IrisViolet
    • #7
    • 6th Feb 18, 5:26 PM
    • #7
    • 6th Feb 18, 5:26 PM
    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
    • By Nicosy 6th Feb 18, 5:52 PM
    • 10 Posts
    • 4 Thanks
    Nicosy
    • #8
    • 6th Feb 18, 5:52 PM
    • #8
    • 6th Feb 18, 5:52 PM
    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
    • By katie4 7th Feb 18, 8:29 AM
    • 136 Posts
    • 39 Thanks
    katie4
    • #9
    • 7th Feb 18, 8:29 AM
    • #9
    • 7th Feb 18, 8:29 AM
    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...
    Originally posted by savingholmes


    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!

    • katie4
    • By katie4 7th Feb 18, 8:30 AM
    • 136 Posts
    • 39 Thanks
    katie4
    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.
    Originally posted by IrisViolet
    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
    • By katie4 7th Feb 18, 8:32 AM
    • 136 Posts
    • 39 Thanks
    katie4
    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
    Originally posted by National Debtline
    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

    • Oakdene
    • By Oakdene 7th Feb 18, 8:34 AM
    • 1,935 Posts
    • 7,102 Thanks
    Oakdene
    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
    Originally posted by katie4
    Great news that you have more money coming in, though as others have mentioned you should post a statement of affairs & people will be able to help you
    Hiraeth
    • katie4
    • By katie4 7th Feb 18, 8:44 AM
    • 136 Posts
    • 39 Thanks
    katie4
    SOA


    I am aware we have enough money left over to put towards our debts
    We have only recently started having this extra money as I became full time in December I have not yet managed to figure out how best to manage this




    Statement of Affairs and Personal Balance Sheet
    Household Information

    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned.................... 2
    Monthly Income Details

    Monthly income after tax................ 1100
    Partners monthly income after tax....... 1400
    Benefits................................ 137
    Other income............................ 0
    Total monthly income.................... 2637

    Monthly Expense Details

    Mortgage................................ 362
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 123
    Electricity............................. 44
    Gas..................................... 44
    Oil..................................... 0
    Water rates............................. 46
    Telephone (land line)................... 0
    Mobile phone............................ 90
    TV Licence.............................. 13
    Satellite/Cable TV...................... 0
    Internet Services....................... 30
    Groceries etc. ......................... 300
    Clothing................................ 0
    Petrol/diesel........................... 300
    Road tax................................ 40
    Car Insurance........................... 90
    Car maintenance (including MOT)......... 10
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 18
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1520


    Assets

    Cash.................................... 0
    House value (Gross)..................... 85000
    Shares and bonds........................ 0
    Car(s).................................. 1000
    Other assets............................ 0
    Total Assets............................ 86000


    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 56500....(362)......0
    Total secured & HP debts...... 56500.....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Aqua CC........................4000......160.......42
    Barclaycard....................1200......30....... .18
    Tesco CC.......................3300......60........0
    Sainsburys Loan................2000......201.......0
    Natwest Loan...................360.......46........0
    CU Loan........................300.......46........0
    Total unsecured debts..........11160.....543.......-


    Monthly Budget Summary

    Total monthly income.................... 2,637
    Expenses (including HP & secured debts). 1,520
    Available for debt repayments........... 1,117
    Monthly UNsecured debt repayments....... 543
    Amount left after debt repayments....... 574

    Personal Balance Sheet Summary
    Total assets (things you own)........... 86,000
    Total HP & Secured debt................. -56,500
    Total Unsecured debt.................... -11,160
    Net Assets.............................. 18,340

    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.

    • fatbelly
    • By fatbelly 7th Feb 18, 1:32 PM
    • 12,247 Posts
    • 9,281 Thanks
    fatbelly
    That looks pretty realistic for the most part. So it's just a case of throwing what you can at Aqua until it's gone.

    I suspect you will be averaging more that 10 a month on car maintenance and MOT as you appear to have 2 older cars and very high mileage.

    Council Tax - is that over 10 or 12 months? Going to 12 next year should make a difference.

    I would put something in for clothing and also consider a basic contents insurance policy - maybe getting some cashback from Quidco/topcashback.

    But overall if you stick to this I can see you being debt-free within 3 years.
    • katie4
    • By katie4 7th Feb 18, 1:52 PM
    • 136 Posts
    • 39 Thanks
    katie4
    That looks pretty realistic for the most part. So it's just a case of throwing what you can at Aqua until it's gone.

    I suspect you will be averaging more that 10 a month on car maintenance and MOT as you appear to have 2 older cars and very high mileage.

    Council Tax - is that over 10 or 12 months? Going to 12 next year should make a difference.

    I would put something in for clothing and also consider a basic contents insurance policy - maybe getting some cashback from Quidco/topcashback.

    But overall if you stick to this I can see you being debt-free within 3 years.
    Originally posted by fatbelly
    Thanks for your reply
    Yes we have two older cars plus one is a 2.4 which doesnt help on the petrol cost, we both work full time and we both work out of the city in which we live which isn't ideal either


    Not sure about council tax but we do get two free months a year


    although we have the income now, we still find ourselves struggling to reach eat pay day so im assuming we're overspending somewhere i just need to find out where

    • Pixie5740
    • By Pixie5740 7th Feb 18, 4:14 PM
    • 12,114 Posts
    • 17,058 Thanks
    Pixie5740
    Try keeping a spending diary to see where your money is going. You are home owners yet have no emergency fund so if anything needs maintained or repaired it isn't being budgeted anywhere. Likewise you have nothing budgeted for entertainment. These things will be coming out of the 574 the SOA above shows you should have left each month. Those are just a couple of examples, a spending diary will probably throw up more.

    90 a month is a lot to spend on mobile phones. How many phones are you paying for?
    • katie4
    • By katie4 7th Feb 18, 4:17 PM
    • 136 Posts
    • 39 Thanks
    katie4
    Try keeping a spending diary to see where your money is going. You are home owners yet have no emergency fund so if anything needs maintained or repaired it isn't being budgeted anywhere. Likewise you have nothing budgeted for entertainment. These things will be coming out of the 574 the SOA above shows you should have left each month. Those are just a couple of examples, a spending diary will probably throw up more.

    90 a month is a lot to spend on mobile phones. How many phones are you paying for?
    Originally posted by Pixie5740
    thanks yes i might start doing that, we have two mobiles in contract though

    • Pixie5740
    • By Pixie5740 7th Feb 18, 4:20 PM
    • 12,114 Posts
    • 17,058 Thanks
    Pixie5740
    thanks yes i might start doing that, we have two mobiles in contract though
    Originally posted by katie4
    90 a month for two phones is still high. Maybe have a look at MSE's tips for cutting the costs of phones and/or see what your current provider(s) can offer you.

    https://www.moneysavingexpert.com/phones/mobile-phone-cost-cutting
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