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    • allthe7s
    • By allthe7s 15th May 18, 8:12 AM
    • 116Posts
    • 448Thanks
    Freezing interest Q
    • #1
    • 15th May 18, 8:12 AM
    Freezing interest Q 15th May 18 at 8:12 AM

    I have got myself to a point that I can only afford to pay the minimum amount for my 2 Santander cards.

    If I asked them to freeze or reduce the interest for a while (which they would probably say no to anyway) but if I asked, would that affect me negatively in any way in future credit searches? (Not that I am planning any but I would hate to be refused credit when I've always been fine before)

    Thank you

Page 1
    • Suseka97
    • By Suseka97 15th May 18, 8:34 AM
    • 448 Posts
    • 575 Thanks
    • #2
    • 15th May 18, 8:34 AM
    • #2
    • 15th May 18, 8:34 AM
    I think you'll find that many people who are struggling to meet their financial obligations can only, just about, afford the minimums and I can see no reason that they would agree to treat you as a special case. Unfortunately credit card companies almost rely on people not paying off their balances on a monthly basis and hence 'profit' from the high interest rate they charge.

    Perhaps as a first step you should look at ways to cut down on non essential spends (if that's doable), if not then maybe talk to a debt management company - a free one, not one that charges for their services (e.g StepChange, Payplan) for some advice.

    You say you're not planning to take out more credit, but if you are struggling financially, then there is a good chance you will, so do get some advice before your situation gets any worse. You can also go and have a look at some online resources, such as North East Derbyshire Citizens Advice Bureau (NEDCAB) which many such as myself have used to good effect over the years.
    LBM Apr13: 14 Creditors / 85k+ owed / 11k outstanding (3 x UE / 3 x outstanding) DMP on hold
  • National Debtline
    • #3
    • 15th May 18, 4:11 PM
    • #3
    • 15th May 18, 4:11 PM
    Hi allthe7s

    It is likely your credit file will be affected if your creditors agree to freeze interest, but if you have no other way to start making a dent in your debts it's still worth considering.

    It's also worth being aware of new rules introduced by the Financial Conduct Authority (FCA) on how credit card companies must help people who are only paying the minimum repayments on their debts. The rules were introduced on 1 March 2018, and credit card companies have until 1 September 2018 to comply. You can find the details here

    Best wishes


    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
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