reducing or freezing interest on credit card payments

[cherryblossom10]

I have about 20k on credit cards. I have a job as a childminder but will be losing 2 of the children i look after and have had no enquiries lately about new children starting. Therefore my monthly income will be reduced. I have been struggling for a long time but have somehow managed to always meet the monthly repaymets (although i have paid late sometimes). Now i am worried. I really would like to try and avoid payplan and cccs because i am trying to desperately to improve my credit rating. I cannot get new cards to transfer balances so wonder if i could get my interest reduced or frozen to bring the payments down. My mbna abbey card has an APR of 29%. If the credit card companies will agree to this request will it still affect my credit rating? Sorry for the rambling post.

[fedup74]

Hi cherryblossom, I sent my creditors this letter. Most of them did freeze interest and stop charges but 3 never- you guessed it MBNA declined cos they don't like to help you! You could give it a go and if you do get into difficulties at least you have asked for help. Good luck:)

 

Dear Sir/Madam

Ref Account No-

I am writing to inform you that I am seeking advice and assistance regarding my current financial difficulties. To this end I would appreciate if you could hold any further action on the above account for a period of at least 28 days.

Also during this period, could you pleases freeze interest and/or penalty charges accruing on the above account as continuing charges/interest would not assist me in my present financial difficulties and can only serve to increase my total debt.

I look forward to hearing from you as soon as possible.

Yours Faithfully