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Contractual Interest.How to avoid it

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Hi all,

Anyone have the latest information on contractual interest .Are creditors getting away with charging it.If creditors refuse to freeze all interest and charges as part of negotiated instalment offer, what is best approach- is it to seek a time order-do most orders freeze interest in the agreement/or automatically freeze interest.Is there any difficulty being granted time order and having the interest frozen.

Thanking you in advance

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most DMP's like cccs & payplan can get int/charges stopped

but so could you - ASK.

i offer you £xx PCM as a goodwill gesture for xx mts

if you will reciprocate & freeze int & charges.

 

if not i will only pay £1 till i die

dx

 

 

dx


..

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If you're in Financial Difficulty, you should start off by asking the bank to stop adding interest and charges.

 

See this Article which refers to the relevant sections of The Lending Code which banks must adhere to - http://www.consumeractiongroup.co.uk/forum/content.php?557-Letter-for-an-application-for-consideration-for-hardship

 

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Thanks alot for the advice guys, very useful.The hardship letter,Slick, will hopefully give them something to think about.Much appreciated Sometimes it just shocks me how banks exploit interest-keeping people stuck in debt,compounding away-almost oppressive.

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