debt relief

[BOND007]

Am strugling with my Loan and credit card payment, I would appreciate knowing how I can acheive getting my lenders to give me a break by freezing intrest changes and letting me clear my deby by allowing me make repayment

[Phantaxus]

from some of the tv articles I have seen on the subject they say cut up all your cards so you cant be tempted to use them anymore. then transfer the balances to the cards with the lowest interest rate Pay off the cards with the higest interest rate first but keep up the minimum payments on the other cards

[Oneeyedvic]

I am afraid that no lenders I know of (and I work in the industry) will allow freezing of interest. Rightly or wrongly, the only way for this to happen is to actually stop paying your debts and let it go to a collection agency. Once the charge s are put on and they have purchased the debt they will not charge any more interest. Beware though, this will be registered as a default on your CAIS information and wil lmake it very hard for you to obtain credit in any way shape or form. Best advice is as Phantaxus says. This should only be considered as last step. Alternatively, if you are a home owner get a consolidation loan with one affordable repayment.

[WoWo]

Go to the Citizens Advice Bureau who will give you advice on who to contact.

[Scarlett]

I was in a similar situation and Barclaycard were REALLY good. I just phoned them up and said I couldn't afford to pay my minimum payment anymore (I was unemployed and on incapacity benefit!)and they just reduced the minimum payment to a tiny amount, and also stopped me using the card. Speak to the lenders. They deal with this problem every day. And don't forget, it's THEIR fault for giving you all the credit in the first place- this is what they wanted!!!

[flirty41]

You might find some useful information in this previous answer. http://www.theanswerbank.co.uk/Search/Question44243-18.asp?P age=1&SearchText=debt

[Oneeyedvic]

Scarlett - why is is that people think it is a right and not a priveledge to be granted credit - I work in the secondary finance market (ie people who have been turned down by tha main lenders for a variety of reasons). It is not the lenders fault - they offered you something - if you do not want it it is very easy to say No. I can also tell you that a lot of people lie on their application forms to gain credit. I do understand that there are a variety of reasons that people can get into trouble, but I still stand by: It is always easy to blame someone else - why don't people take responsibility for their own actions.

[Raybald]

Please, please, please go to http://www.creditaction.org.uk (or call them on 0800 138 1111) who are a non-profit making organisation specialising in helping people trapped in the debt spiral. They manage your debt for you and call all your creditors to ensure that they stop hassling you. All the nasty letters go to them instead of you and they call and negotiate on your behalf. Contrary to popular belief, creditors know only to well that it is in their interests to work with these people rather than try and squeeze money out of you when you don't have any to give. Very often, credit action can get the interest suspended on debts in return for an agreed repayment schedule which they will manage, so it is well worth contacting them. If you are not desperate and just want some general help and advice, they do this too. There is lots of info on thier web site and they are always happy to talk to people and offer advice. Best of all, it is all free.

[NoGood Boyo]

I work in the industry too and I urge you to do what WoWo and Raybald have suggested.