Freezing the intrest on credit cards

[gerry]

I was listening to a show on 1 of the local radio stations & it was regearding a man who couldn't keep up with his monthly payments due to the intrest that was being charged every month.I think they said he owed �4000 on a credit card.He wrote to the bank that he had the credit card with & explained to them that he was struggling to pay the card off due to the intrest charge.He asked them that as long as he would not use the card would they freeze the intrest charge & he would pay a fixed sum of money every month.According to the story he was allowed to do this.

I was just wondering has anyone ever heard of this before? or has anyone ever tried this?

[bednobs]

it is just like converting it to a loan i suppose. I have in the past asked my credit card companies to lower my rate and they have

[Oneeyedvic]

Yes they will - however it will be marked on his credit file as an "arrangement" - ie you have arranged a different payment than the contractual amount and will hamper your credit score / ability to obtain credit in the future.

[jennyp]

Have you been stung with late payement charges on your credit card - if so you can reclaim them all for the last 6 years !!!!!!!!!!

[PinkFizz]

Yes I did this with all my cards when I got divorced and every sungle one froze the interest and let me pay just �20 per month,as long as I stuck to the repayments.If I missed one they would add interest again.

[jennyp]

Get your charges back - to see how go on to www.consumeractiongroup.co.uk .
Go on to the forums, you will be absolutely amazed at what you see - I certainly was. Its all to do with the fact that they banks/credit card companies, etc are not allowed to make profit from these excessive charges. I really hope this helps

[PinkFizz]

Jenny - I was fascinated when I read the link the other day regarding getting all your charges back.This morning I have done letters to all my banks,and partners and also all his credit cards.Have even done letters to cards that I no longer use but am still paying off.Will let you know what sort of replies I get!!

[jennyp]

Thanks for replying Pink Fizz, I really was hoping that someone had taken up the gauntlet. I got someone replying who worked for one of the banks, I don't know it you read it or not, but they really tried to put people off claiming. Since I went on that site I've tried to tell as many people as possible.
I'm lucky, I don't have a problem, but it was only when my daughter said she had been clobbered that I started to search around - she's now on the Letter Before Action with Nationwide, and hopefully, so long as we've worded everything correctly she should have her money back for Christmas. What makes me sick, is that the banks say they are going to defend right up to the last minute, and then quietly pay money back into accounts without admitting that they have done.

[PinkFizz]

I meant to ask Jenny,do you ask the banks to repay all the charges,or do you decuct the �12 that has been deemed as fair??

[jennyp]

They refund it all - some try to get a way with only �12, but when people have said no, they have paid the lot. The main thing is not to be fobbed off, or bullied. Read some of the case s, - all the sod off letters etc. Apparently the reason that they are not automatically paying back is because a lot of people believe them when they say "our charges are transparent etc. etc." Don't be bullied - its your money they have deprived you of. Please tell anyone you can about this. Did you have a look right at the top of the page, on the Bank Survey Results - last week when I looked the amount reclaimed was �2,000,000 plus, now its nearly �3,600,000. That's goodwill gestures - I think not!!!

[jennyp]

Pink Fizz how did you get on with getting your money back?