Hi

Could anyone advise whether they have had any success in getting the interest frozen or lowered on credit cards without going down the DMP route? This is my 3rd month on a debt management plan, I have about £8000 debt (3 credit cards, catologue and personnal loan) I made the decision just before moving in with my boyfriend who also has about £9000 in debt.

Instead of giving him money towards the mortage etc -we decided that i would use my half to start paying off his cards- approx £400 a month, he has just over £2000 on a barclaycard and £2000 on a natwest visa card, £4000 in a natwest overdraft and £500 store card. What im wondering is whether its possible to contact the above to request lowering or freezing the interest just as a DM company would do? If so what are the chances of success?In doing so how would this effect his credit rating in the future? Due to my situation it would be good for one of us to get credit if needed.

I've also seen a few posts about changing to a lower / 0% interest credit card - what are the chances of this with a bad credit rating?

I will appreciate any advice- thanks

Mel

His lenders won't freeze interest unless he enters into a DMP and his budget shows he can't afford the minimum repayments each month. He could try for a 0% card and transfer the balances over but unless you can pay it off at the end you are likely to end up with higher interest rates at the end of the interest free period. If he has been making his payments on time and has a high enough income he may find he can get one which may help in ths short term but you'd need to make sure between you that you paid off as much as possible before the 0% bit ran out. Also remember that there will be a balance transfer charge (roughly 3%) of the balance transfered so it isn't really a strict 0% offer.

If you are serious about getting out of debt you should be cutting up all of your cards (except one for work expenses which can be settled each month) rather than thinking about getting more credit. You need to live within your means and once you've made the minimum payments on his debt then make any extra payments to the debt with the highest interest rate as this will bring it down the quickest.

Thanks for your response, I totally agree with your advice on not taking out further credit- thats why we're in this state in the 1st place isnt it! the amount just doesnt seem to be going down quick enough!!!

Also, would you happen to know whether you would be able to try and claim back credit card charges if currently on a DMP?

Thanks