Debt Help

How to get Interest and Charges Frozen on your Debt

When you are in debt, the last thing you want is to still be being charged interest and charges on your outstanding balance. Whilst in an ideal world all of your creditors would not charge additional interest and charges when you are in debt, sadly some of them do. All this does though is keep you in debt for longer. Nobody likes being in debt so trying to eliminate these charges should be a priority for you.In some cases the payment you make might not even cover the additional amounts being added on to your debts. What can you do about it then? We take a look at how you might be able to get those interest and charges frozen so you can start to get out of debt faster.

How do you get interest and charges frozen on your debt?

The easiest thing to do is to ask. Explain that you are experiencing financial difficulties and ask for these charges and interest to be frozen. You will find that most companies will oblige as ultimately they just want what’s owed repaying. You could ask by either sending a letter or by giving them a call. Either way asking is the key. If you don’t ask you don’t get or so the saying goes.

However the above doesn’t always work so you might find that you get nowhere. You could try making a complaint explaining that by adding the interest and charges the company is pushing you further into debt. Again though, there are no guarantees so it might be time to take further action and talk to someone who can help you.

The alternative is that you could consider getting professional help with your debt problem. For example it might be that the debt solution you are currently sticking too is not the most appropriate one for your situation. For example you might be on a Debt Management Plan. As a Debt Management Plan is an informal solution a creditor is not under any obligation to freeze interest and charges. An IVA on the other hand might be more appropriate in that type of scenario as it is a formal solution meaning interest and charges are frozen.

Make sure you are on the right solution for your debt

When you are struggling with debt it is important to get the right kind of debt advice. You can get in touch with Debt Advisory Line who can help you with your debt problems. We have a short debt test form on this site which you can complete and someone from Debt Advisory Line will give you a call back. This is a simple debt consultation and it might be that your current debt solution isn’t appropriate for your circumstances. You certainly don’t have anything to lose by contacting them that’s for sure.

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