How To Get Rid Of Debt Problems Step 4 -- How To Get Interest On Your Debts Frozen
The first thing to understand is that there is categorically noguaranteed way to get interest frozen.
Each of your creditors has the right to refuse any change in thedetails you initially agreed.
Therefore, all you can do is ask. Given that this is the case, itfollows that your success depends entirely on what and how youask. It will also be considerably influenced by how you havepresented your case generally in the other steps in thisseries, and by the relationship you have with each creditor.
In the first in this series, on how to deal with yourcreditors, you will remember that we pointed out that you arenot actually dealing directly with ABC Finance, or XZY CreditCard, you are dealing directly with another human being who isrepresenting the entity which is your creditor.
Any request to freeze interest should logically accompany yourproposal to reduce payments.
You will need to compose your own request, in order to fit inwith your other material, but here are some pointers.
Remember that your letter with its request to freeze interestwill be dealt with by a human being. Make sure that your letter"talks" to that person nicely.
Present a good reason why that person should consider yourrequest.
It might help to point out that, bearing in mind these reducedpayments are all you can afford, it would be helpful if all ofeach payment could be applied to the capital outstanding.
If interest continues to be added, with reduced payments, yourdebt will take a long time to clear. Point out that you are keento clear the debt as soon as possible.
Rob Hawkins is the owner of Debt Consolidation UK. His company Chiltern Debt Management UK has helped more than 50,000 people to get rid of debt problems, and won the coveted 'Debt Counsellor of the Year 2004' award.