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 no\rguaranteed way to get interest frozen.
Each of your creditors has the right to refuse any change in the\rdetails you initially agreed.
Therefore, all you can do is ask. Given that this is the case, it\rfollows that your success depends entirely on what and how you\rask. It will also be considerably influenced by how you have\rpresented your case generally in the other steps in this\rseries, and by the relationship you have with each creditor.
In the first in this series, on how to deal with your\rcreditors, you will remember that we pointed out that you are\rnot actually dealing directly with ABC Finance, or XZY Credit\rCard, you are dealing directly with another human being who is\rrepresenting the entity which is your creditor.
Any request to freeze interest should logically accompany your\rproposal to reduce payments.
You will need to compose your own request, in order to fit in\rwith your other material, but here are some pointers.
Remember that your letter with its request to freeze interest\rwill be dealt with by a human being. Make sure that your letter\r"talks" to that person nicely.
Present a good reason why that person should consider your\rrequest.
It might help to point out that, bearing in mind these reduced\rpayments are all you can afford, it would be helpful if all of\reach payment could be applied to the capital outstanding.
If interest continues to be added, with reduced payments, your\rdebt will take a long time to clear. Point out that you are keen\rto clear the debt as soon as possible.
Rob Hawkins is the owner of \rDebt 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.
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