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 guaranteed way to get interest frozen.

Each of your creditors has the right to refuse any change in the details you initially agreed.

Therefore, all you can do is ask. Given that this is the case, it follows that your success depends entirely on what and how you ask. It will also be considerably influenced by how you have presented your case generally in the other steps in this series, and by the relationship you have with each creditor.

In the first in this series, on how to deal with your creditors, you will remember that we pointed out that you are not actually dealing directly with ABC Finance, or XZY Credit Card, you are dealing directly with another human being who is representing the entity which is your creditor.

Any request to freeze interest should logically accompany your proposal to reduce payments.

You will need to compose your own request, in order to fit in with your other material, but here are some pointers.

Remember that your letter with its request to freeze interest will 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 your request.

It might help to point out that, bearing in mind these reduced payments are all you can afford, it would be helpful if all of each payment could be applied to the capital outstanding.

If interest continues to be added, with reduced payments, your debt will take a long time to clear. Point out that you are keen to 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.

The Pros and Cons of Debt Consolidation Loans

You are swimming in debt. You have 4 credit cards... Read More

16.4% APR $5,000 Auto Loan...HELP!

Are you the victim of a high interest rate auto... Read More

Open the Cash Vault Inside Your Home

Believe it or not, many people do not understand equity... Read More

Credit Cards Debt Consolidation

Consolidating credit card debt is never easy. Too often people... Read More

Consolidate All Your Debt Into One Monthly Payment

Are you feeling overburdened with debt? Are you paying out... Read More

Pay Off Debt Now: 5 Steps To Getting Your Finances in Order

In our world of dizzying change, nothing is more true... Read More

Reducing Credit Card Debt

One of the easiest "things" that can happen in life... Read More

Is A Debt Consolidation Loan Your Best Option?

For many people the lure of easy credit has taken... Read More

Debt Consolidation Loan

Debt Consolidation of Different LoansDebt consolidation refers to the restructuring... Read More

Bad Credit Debt Consolidation Loan

Nowadays, many people can get into a bad credit situation... Read More

The Burden of Debt

Over recent years personal debt in the UK has exploded.... Read More

Debt Relief From Debt Consolidation

If you are up to your neck in debt, there... Read More

Private Student Loans ? Dispelling The Myths

Private Student Loans ? dispelling the mythsIf savings, grants, scholarships,... Read More

What is a Debt Consolidation Loan?

If your objective is to reduce interest rates and lower... Read More

Burdened with Debt?

Too many debts? Having trouble paying your bills? Are you... Read More

Money Problems?

You're not alone. Many people face a financial crisis some... Read More

How To Get Rid Of Debt Problems Step 1 -- How To Deal With Your Creditors

However far you are along the road of financial/debt problems,... Read More

How To Get Rid Of Debt Problems Step 2 -- How To Prepare A Financial Statement

Here is how to prepare a financial statement, for the... Read More

How To Get Rid Of Debt Problems Step 3 -- How To Negotiate Reduced Payments With Creditors

First, make a list of your creditors (NOTE: you should... Read More

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... Read More

Debt Consolidation Solution

Debt Consolidation is a solution that solves your debts. Debt... Read More

Debt Consolidation Loans: Thousands Now Out Of Debt, Who Never Thought They Would Be!

A Debt consolidation loan: Is a personal loan you use... Read More

Debt Consolidation: Why And How This Strategy Often Backfires!

Debt consolidation solutions, has found that as good as it... Read More

Financial Aid - When Should I Apply For?

Many different types of financial aid are available to you... Read More

Reducing Debt Through Lower Interest Loans

It happens to the majority of us, credit card debt... Read More