Whether you’re in arrears or struggling to keep on top of your regular payments, asking your creditors to freeze interest and charges can help you clear your debts and get back on track quicker. They may agree to freeze interest for an agreed length of time if you tell them about your financial difficulties.
There are no banking guidelines that say that a creditor must stop interest and charges. It’s usually up to the creditor to decide if they’re happy to do this. However, because there are many people whose finances have been affected by coronavirus, the Financial Conduct Authority (FCA) has brought in new measures such as payment breaks and other ways to help.
Worried about money problems?