Can interest be frozen on debt?

A creditor is more likely to consider freezing interest if:

• you can show you’re struggling financially
• you’re making reduced or affordable payments
• you’ve explained your situation clearly
• you’re taking steps to deal with your debt overall

Decisions are made case by case, so there’s no guarantee. But showing that you’re engaging and paying what you afford can make a difference.

If interest is frozen or reduced, it can:

• stop your balance increasing
• make your payments go further towards clearing the debt
• make it easier to keep up with what you’ve agreed

This can make a situation feel more manageable, even if the debt still takes time to clear.

If you want to request it, it helps to be clear and realistic about your situation.

You can:

• share a breakdown of your income and spending
• explain what’s changed financially
• show what you can afford to pay

You may need to explain your situation regularly, and the outcome can vary depending on the creditor.

If you’d like help dealing with creditors, including asking for interest and charges to be frozen, we can support you.

At Money Advisory Centre, we can:

• work out what you can realistically afford
• deal with creditors on your behalf where needed
• help put a plan in place that’s manageable for you

Debt solutions may affect your credit rating. Fees may apply depending on the solution. Individual circumstances vary.