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Can I ask creditors to freeze interest and charges on my debts?

When you borrow money, you usually have to repay interest and charges as part of your agreement with the lender (sometimes called your creditors). Legally, lenders can make you repay interest and charges if it is part of your original agreement with them.

However, if you are struggling to afford your debts, you can ask your creditors to freeze interest and charges to make it easier for to repay. Creditors should consider doing this. If they do not, you may be able to complain that they have not treated you fairly.

If you are considering asking creditors to freeze interest and charges, it helps to show that you have had advice about dealing with your debts and have worked out a financial statement to show what you can afford to pay. Start My Money Steps to get advice about what to do.


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