ASking a creditor to stop interest charges???

[jlc614]

What is the name of your state? NY

I would like to know if it would be appropriate to ask a creditor to stop charging interest or to at least lower an interest rate. I am currently paying on a judgement against me. I am making weekly payments of more than I am asked for. However, with the interest and the amount that I can afford to pay I figure it will take me over ten years to pay off this debt and this doesn't allow for any other bills. I am trying to avoid filing chptr 7 and I feel that this would help a great deal. Any advice would be appreciated.

My debt is about $25,000. I have no bank accounts. I rent an apt, my car is a 1990 volvo. I also have a 1986 minivan. Other than that I really don't have any assets. Most of the belongings in my home are things that my husband brought into the marriage and if I am forced to file chapter 7 it would be just myself not my husband.

[I AM ALWAYS LIABLE]

[quote]Originally posted by jlc614
[b]What is the name of your state? NY



"I would like to know if it would be appropriate to ask a creditor to stop charging interest or to at least lower an interest rate."


=======================================

My response:

Oh, yeah. That's gonna happen . . . right.

Listen, you may as well file BK because your debt is too high if you can only pay this debt off in 10 years. And, besides, you'll have other expenses and debts over that same 10 years.

Also, you'll be able to wipe out the judgment against you too.

So, you may as well bite the bullet, and file.

IAAL

[jlc614]

Thanks for the response IAAL but I wasn't asking for you to predict the future and tell me if they would do it or not. I know it is possible because one of my creditors has already done exactly this so I am aware it is possible. As a matter of fact they did it without me asking. What I want to know is if it could it in anyway hurt me to send a letter requesting this since I have already acknowledged the debt and am making payments?

Since you're already paying on the judgment, I don't see how it could hurt to ask. After all, they can only say no. I would elevate this request as high a possible though if I heard no at the first level.