I Want to Freeze My Interest Rates. – Vladimir


“Dear Steve,

I have debt of £4000 with high interest and cant keep up the repayments plus i am never gonna get rid off debt only paying minimum payment on card but cant afford to pay more. wanna freeze the interest.

How can I freeze the interest rates?


Dear Vladimir,

I assume from your use of £ that you are in the UK. The UK is a much better place to be in debt that the U.S. But people in the United Kingdom have been feasting on debt at record levels and it is not projected that nearly 1 in 60 will go bankrupt.

The UK is unique in that there are much more reasonable ways for people to deal with debt.

In the UK there exists a legal debt solution called the Individual Voluntary Arrangement (IVA) that allows people to enter into a binding plan to freeze the interest rates and repay their debt even if all their creditors don’t agree to the plan. Click here for IVA information.

Debt Relief Orders give people with less than £15,000 worth of debt a way to eliminate those debts without having to go to bankruptcy court.

In a debt management plan in the UK you can pay as little as £1 a month towards your debts in some cases.

But the only way you can freeze interest rates in the UK is to enter an IVA or do a Debt Relief Order or go bankrupt.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Steve Rhode
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