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Quandry
Brassic
Posts: 557 Forumite
Hi all,
I am currently in the throes of the latter part of an extremely long haul to paying off all our familys debts. One of these debts was taken over by a debt management company, who has just recently been taken over again - sadly they haven't forgotten about our little debt in the process :rolleyes:
They have made us an offer that if we pay off our (0% interest) debt in the next week, they will knock a third off. We currently owe them £6448.04, paying £200 a month. They're offering to settle for £4329.19.
Unfortunately, and strangely enough, I don't have £4000 in my back pocket just lying around! I've done the figures topping up my egg loan (lowest APR debt currently), and initially thought it might be worth doing but when I put the figures through they want over 24.9% APR for new loan - loan is currently on 7.9% so don't want that, and I've just done the figures, my DFD would still be July 2011!
Parents is out of the question as we already owe them money. I guess I'm going to have to pass up on this opportunity - but man it hurts!
Brassic
I am currently in the throes of the latter part of an extremely long haul to paying off all our familys debts. One of these debts was taken over by a debt management company, who has just recently been taken over again - sadly they haven't forgotten about our little debt in the process :rolleyes:
They have made us an offer that if we pay off our (0% interest) debt in the next week, they will knock a third off. We currently owe them £6448.04, paying £200 a month. They're offering to settle for £4329.19.
Unfortunately, and strangely enough, I don't have £4000 in my back pocket just lying around! I've done the figures topping up my egg loan (lowest APR debt currently), and initially thought it might be worth doing but when I put the figures through they want over 24.9% APR for new loan - loan is currently on 7.9% so don't want that, and I've just done the figures, my DFD would still be July 2011!
Parents is out of the question as we already owe them money. I guess I'm going to have to pass up on this opportunity - but man it hurts!
Brassic
Debts @ lightbulb moment (13/06/2006) - £59,842.23 :eek: All commercial debts now clear!!! :T Debts April - £20,000 to family (incl extra £10k borrowed for house deposit). DFD - Aug 2014
Proud to be dealing with my debts
Goal of the month - £500 on groceries for family of 5 - Apr 2011 - £620!
May - £454.85 so far.
Proud to be dealing with my debts
Goal of the month - £500 on groceries for family of 5 - Apr 2011 - £620!
May - £454.85 so far. 0
Comments
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Very frustrating - if they are offering you 66% deal could you go back & offer them less, say maybe 40%, or even 35%, then even at a highish interest rate it could still be cost effective.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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And if they have offered you the chance to pay a F&F once, they are likely to offer you the chance again.
So, start putting money into a "pot" towards making a F&F offer, and once you have a decent lump, offer it to them saying "we couldn't do it last time, but now we have £xx, how about it?"
And at least in the meantime it is 0%, rather than 24.9%. I certainly wouldn't take out another loan to pay the F&F off - doesn't really achieve anything.Successful women can still have their feet on the ground. They just wear better shoes. (Maud Van de Venne)Life begins at the end of your comfort zone (Neale Donald Walsch)0 -
When you say a debt management company do you mean one that you pay a fee to? If you switch to CCCS or Payplan you could save that way.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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Hiya, thanks for the above. I'll try giving them a call and see if they could do even less
I think I've used the wrong term - the debt was originally with Barclays, but was bought from them by someone else, and then this company has been taken over by the current one :rolleyes:
Don't really have any spare money to go into a pot. It all goes on debt really. I am trying to do some extra, like ebaying etc again, but the cahoot loan is such a high rate it all goes into that. My head spins a bit trying to work out the pros and cons of each option taking into account interest rates!:rolleyes:Debts @ lightbulb moment (13/06/2006) - £59,842.23 :eek: All commercial debts now clear!!! :T Debts April - £20,000 to family (incl extra £10k borrowed for house deposit). DFD - Aug 2014
Proud to be dealing with my debts
Goal of the month - £500 on groceries for family of 5 - Apr 2011 - £620! May - £454.85 so far. 0
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