Lump Sum Payment To Clear Credit Card...What Should I Offer?

carlywarly82

MABLE wrote: »

It would be very helpful to all of us if you could arrange to pay the full amount off. The reason I say this because of people like yourself the majority of people on here are being hit with high APR;s. (interest charges).

The reason for that is to compensate for people who borrow to their limit with little intention of paying the full amount back.

Sorry, I seem to have given people the wrong impression. D'oh. I have come into some money, but what I meant was that I have enough to make lump-sum payments on the accounts, but not pay off the full balance. I have approx 8k thanks to a very special person.

I understand your reasonings behind what you've said. But I would like to point out that the last year has been hell for me, due to one thing or another and there were days when I just wanted to end it all due to the sheer magnitude of my debt. I am now in a position where I could end this problem. If I had the full amount, I would pay back the full amount. I'm just trying to get some impartial advice and find out what is the best option for me. I wasn't expecting some of the replies I've had. Like I said I didn't explain myself very well, so maybe that's why. But I would hope that people would think about what they're saying before getting on their soapboxes.

In_a_Mess_3

I see where you are coming from, and have been in the same pickle myself, also at one point thinking the only way to go was to end it all.

I read your original post as that you had enough to pay them off but you were going to see about paying bits off.

If you only have a set amount then you are probably doing the right thing by seeing if they will accept that as full and final settlement, thereby putting a stop to it all.

I wish you luck.

exel1966

carlywarly82 wrote: »

Sorry, I seem to have given people the wrong impression. D'oh. I have come into some money, but what I meant was that I have enough to make lump-sum payments on the accounts, but not pay off the full balance. I have approx 8k thanks to a very special person.

I understand your reasonings behind what you've said. But I would like to point out that the last year has been hell for me, due to one thing or another and there were days when I just wanted to end it all due to the sheer magnitude of my debt. I am now in a position where I could end this problem. If I had the full amount, I would pay back the full amount. I'm just trying to get some impartial advice and find out what is the best option for me. I wasn't expecting some of the replies I've had. Like I said I didn't explain myself very well, so maybe that's why. But I would hope that people would think about what they're saying before getting on their soapboxes.

You didn't give an impression, you clearly stated you had enough money to clear the balances in FULL, but didn't wish to do so, hence the replies you got. There's a huge difference between not 'wanting' to pay and not 'being able' to pay. That's been cleared up now though.

So you have debts of £11500 and £8000 in which to repay. What other debts (if any) do you have and what APR's are aginst those debts ? Your best option is still to repay in FULL as by not repaying will have serious reprocussions against your credit history for the next 6 years though I suspect that's already been damaged. If you can live with that for 6 years then it's an option.
As mentioned before settlement figures can be obtained if you have a history of failure to pay and the card companies think it would be the best option to them. If they think they're not going to get their money back they may accept though paying £8K will demonstrate that you can repay as it's approx 75% of your debt.

I think that perhaps you should be posting a FULL statement of affairs here or on the DFW board as it will enable people to give better advice.

bigbloke45

"But I would like to point out that the last year has been hell for me, due to one thing or another and there were days when I just wanted to end it all due to the sheer magnitude of my debt."

How did you get into debt? Was it just overspending, or is there a "twist" to your story?

If it's the former, pay off with the money you've got and get some discipline on what's still owing and then get some help! You are not alone, but you need to change your lifestyle.

Good luck!