Credit Card settlement

Mrwenger

I have 2 credit cards of which i one i haven't paid anything untill today for 5 months and another which i haven't paid for over a year and is with a collections agency.

With all the charges it comes to 7000 pounds I haven't been able to pay because of change of circumstances and earning a lot less than i was 12 months ago.

I have some money coming to me in a couple of months which wont pay it all but i could pay off 80% of the outstanding debt. Is there a way that i can ask the company's to pay just the actual debt rather than all the charges.

And if so would this affect my credit rating in the future as i have a bank loan which im currently paying with no problems. Not that i want any credit at this moment

Thanks

CannyJock

Mrwenger wrote: »

I have 2 credit cards of which i one i haven't paid anything untill today for 5 months and another which i haven't paid for over a year and is with a collections agency.

With all the charges it comes to 7000 pounds I haven't been able to pay because of change of circumstances and earning a lot less than i was 12 months ago.

I have some money coming to me in a couple of months which wont pay it all but i could pay off 80% of the outstanding debt. Is there a way that i can ask the company's to pay just the actual debt rather than all the charges.

And if so would this affect my credit rating in the future as i have a bank loan which im currently paying with no problems. Not that i want any credit at this moment

Thanks

Also from: http://forums.moneysavingexpert.com/showthread.html?t=1889947

Mrwenger wrote: »

I have a loan for 6500 which runs till 2011
I never missed a payment for the 1st year but i asked to change the direct debit date which they said they did.

There was 4 months that were not paid due to the DD, I have never disputed that i owed this money and that i would pay it at the end of the loan but they told me i could not do this & would need to pay it now.
they have added quite a few charges now and i have not missed any other payments since the problem with DD.

What is the best way to deal with this?

Many Thanks

So that's a total of 13,500 in loans and cards?

You'll find additional assistance on the Debt-Free Wannabe where they can help you with a full statement of income and outgoings and advise you better on how to enter into an arrangement with your creditors.

You'll also find advice on how to contact the CCCS and other organisations who can help you.