Help.. How to repay 90k on credit cards

INFINITY_2

Hello everyone.

I would like to know the best way of going about clearing credit cards that we have.

We have 11 cards, and over the last 4 years we have had to use them to keep our small buisness going and keep everyone in a job. The burden of these credit cards is getting to much and we are now in the process of selling the business just to get rid of this grey cloud over us.

The problem we have is that when we sell the business the proceeds will not cover the repayments after all legal fees and agents fees have been paid, and we do not have enough savings.

We have heard that if you are in a position to pay off credit cards you could start with the first company and call them and tell them the situation you are in and you want to pay them in full and ask them if they can do a deal. if they do not want to do a deal on the balance, you tell them ''ok, I'll call the next card on my list to see if they want to do a deal''


It's a bit of a long shot, but if anyone could offer any advise that could help we would be most grateful.

INFINITY

mufc689908

Short settlement.

MBNA knocked over £7k off a £9k balance for a mate:rolleyes: to clear in 60 days.

INFINITY_2

wow! ..........

SPOTTEDCUP

does your mate like telling porkies?

TFD_2

They are likely to negotiate, but only if the account is in arrears, or defaulted.

Depending on the position, you should be able to knock maybe 25-50% off the balances.

But be aware that defaults will destroy your credit rating and ruin your chances of mainstream credit for 6 years.

97trophy

TFD wrote: »

They are likely to negotiate, .....Depending on the position, you should be able to knock maybe 25-50% off the balances.
.

We have friends who have achieved 50% off. They had to prove incomes etc..so its not easy but it can be done.

mufc689908

SPOTTEDCUP wrote: »

does your mate like telling porkies?

No but what he does have is a bill for nearly 10 grand not landing on his doorset every month.

INFINITY_2

Does anyone know of any other threads on here asking the same... l have trolled through but have not found any.

INFINITY_2

..........................

Hippychick

You would have a lot more success if you repost this onto the debt free wannabe section of the forum.

The people there will be able to offer lots of helpful advise about how best to clear the cards.

When you are posting I would also post up your statement of affairs detailing income and expenditure as that can help with the advice you could be given. Go to http://www.makesenseofcards.com/soacalc.html and input all of your information then post it back here in the debt free wannabe section.