Advice Required

sdh48

Scenario:

Say I have credit debts of £5,000 on 5 credit cards, a total of £25k, and I want to pay them all off in one go but only have £20k with which to do so. I am currently only paying the minimum repayment on each card and therefore making no real headway on the amounts owed.

I have written to all 5 card companies requesting copies of my credit agreements (which all go back many years) but none of them have been able to provide accetable documents.

I do not want to challenge the debts on the basis of unenforceability because of the effect it would have on my credit rating (which is ok) although I could possibly succeed.

What would happen if I wrote to each card company and offered them £4k in full and final settlement of each debt on the understanding that I would not challenge the debt as unenforceable and that they would not put any adverse comment on my credit rating.

I can't see that I have anything to lose by doing this?

Or have I?

Thanks to anyone who can advise on this question.

marksoton

sdh48 wrote: »

What would happen if I wrote to each card company and offered them £4k in full and final settlement of each debt on the understanding that I would not challenge the debt as unenforceable and that they would not put any adverse comment on my credit rating.

They would laugh... :D

According to most on here CC companies will not take a reduced settlement unless the account has been proved to be having problems. In which case your credit file would be trashed anyway.

Far better just to pay back what you owe.