Family helping Clear Credit Cards

Weesimba

I have £20,000 roughly on CC's and my family have offered to give an interst free loan to clear these. Do I just pay what is owing or can I haggle for a one off price to clear and close the cards. I have always paid on time and always kept to the credit agreements. Do i scare them by saying I will give you a one off payment less or going for bankruptcy etc???

Rafter

It depends whether you want to be able to get a mortgage or other loan in the next 6 years.

By offering a reduced amount this will be recorded against your credit record making gettting credit very hard.

Have you always kept within your agreements or is some of the £20k related to late and overlimit charges? If so you should try to claim these back.

Do you have a realistic plan to repay the £20k?

R.

CLAPTON

Assuming that you can actually pay your minimum payments and are currently doing so, they will probably refuse...otherwise what stops everyone just phoning and saying 'please accept half of what i owe you'

so you will need to stop paying or pay less than the minimum amount.

they will default your account and ruin your credit rating of course.

depending upon what you do...send them an SoA and make a offer to pay them a monthly amount based on your ability to pay or simply dont pay and ignore them. they may accept reduced payment, pass the debts to a DCA or take you to court.

after a year or so they may accept an offer