Full & Final Settlements - advice needed please!

CannyJock

wannabedebtfree wrote: »

Grrr.............I don't really care if my credit rating is stuffed for 6 years..... I will NEVER get another credit card........

Not even if it comes with a nice low LOB %? It may well be possible to use the devillish cards to help you dig your way out of the £22k debt? And even if it doesn't get you all the way out, it should help reduce the interest and allow you to pay back more of the capital.

If you want to post back with the details of each of the cards you have there might be some additional advice can be offered:

card provider / current APR% / current balance / credit limit

Have you checked both your and your partner's credit reports to see which of you would have the better chance of applying for a new card and to confirm no adverse data?

Definitely use the kids savings, if you can give more details, might be able to give further advice on where to put the funds as part of an overall plan?

EDIT: There are also other tricks like paying every penny possible from income to the highest APR card to reduce one balance, while putting your normal monthly spending onto the lowest APR card (call it super-snowballing where you actually increase the balance of the lowest APR card). You'll still save money doing this - obviously you need to leave enough "cash" in the bank to cover the minimum payments and other bills that you can't pay by credit card.