F&F or not?

Youdontseeme

Good evening,

After a chat with my boss today ahead of my review he has 99% agreed to pay for my next years travel card (woohoo!) I know its not guaranteed as yet but my mind has been doing overtime, so forgive me if I go on a bit...

A yearly Oyster is £1000, I pay for my card monthly at the moment and paying for a yearly card saves around £190 a year.

I currently owe A&L around £1750@ 34.9% (yes really!) I have defaulted on it in the past but over the last 8 months or so have paid regularly £135 and also made extra payments of somewhere in the region of £1500 and brought my account back out of arrears. My minimum payment is currently supposed to be £45

Anyhooow I was wondering what my chances are of offering the £1000 F&F settlement?

If they said yes then I would just carry in buying my Oyster as I do now monthly, and it would save me £400 (less the £190 for buying it monthly) in interest plus giving me £135 extra every month to play with and/or throw at my other debts and relive the pressure a bit.

SO I guess my question is... what are the chances of them saying yes?

Also if they say no should I pay the money off my account anyway, I would still have to struggle for a while but I think, if I have done my sums right I would pay it off in 6 months rather than
16 and save nearly £350 in interest (or is that £160 as it will cost me more for my monthly card rather than a yearly one)

Or...... should I just buy the card and throw the extra at my card?

I think I have confused myself now, I hope you all know what I mean! :undecided


Thanks
YDSM

bottleofred

Hi,

It's up to them really whether or not they accept an offer for full and final settlement. However, I would say you may have the opportunity of money from a relative and to ask them to give you a settlement figure first before trying to negotiate. HOWEVER, make sure any offer they give you is in writing and states the amount is as a full and final settlement of this debt.

Good luck

Youdontseeme

Thanks for that I will give them a call and see what they say, although they haven't been too helpful so far!!

YDSM