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Full & Final Credit Card Settlement Advice Please!

cts1982
Posts: 7 Forumite
in Credit cards
Hi Guys,
My Partner has £50,000 worth of debt in the form of approximately 8 credit cards (Barclays, Egg, Virgin, Lloyds, Natwest, Halifax etc) from trying to keep a previous business afloat over two years ago. While the business was going we made all the minimum payments on the cards but after the failing of the business my partner tried to upkeep the payments but couldnt.
So, for the last year or so he has agreed payment plans etc with the companies, but they have started to get heavy threatening to put a charge on our home and sell the debt on to colletion companies.
We are currently attempting to re-mortgage our home to offer Full and Final Settlement figures to the credit card companies. The amount however that we can pull out of the equity in our home is equal to approximately £15,000. We are unable to do anything else as I am currently on Maternity leave and recieving only about £500 per month wages myself.
So, to cut a long story short, has anyone got any advice for negotiating Full & Final settlements?
Has anyone negotiated successfully and can give us some tips?
Does anyone know what percentage of the debt is a resonable offer?
What tactics we can use to get the full and final down to an absolute minimum?
Any advice would be greatly appreciated - but anyone who would like to pass judgement on our financial situation is not welcome to respond to my post!
Thank you for your time x
My Partner has £50,000 worth of debt in the form of approximately 8 credit cards (Barclays, Egg, Virgin, Lloyds, Natwest, Halifax etc) from trying to keep a previous business afloat over two years ago. While the business was going we made all the minimum payments on the cards but after the failing of the business my partner tried to upkeep the payments but couldnt.
So, for the last year or so he has agreed payment plans etc with the companies, but they have started to get heavy threatening to put a charge on our home and sell the debt on to colletion companies.
We are currently attempting to re-mortgage our home to offer Full and Final Settlement figures to the credit card companies. The amount however that we can pull out of the equity in our home is equal to approximately £15,000. We are unable to do anything else as I am currently on Maternity leave and recieving only about £500 per month wages myself.
So, to cut a long story short, has anyone got any advice for negotiating Full & Final settlements?
Has anyone negotiated successfully and can give us some tips?
Does anyone know what percentage of the debt is a resonable offer?
What tactics we can use to get the full and final down to an absolute minimum?
Any advice would be greatly appreciated - but anyone who would like to pass judgement on our financial situation is not welcome to respond to my post!
Thank you for your time x
0
Comments
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Hi,
My partner has just settled three credit cards (full and final payment). Try to push to speak to a manager to get a settlement figure as they can authorise a reduction of up to 10% of the final bill. Two out of three accounts my partner had were settled at 90% of the outstanding balance.
If you want the account closed put it in writing and request a confirmation letter back and always state this is a full and final settlement figure.
Thats about the only advice I can offer ... hope it helps.
Good luck.0
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