Advice for clearing cards...

dt1564

FREEZ wrote: »

Pay them back and the cut them up. Then sit back and consider yourself very lucky that you could do this.

They were cut up a long time ago. TBH I'd rather have my relative.

lisyloo

The advice you've had is correct.
Lenders do not negotiate until you are in default/arrears.
Negotiating will mess up your credit rating for many years.

There is also a moral obligation to pay as others have mentioned.
You agreed to a variable interest rate.
If you didn't want that then morally you shouldn't have got into debt on that basis or should have taken a fixed rate loan where you knew what the payments were going to be.

Credit history stays on your record for 6 years, so you'd need to be very sure about not needed any credit before going down that road.

There is also no guarantee that lenders would negotiate with you in your current posistion, so you'd probably have to lie about your siutaiton to get anywhere.

Easiest to pay it all off and as someone else said count your blessings.
Good luck.

xyellowx

if you have been paying back the min payment the c/card companies wont want to make a deal, you can only do this further down the line when payments have been missed and debts passed on (this will ruin your credit file for a long time ).

the rates were the same ones you agreed to so you wont get any sympothy on here for that (not being harsh)
make the most of your wealth and pay off the debt keep your credit file and learn from it