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Mattb2010

Hi

I have been looking at this forum for a while and found it really useful so finally decided to ask a question.

I currently have several loans and credit cards that up until now I have managed to pay (only min payments though). However this is through robbing Peter to pay Paul. Due to my my good credit file (at the moment) I can remortgage my property and release some equity. However due to my income I can only raise 65% of my property value which is not enough to clear my debts in full. Therefore I was wondering could I offer my creditors a reduced full and final settlement figure? Would they accept lower figures even if I have equity in my house still?

Any advice would be greatly appreciated.

Thanks

P.s not sure if I posted this in the right forum so posted in a couple.

lexie2005

You can offer it but I think they are unlikely to accept, unless you fall behind with payments they will think that you are managing to pay so why would they accept less but then if you do fall behind it will damage your credit history so its a bit of a vicious circle by the sounds of it. Sorry if that isn't much use.....

debtinfo

also since they could eventually get a charging order on the property then they may be reluctant to accept less than what is owed

slummymummyof3

Wht don't you post a soa so we can take a look and see if there is anywhere you might be able to make savings to throw at your debts and make some headway