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Paying off debts at cut prices
Richey_2
Posts: 12 Forumite
Hi there
I have posted a similar question in loans (here), but that was from a different angle, so....
I have about £15k debt (plus mortgage) which includes 1 CCJ for £2200.
My wife has great credit history, and so she is trying to get a loan in her name for £13k - to pay off her £5k CC (never missed a payment, total limit £7700) and to offer my creditors £8k, about half.
I think most will accept this as FULL and FINAL settlement from a 3rd party (wife) but what about the CCJ? Will they demand the whole amount before the CCJ is satisfied, or would they accept less?
I'm hoping we can get the loan through this month, and make my creditors accept half settlement, get them to mark my credit file as satisfied, then in 2 years when our mortgage deal (bad interest rate) is up, we can get a good interest rate and consolidate the loan into it.... its kind of our masterplan for sorting things out and getting on the way to being debt free! I'm only 25 now, so if we get there by the time I'm 28, it'll be great!
Thanks for your advice.
Rich
I have posted a similar question in loans (here), but that was from a different angle, so....
I have about £15k debt (plus mortgage) which includes 1 CCJ for £2200.
My wife has great credit history, and so she is trying to get a loan in her name for £13k - to pay off her £5k CC (never missed a payment, total limit £7700) and to offer my creditors £8k, about half.
I think most will accept this as FULL and FINAL settlement from a 3rd party (wife) but what about the CCJ? Will they demand the whole amount before the CCJ is satisfied, or would they accept less?
I'm hoping we can get the loan through this month, and make my creditors accept half settlement, get them to mark my credit file as satisfied, then in 2 years when our mortgage deal (bad interest rate) is up, we can get a good interest rate and consolidate the loan into it.... its kind of our masterplan for sorting things out and getting on the way to being debt free! I'm only 25 now, so if we get there by the time I'm 28, it'll be great!
Thanks for your advice.
Rich
0
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