Full and Final Settlement on Credit Card

jfwmb88

I'll just jump into it here. I own a credit card linked with Santander, owing £1800. I have been paying minimum payment for a long time now and have not defaulted once. I have already sent one proposal settlement letter (F&F) a while back but received nothing. I offered £1000. I'm currently a mature, full time student and have just enough money put by in order to make the offer again. I don't wish to default but if it makes it more likely they will then accept a F&F I guess I will have to consider it. I have applied for other credit cards in order to transfer the debt where I have asked to transfer almost the full amount, but have been declined.

I would be really thankful for any advice and thank you all for your time! :)

Consumerist

If you are making your monthly payments on time each month there is no reason why the bank should accept any settltment offer other than a settlement of the debt in full. The inference is that you can afford it.

If you are in financial difficulties then you will need to provide the bank with a Statement of Affairs for them to consider and any offer you make must be considered in the light of that statement.

I think this post would be better placed in the Debt-free Wannabe forum where you can discuss your situation and get plenty of help and advice.

jfwmb88

much appreciated. will do!

CLAPTON

this makes no sense

a F&F offer, if accepted is a default; it will trash your credit files for 6 years

you will find it very difficult to get a mortgage or any form of credit for that time

if you have 1000 put by then use that to reduce the balance on the CC; you will then be nearer paying it off and will reduce the interest you are paying significantly