Should I allow my Credit Debt to be passed onto DCA's and negotiate with them,instead

bobbyzzz_2

Hi, I got £25,000 remortgage debt and £12,000 unsecured credit card debt. I'm having difficulty with repayments. I been thinking if I can get the Credit Card companies to agree to freeze the interestand agree to monthly payments I would be able to continue making my remortgage payments. But, I also thought that if I want to negotiate final settlements with the Credit Card Co's by borrowing money from a relative - should I negotiate with the Credit Card Co's or allow them to pass the debt onto the DCA's; And, then negotiate with them instead? The logic being that the DCA's would be far more flexible and willing to wipe of greater percentage of respective debts.

Also, even in regard to frozen interest charges and fixed monthly payments which is better to do it with the Credit Card Co's or DCA'S?

I'm thankful for all comments.

Regards

Pav

jonesMUFCforever

Do you want any kind of new credit in the next 6 years?
If so DCA is/should be the last resort.

Borrowing from friends and family should also be a last resort - you still owe the same amount but to different people so how does this help you long term?

Make a detailed statement of affairs and post it on the debt free wanabee board.

bobbyzzz_2

Thanks, but if I'm not concerned about getting a bad credit report by dealing with a DCA, then would the DCA be far more willing to write a percentage of the debt off? I figured out if I refuse to pay the Credit Card Co's then they would eventually pass the accounts onto the DCAs. Is'nt this what usually happens?