Credit Card -offer Of Final Payment Offers? Any1 Help?

topsy1973

hi

I have trawled around but have not seen anything here meeting my queries...

I have a considerable amount of debt...It is like an iron chain around my neck.

I am fortunate enough to have inherited a considerable amount of money (approx 20K)

I am wondering if anyone has tried to do final payment offers to Credit Card companies and where it got them?? I have seen on Debtline Scotland that they have examples of letters which can be used to send to CC companies.

I am hoping to start low and settle somewhere around the midway point with the 3 CC companies.

Any suggestions please?
Sharon

Phoenix79_2

Whats your overall debt? Doesn't your inheritance cover the amount owed?

CLAPTON

it all depends upon the details....can you give some more information about the debts and your income/spending etc.

topsy1973

Somewhere around 45K. My CC debt is 20K, I have a car loan (almost finished) 950 and then I have 2 loans totalling 20K. I also have a 2K od limit.

Unfortunately my inheritance is 20K so not quite enough...

Any ideas?

My mum has done this before where you offer them a final payment and it cut her amount payable hugely.

Any comments would help

thanks
Sharon

CLAPTON

have you defaulted with the debts ?

topsy1973

do you mean missed a payment?

No.

Pay regularly every month.

Only place I had a prob is my bank account went over my od limit a few times this year.

CLAPTON

if you haven't missed a payment then is very very unlikely that anyone will accept an offer to pay them less that their debt....why would they?..just think about it, if anyone could simply offer say 50% and get it accepted then noone would pay their debts fully.

anyway to get a f&f settlement you would normally need to :
stop paying the minimum monthly payments,
in due course they will default your debts and this would show on your credit record (which would now be trashed).
you would come to an arrangment with them to pay something monthly
they will eventually sell the debt to a DCA
then they may well consider a F&F.

i'm assuming you have no assetts (equity in the house etc)

i would suggest you post a full Statement of Affairs showing your full financial details...it will be easier to offer advice when the full facts are known.

topsy1973

Hi
thanks...I see where you are coming from...No I live with my other half...his house...not in my name.