Offer to Pay off Cards

GAH

Hi

First time poster, long time reader.

I have just been made redudant from work and after taxs will have a payment of around £4500.

For the last several years I have had two credit cards on their Limits

1. Egg Card £5500 - Pyaing Min payment of £145 quid
2. BOS £2000 - paying min of £50

Considering that I have been paying a whacking amount of interest on both (my own Fault for spending on them), Would the card companies accpet an one off offer from me to clear my accounts, for Ex

1. Offer Egg £3500
2. Offer BOS £1000

Does anyone know if this maybe possible?

cabbage

hi have a look at www.nationaldebtline.co.uk under full and final settlement for some pointers or here http://www.insolvencyhelpline.co.uk/debt_factsheets/full_and_final_settlement_offers.php

redbull5

why not pay the Bank of scotland one off completely. then pay another £2500 of the egg card which leaves £3000. Transfer this to the barclays 0% credit card or any card which is 0% balance transfers and pay the £145 and £50 a month at least. If you can afford to pay any more towards it then great.

or if your not allowed to pay them off, balance transfer both debts to a ONE credit card and pay most of it off with the money.

Could do a SOA for us so we can tell you where you need to save more and pay the rest of the loans of quicker?

geoffky

redbull ,they have had a fortune off the above,so a f&f should be the way to go to get the monkey off their back..and why would they get a 0% card with all the debt??
your post is a bit naive if not dangerous..

GAH

Cabbage: Thanks for the links.

I am not struggling to meet any of my payments, I also have a new job as well.

I just wanted to see as I have piad so much interest to the card companies, whehter they would take an offer so I can clear them now.

If they won't, I will probably pay off the BOS card, leaving the reaminder on the egg, which I will be able to pay £250 a month, so should clear it in around a year. Def don't want anymore credit cards, once these are paid, no more creidt cards for me again.

Thank you all for advice

bottleofred

Hi GAH,

If you have not missed any payments the companies are VERY unlikely to give you a reduced settlement figure, but you could call and ask.

Good luck

Red

timbo58

well being upfront and honest about the redundancy seems the best option, that may make them think a little that a final payment now is better than gradual default later.
Also I would have thought you would not get a 0% deal if you are honest on your application in any case? i.e. redundancy and present debt etc?

TheLostSheep

Give it a go mate. I'm in exactly the same situation. search for Full and Final template letter on here and make them an offer. Go in low at 30% to start with. It may take them a bit of time to get back to you. If/when they do, they may decide that its not acceptable. Offer the same again.

If they have had Thousands in interest and the account has been at its maximum for a while, yes they may continue to think they can get money through interest, but it is also worth making an offer as it could be in everyones interest to have the debt written off.

If you don't ask you don't get. I'll add a link to my thread that may be of use.

TheLostSheep

https://forums.moneysavingexpert.com/discussion/3180480

Second post here maybe of some use.

GAH

Thank you again for all the further advice.

After some of the links that have been sent, I am going to go ahead and give it a shot. Worse that can happen is the companies can say No.

TheLostSheep

GAH wrote: »

Thank you again for all the further advice.

After some of the links that have been sent, I am going to go ahead and give it a shot. Worse that can happen is the companies can say No.

..and even if they do say no, you go back and ask them to re-consider and an explanation as to why. There's absolutely no harm in you trying this and it could reach the outcome you are hoping for.

Send your letters recorded delivery also.