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Advice please settlement offer
richt71
Posts: 946 Forumite
Hi,
I'm have 2 major debts on 2 credit cards totalling £1800. I have a ccj for £800 as part of this debt. I have been paying the last year £5 a month (court ordered). They have today offered me a settlement of 50% of the £800 and the satisfaction of the CCJ (my only CCJ). Is this a good offer for settlement?? I was looking at trying to settle this after Xmas anyway.
Also by the CCJ being satisfied on my credit file will it make much difference?
Thanks!
I'm have 2 major debts on 2 credit cards totalling £1800. I have a ccj for £800 as part of this debt. I have been paying the last year £5 a month (court ordered). They have today offered me a settlement of 50% of the £800 and the satisfaction of the CCJ (my only CCJ). Is this a good offer for settlement?? I was looking at trying to settle this after Xmas anyway.
Also by the CCJ being satisfied on my credit file will it make much difference?
Thanks!
0
Comments
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Did the court freeze the interest? I assume they did so that £5 payment could plod on for years yet with the debt decreasing.
Is it a good offer? Yes it is PROVIDED you have the £400 on hand. If you have to borrow the £400 then its not such a good deal. Do you have £400 to pay it with?
Regards
XXbigman's guide to a happy life.
Eat properly
Sleep properly
Save some money0 -
I think it's a good offer for settlement, but as Xbigman says - only if you can realistically afford it! It's not worth missing a payment on the other debt for or borrowing it from some other place.
The CCJ will stay on your credit file, but showing as settled will make some difference - it all depends on who you're applying to and for what - the older a CCJ is the less impact it will have on future applications.Total Debt 13th Sept 2006 (exc student loan): £6240.06 :eek:
O/D 1 [strike]£1250 [/strike]O/D 2 [strike]£100[/strike] Next a/c [strike]£313.55[/strike]@ 26.49% Mum [strike]£130[/strike] HSBC [strike]£4446.51[/strike]@15.75%[STRIKE]M&S £580.15@ 4.9%[/STRIKE]
Total Debt 30th April 2008: £0 100% paid off!
PROUD TO [STRIKE]BE DEALING [/STRIKE] HAVE DEALT WITH MY DEBT
0 -
Xbigman wrote:Did the court freeze the interest? I assume they did so that £5 payment could plod on for years yet with the debt decreasing.
Is it a good offer? Yes it is PROVIDED you have the £400 on hand. If you have to borrow the £400 then its not such a good deal. Do you have £400 to pay it with?
Regards
X
At a push I could get the £400 but I told them that I'd have to review my financial situation after Xmas as now I couldn't do!
And yes the interest is frozen.
Thanks!0 -
make sure the offfer is in writing0
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