Debt negotiation help

kez87_2

Hey all,

I need some advise, i have some debt from a pervious relationship and at the time i was silly and took the credit cards out on my name and of course only could pay them with both our incomes, however that didn't last. So i was left with a high amount of debt for a 20 year old at the time i am now 23. I have managed to get rid of my over draft of 1500 this year, i have 3 other credit cards i want to clear before i move to Australia. I have seen a few letter from debt collectors stating they will reduce by 50% so on but these letters where last year and probably not valid or even with the same collector. I was silly to ignore but back then i was struggling to make ends meet, now i am in a position to pay them back if at a reduced rate i can do that now as family member has left me some money but its not enough to clear the full balance on each, has anyone every got there debt reduced or can give me some advise for when i call them and try? Sorry to bother, just want this gone.

Tixy

Hi

Sorry you haven't had a response before now - hope you still see this.

Once your debts are with debt collectors you would usually be able to get some sort of reduction on your balances. Rather than wait for them to write and give you an offer you can write yourself to offer them a figure you can afford. People often start with a quite cheeky low offer of less than they can afford as DCAs will often try to negotiate you up a bit.

First you'll need to know who owns your debts/who is collecting them at the moment.

Then have a read of this factsheet and template letter about the wording to get out of them etc - and perhaps start your offers at around 25% of the actual balance and see how you get on - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers