Full and final settlement

promoter

Hi
I have a credit card debt of 4,000. I couldn't make the payments a few years ago and they froze the interest while I got things in order. I have been making regular payments since then but they have been putting the interest rate up about every 6months or so. It's currently 12% and a lot of the repayment is now going on interest. I can't afford to increase the repayments and if it goes any higher I'll never have it paid off. A friend has offered me an interest free loan to help sort it out and I'm trying not to overstretch.

Has anyone any exerience of banks accepting a full and final settlement offer in a situation like mine where I'm still managing to make the payments to them. How much should I offer?

Thanks

van22663

Hi there,
it is unlikely that they will go for the full & final settlement if you are still making regular payments. I would either have a word with cccs or contact the credit card company & offer reduced payments, that should freeze the interest too. they are likely to want details of your income/expenditure too. Good luck.