Clearing balance with reduced one-off payment ???

dinkydecor

Evening everyone,

A few years ago when I first entered my DMP some of the credit card companies said they would accept a single payment much less than the outstanding balance but all the debt would be cleared. I think at the time a card I owed £6k would accept £4k.

Do the credit card companies/collection agencies still do this kind of thing? And if I they do any ideas of what they would accept to clear a £6k balance?

I have 8 more years before my DMP is finished and am feeling a bit disheartened at the mo, I personally don't have any magic funds to give them but I guess I could swallow my pride and ask my family for help.

Thank you,
dd x

BlushingRose

I think you mean the offer of a 'full & final' settlement?
I think what you;d need to do is make an offer, by letter, to the creditors - but I might be wrong. Someone else will be along to offer you more advice soon, I'm sure.

camuk81

Try the following link

https://forums.moneysavingexpert.com/discussion/3706657

then

http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6

Section 5 Full and final settlement for any debt

Thanks to Tixy for this one