F&F payments

nickhunter1

Now I have read so much about full and final offers people have made and i want to find out if this is possible or even worth doing.

I have 11k on a Barclays card and have paid the min payments for years and as well all know it just mounts up. I have now gained some funds around 15k and have around 20k worth of debts. I was considering offering a F&F to my Barclay card but i have never missed a payment and see that people only get results when they have and the bank pass to Debt collectors etc or am i incorrect?

Is it worth me contacting them in writing offering around 70% due to the time i have been paying all the interest or should i miss a few payments then contact them!?

I am not trying to get out of what is owed at all, i just have been paying interest for fun as i had not choice at the time and now want to regain what is owed! Worse comes to worse I can just pay it but I am trying to use my funds wisely and make sure I clear it all once and for all!

Thoughts would be much appreciated

molerat

They are very unlikely to accept anything other than 100%, why should they, you keep giving them money every month. You could miss some payments and they may accept an offer but your credit file will be trashed leaving you unable to borrow again or maybe even rent a house.

Tixy

The chance of them accepting even 1% less than the outstanding balance when you've always paid on time is very very slim.

If you miss a few payments then that will affect your credit file and they still may well not accept a reduced full & final settlement.

If you miss lots of payments and get a default on your credit file (which will have a big impact on your credit file for the next 6years), then they might possibly accept a reduced settlement. Or they might decide to take court action against you.

Just my thoughts

nickhunter1

many thanks for your comments, this was what i was thinking. I have never missed a payment and have a morgage so dont want to hammer my credit score. I will bite the bullet and put it down to experience letting my finances run the course rather than deal with them!! lesson learnt!