Need advice on lowering CC payment

slipper75

Hello Everyone,
I've done a few searches but haven't found what I'm looking for - there's just so much info! My sister has over £25k in CC debt from 18-26% so you can imagine the monthly interest charges. Her credit rating is wrecked as she's been mostly out of work for the last 3 years and fell behind on payments (CC, council tax, mortgage etc) but she tries her best to pay off at least the interest owing - so I guess you'd say she's one of their *best* customers. She's now found a good steady job but it seems it will take her forever to get out from under the principal due to the monthly interest charges. She's cut up the credit cards and has been living very frugally for over a year but I'd like to help her out by paying off that debt so that she can get back on her feet more quickly.

I've heard that there are ways to reduce the amount owning sometimes, esp if you plan to pay it off completely - does anyone have any advice or could link me to the right forum thread on how we should go about trying to do so?

Thanks so much in advance!

[Deleted User]

I have read your post and I cannot understand clearly your question.

But I would say if she owes X then you will need to repay X

Only if she is behind by several months and the debt has been sold will you be able to make offers for less than the amount she owes.

I think you have been reading "full and final settlement" unfortunately this would not apply from the information that you have provided.

If you are talking about balance transfers then you need to say this and someone will help.

HTH

slipper75

You've answered my question - she needs to be in arrears to have the possibilty of negotiating a final payment. Thank you.