Lurker seeking advice

Big_Drunk

Hello, I have been a long time lurker. Thanks to the advice on here I have been with the CCCS for 2 years and am a long way to clearing my debts. I would just like some advice though.

I currently owe 14k to various companies, a relative has offered to help me out with a 10k interest free loan. I'd like to approach the companies with an offer to clear the debt, but obviously at a lower amount. Is this sort of thing normally done? What are the chances of people accepting this offer?

Thanks!

chevalier

If you owe 14k, then with a 10k loan you could offer full and final settlements to your creditors. I would suggest getting in contact with CCCS first to see if there is a proper way of doing it, if you know what I mean.

From others on here I gather you could try offering them 50% of the debt and see what they say, or less if you think they will go for it.

But as I said check with CCCS first to see what they think. I take it that you are going to be able to afford the repayments to your relative ok?
chev

Storm

To be honest, if CCCS have managed to get your creditors to stop the interest anyway, I would stay with them rather than borrowing from your relative. It will be the same amount of time needed to pay them off, and will save any potential issues should you miss a payment or your relative's situation changes so they need the money back urgently.

Big_Drunk

The CCCS are sending out a pack to help guide with the offers, I was just after some 'real world' advice, if you know what I mean.

Would it be an idea to offer a lower amount and let them haggle me up to my original intended amount?

I can afford the repayments to my relatives, I wouldn't let them down at all.

Thing is the CCCS haven't stopped the interest. Plus I'd like to move house in the next year so if I can rebuild my credit rating this might be the best way about it?