Minimum to clear debt?

rkh001

Does anyone know how much a credit card company would accept as a minimum to clear the debt, i.e. as full and final payment?

I have M&S More, Virgin and Halifax One cards.

Any advice will be helpful. Thanks.

CLAPTON

unless you have defaulted on the loans then 100% of the amount owed.

if you have defaulted on the debts then give us more details.

rkh001

I haven't defaulted but I am curently unemployed and on Jobseekers allowance. I have been out of work for 4 weeks now. I haven't even started receiving the allowance yet (I was told it takes about 2 weeks befor I start receiving it in the bank) and I am due to sign on again on Tuesday next week!

magentadreamer

Fingers crossed you'll get another job soon. Have you spoken to the companies concerned and told them you've lost your job? They might accept reduced payments till you find another job.

withabix

rkh001 wrote: »

Does anyone know how much a credit card company would accept as a minimum to clear the debt, i.e. as full and final payment?

I have M&S More, Virgin and Halifax One cards.

Any advice will be helpful. Thanks.

Don't go down this route unless you have defaulted (this could be 8 months payments missed or below minimum for instance) and are up to your neck in debt. The card companies won't entertain this idea in your situation anyway.

Contact them and let them know you have lost your job BEFORE you stop paying. That way they will be more flexible.

regularsaver1

have you got any insurance on the cards for unemployment?