Paying off my debt

highjewelgreen

Hi guys,

I wonder if anyone can help me at all. I have two loans and a credit card totalling £13,000 wort of debt. My folks have offered to pay off the loans for me and I can pay them back instead of the Barclays and Lloyds (the best parents in the whole wide world).

I have been given final value fees but is there any way of negotiating these down as I can pay them in full? I would really appreciate any help......pretty please.:)

Tixy

Hi

Are you currently up to date with repayments on your debts? If you are then your creditors almost certainly will not accept a reduced settlement on the debts.

If you are already struggling with repayments / are on a reduced repayment plan / have defaulted on the debts then your creditors may accept a reduced figure in full & final settlement of the debt (if you go this route they will usually mark your credit file to show that you only partially satisfied the debt).

highjewelgreen

Thanks for your reply Tixy,

I am completely up to date with my payments and I definitely don't want any black marks on my credit file. I was just hoping to borrow less from my folks.

dotdash79

Nope you have borrowed the money you should pay it back if you don't want a negative entry on your credit file.

quantic

They only entertain the idea of an offer if they are led to believe that they may not get anything back at all. So if you are up to date this is extremely unlikely. Be sure to close the credit cards once you have paid them off to avoid repeating the problem.