We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Had an offer to halve my debts for a FF SETTLEMENT
spinningsheep
Posts: 1,056 Forumite
Just had 3 letters today from Lowell Portfolio who I am paying off debts with HSBC with. I pay £100 per month for a debt of approx £6500. They have written to offer me a final settlement figure on all 3 debts amounting to £3250. Now funnily enough, being in debt I dont have £3000+ just sat in a drawer doing not alot! However, I am going to try and convince my parents to pay it all off for me on a credit card, and then I will just continue to make the payments of £100 a month to them instead. They have an excellent credit history and pay off all their cards in full each month and have no problem getting credit. So, my question is, which credit card should I ask them to get initially ie 0% for the longest possible time. The card itself will never be used other than to pay off the debt. Any advice would be appreciated.
CC limits £26000
Long term CC debt £0
Total low rate loan debt £3000
Almost debt free feeling, priceless.
Ex money nightmare, learnt from my mistakes and never going back there again, in control of my finances for the first time in my adult life and it feels amazing.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards