My F&F journey begins.

in2deep_2

Good news, sold the house paid off the motgage and the 62K loan and the store cards and HP.:j

Now with what little is left im starting on the credit cards by sending out the F&F.
Lloyds have just refused my first offer and thats a shame but what next.

I dont have much left to spread over four cards and 33% is all i could get to pro rata.
I have been on a payment arrangement (my own) for about 3 years now paying £25 a month to each of them.

If i don't have any spare to offer a higher amount what should i do.? and where will it go next.

Do i just say take it or i will end up bankrupt.?

In total cards are just under £30k but i only have about £10k left.


Thanks.

fatbelly

If you can't increase your offer, carry on with the £25 payments. Make the offer again in 6 months.

in2deep_2

Another refusal letter today from another CC.:mad::mad:

getmore4less

have they all frozen interest?

SRT81

in2deep wrote: »

Another refusal letter today from another CC.:mad::mad:

Just keep going.

As I'm learning, don't offer them too much too soon.

When any of mine are knocked back I'm going back with a revised offer that is higher, but not too much higher so it doesn't seem like I've got a massive pot of money and I'm just trying it on.

Plus with every revised offer I'm making it clear that getting any extra money towards the F&F is a struggle, which becomes harder with each increase and that there's a finite amount available.

in2deep_2

Yes all interest has been frozen since the start about 3 or 4 years ago.

Interesting thing,today i got the refusal letter from Halifax and the letter is word for word identical to the one i got from Lloyds.(Obviously not account numbers ect).

How much are you upping the offers by.??
My original offers are all around 2.5-3K should i go up by a £100 £300 £500 .?????

Thanks

in2deep_2

So thats that then, all four refusal letters are in.

How much should i go up by.??

double_mummy

send them an income and expenditure sheet showing all you can afford is £1 per month per creditor send the same offer in with it and inform them that they can either accept the £1 per month or they can accept the settlement

SRT81

in2deep wrote: »

How much are you upping the offers by.??
My original offers are all around 2.5-3K should i go up by a £100 £300 £500 .?????

Well, all but a couple of my debts are in the hundreds rather than thousands, so I'm just going up in reasonable increments, judging what I think they're likely to accept based on their responses.

For example, I owe Wonga (and I want to bang my head against a wall whenever I admit that) about £800.

I offered them £240, they wanted £680, I offered them £350, they said they'd accept £400, I agreed to that. So a 50% saving on that debt.

Others on the forum might give different advice, i.e. offering smaller increments, etc. and I'm fairly new to all this so don't take my word as gospel.

Good luck!