Huge Credit Card Debt, but a windfall coming - what do I do?

Stompa

Cute_n_Quirky wrote: »

No, not necessarily - remember that the portion of the reduction is mainly from the interest charges, not from the credit card holder being reckless.

Yes, I see what you mean. Though of course those interest charges may (or may not) have been incurred due to the credit card holder being reckless. And if they have (not quite sure how that would be determined?), then it should be paid off in full.

tall_tom

Many thanks for your comments. And I understand that I am, or hopefully will be, in a very fortunate position to some. After thinking them over I have decided to present my situation to my creditors and to see what them come back with. I will report back.

MABLE

tall_tom wrote: »

Many thanks for your comments. And I understand that I am, or hopefully will be, in a very fortunate position to some. After thinking them over I have decided to present my situation to my creditors and to see what them come back with. I will report back.

I'm sure if a friend borrowed money from you and promised to pay it back but then decided a pay only a fraction you would be very unhappy. However because it is a faceless corporation you think it is acceptable. You have the funds and you should do the honourable thing.

JillD_2

you said in your OP:

the residue from using my credit cards has turned into this huge problem that stays with me

... so I dont see why you even have to ask whether or not to pay off the debts when the money is available. That bit is a no brainer.

Banderman

Get the windfall and emigrate. Sod the credit card company. They're crooks anyway. Send us a postcard when you get there, good luck.

kathy40uk

MABLE wrote: »

If you have a large sum of money coming your way and is sufficient to pay off your debts why do you need to think about offering your creditors reduced lump sums. Surely if you have had use of the money is it now fair to pay back the amount is full.

I note you say it is linked to your depression but we must all take responsibilities for our own actions.

the OP didnt say anything about not paying in full, he is asking how he can get creditors to wait until his money coming in comes thats all


...............ops sorry just read last paragraph in full


****goes off to get glasses *****


well done for getting through your depression Tom. That happened to me too. Good luck in your nrw job

Paul_Herring

MABLE wrote: »

I'm sure if a friend borrowed money from you and promised to pay it back but then decided a pay only a fraction you would be very unhappy. However because it is a faceless corporation you think it is acceptable. You have the funds and you should do the honourable thing.

Bad analogy IMHO - you didn't take it far enough. Try "a friend borrowed money from you x years ago and you were charging 30-odd% interest [...] and they offered to pay back half of what they now owe you..."

I agree with the point you're trying to make however.

bwgames

Also, if you did come to a settlement with the CC co and only paid off some of it, surely that would be marked on your credit reference files as defaulting on payments?