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Paying Off CC's - Tips on Settlement
huxleypig
Posts: 111 Forumite
Hi
Have been on a DMP with CCCS for over a year - Failed business venture. Have managed to finally get a re-mortgage to pay off debts and parents etc.
In process of contacting cards with offers of a reduced settlement. Started by offering half - MBNA have agreed to accept 55% in a partial settlement. They say they won't chase the rest but it will stay on credit file for 6 years.
Any ideas what other companies will accept in full and final (or partial)settlement??
I understand some will say I should pay back all the money owed but I am just trying to save any money I can to start an 'emergency fund' for the family.
Why should I send a cheque for 100% if they are willing to accept say 85% !!
At present all of the CC's have accepted the payment plan and have frozen interest payments.
Any thoughts - Thanks
HP
Have been on a DMP with CCCS for over a year - Failed business venture. Have managed to finally get a re-mortgage to pay off debts and parents etc.
In process of contacting cards with offers of a reduced settlement. Started by offering half - MBNA have agreed to accept 55% in a partial settlement. They say they won't chase the rest but it will stay on credit file for 6 years.
Any ideas what other companies will accept in full and final (or partial)settlement??
I understand some will say I should pay back all the money owed but I am just trying to save any money I can to start an 'emergency fund' for the family.
Why should I send a cheque for 100% if they are willing to accept say 85% !!
At present all of the CC's have accepted the payment plan and have frozen interest payments.
Any thoughts - Thanks
HP
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