Full and final offer to clear credit cards

warby68

The other thing to consider is why you haven't paid more to the debts over the years you've been making token payments.

If you are struggling on the income you have (which sounds like it will stay roughly the same) you may be better with some money going into an emergency fund and on any essential repairs.

Not ideal but if your budget is very tight and you use all your lump sum to make settlements but then have nothing for emergencies and can't get credit either you are at some risk at a point when your employment is riskier too as a new employee.

If you've just 'ignored' the debt because of its favourable terms and spent spare cash as your situation improved after partner's redundancy then obviously this advice doesn't apply.

Naf

mchale wrote: »

Then maybe people should live within their means, and not get in 25k of cc debt and if they do get in debt at least have the moral values to pay what they owe.

Sure, ignore the part about circumstances changing because it doesn't fit your narrow view

John_Jones

hoverFrog wrote: »

What I want to do is to clear the debts and have a little left over as a buffer going forward. Some may think to judge me for not paying the full amount but they've made a profit on the interest over the years so I'll just have to cope with being judged.

Thanks.

Yes, of course they made a profit, that was the deal that you signed up to with them.

Why were you happy to enter into the deal but now do not want to honour it?

It is high time people like you were frozen out of the financial system entirely, no-one should be offering you credit again.

redux

John_Jones wrote: »

It is high time people like you were frozen out of the financial system entirely, no-one should be offering you credit again.

Some of Donald Trump's businesses have lost his banks far more money than most people will ever see in a lifetime.

I wonder what became of him.

The point of discussion of people's debts here, usually more courteously than on this thread, is to help them look forwards, not backwards.

hoverFrog

John_Jones wrote: »

It is high time people like you were frozen out of the financial system entirely, no-one should be offering you credit again.

'People like me'? I'm amazed at your insight into my life. The things you have gleaned from only a few comments are outstanding.

When I came here looking for help out of a mountain of debt I didn't wonder if anyone would be cruel enough to tell me that I deserved it. I didn't have to wait long, did I?

I thank you for your wisdom but if you can't offer anything constructive I'd prefer it if you offered nothing at all.

bundoran

hoverFrog wrote: »

'People like me'? I'm amazed at your insight into my life. The things you have gleaned from only a few comments are outstanding.

When I came here looking for help out of a mountain of debt I didn't wonder if anyone would be cruel enough to tell me that I deserved it. I didn't have to wait long, did I?

I thank you for your wisdom but if you can't offer anything constructive I'd prefer it if you offered nothing at all.

Well you deserve the debt, because you ran it up, but you didn't deserve the redundancies - yours and your partner's - which left you in difficulty in paying back the debt.

I don't think that the creditors will buy your suggestion at all.

My suggestion - and I'm sure others will disagee - is that you pay off as many of the smaller debts as you can in full, and then continue to make the small repayments on the others.

Then you will have battle on fewer fronts, and you will have reduced your ongoing outgoings, as you'll be paying minimum payments to fewer creditors.

hoverFrog

bundoran wrote: »

Well you deserve the debt, because you ran it up, but you didn't deserve the redundancies - yours and your partner's - which left you in difficulty in paying back the debt.

I don't think that the creditors will buy your suggestion at all.

My suggestion - and I'm sure others will disagee - is that you pay off as many of the smaller debts as you can in full, and then continue to make the small repayments on the others.

Then you will have battle on fewer fronts, and you will have reduced your ongoing outgoings, as you'll be paying minimum payments to fewer creditors.

Perhaps they won't in which case I'll do as you suggest even though it is likely that the largest creditors will never get all their money back.

That's their decision though.