Paying back Debt

David_Penrose

Hi,



I am 62k in debt on 7 credit cards and one bank loan and two bank overdrafts. I family split left me in deep depression and I turned to shopping for comfort, a very bad choice but it happened.


I have now sold the house to release the equity, I have 120k which will cover the debt and leave about half.


the question is to clear the debt in full or to try and ask for final settlement amounts instead.


I am looking to restore my credit rating as soon as possible to get some form of credit rating back again, making renting easier as most landlords want the insurance that comes with a decent credit score check.


So the question is pay in full everything or negotiate with each bank?


After all the credit file has been damaged by lots of default and it will be 6 years before its cleared which will make me 60 years old.


What is best to do?


I am with step change.


David

SavingAFuture

Hi David - welcome to MSE! I noticed that you haven't had any replies on your post, but I think this may be because it's under "challenges" rather than "diaries" ?
Perhaps you could start a new thread in the diaries forum where people are more likely to see it?
All the best,
SaF x