Day of days- clearing my debt!!!

Dougy_The_Debt_Counsellor

Hi, This is only my second post in the forums as just signed up today, but have to say well done first of all for doing something about your debts and not 'Burying Your Head In The Sand'.....

You mentioned in your earlier post that your debts are around £25k and you may be getting £15k or so. (I hope I read the figures correctly)

What you could do is to offer a full and final settlement to your creditors (loans, credit cards, store cards etc). Based on the £15k or so you may be getting you could offer your creditors say 30% of what you owe them all in a one of payment to each creditor - That would mean around £7500 based on £25k debt.

You would be surprised how many creditors will accept a full and final settlement if you can get your hands on a lump sum of money.

If you can get your hands on a lump sum of money then organisations like The Consumer Credit Counselling Service (CCCS) can help you to make these offers.

Hope this helps you a little bit and best of luck

headinthesand_3

Thanks dougie,

If I were to offer full and final settlements wouldn't that mean that in the future those companies wouldn't touch me with a barge pole???

As of course I want to be debt free, I also want a mortgage etc in the future, and a credit card is excellent for emergencies etc

headinthesand_3

Just looked at my Morgan cc statement, They have got to be the worst online statements ever very hard to tell whats going on with them!!!!!

Anyway just paid £20 off it to make the numbers nice and round on my sig!! lol

Infact just seen my natwest cc so of to pay £2.84 off that!!

headinthesand_3

natwest now at £1500!!

a little at a time!!! lol

Dougy_The_Debt_Counsellor

Hi Again,

The full and final settlement option would not stop you getting any borrowing from the same lender in the future and wouldn't hinder you getting a mortgage or anything either.

At the end of the day you have approached the lender with an offer because you are in a position to do so, and nobody is forcing them to accept. However most will, because how long would they have to wait otherwise to see that amount of cash from you.

Obviously some may say no, but a lot might say yes. Not a lot of people have the opportunity or means to get their hands on a lump sum, so this is always a good option to try. :rotfl:

headinthesand_3

Thanks again

I will have to look into it,

headinthesand_3

Bit of a werid one

Morgan have sold the credit cards to goldfish who have now sold them to Barclays!!!!!!!

They have then reduced my credit limit from £3600 to £2800, a good thing I know but still annoying, why have they reduced my limit!!!!! I am going to balance transfer then close that card, as they don't want my credit I don't want them to have my interest!!!!!!!!!

I told you this was an odd one

headinthesand_3

oh yeah baby is a BOY!!!