Where does this leave me?

Peter_Pan

My main creditor has today accepted a 50% full and final settlement, leaving me two creditors who are insisting on 80% which my third party can't run to , do i pay the main creditor and continue paying my token payment of £1 a month until they review or should i try and raise the extra money myself by selling things. Not sure what the best course of action is - its a total of £6000 owing between all three and B/C has been suggested but i feel its too heavy handed for £6,000.

I realise my record will show defaults if they take the full and final settlements and will show for 6 years but as OH is bankrupt and we really really don't want credit ever again i'm ok with this.

Any advise would be appreciated

tigerfeet2006

If your not worried about the hit to your credit rating I would pay the one who accepted but make sure you get a letter before hand to say that they will mark your record as satisfied and that they won't sell the rest for someone else to claim from you.

Then just keep paying the others what you can afford. Either add what you were paying the other creditor to that or put it with the money for F&F. Then when you get to 55-60% maybe try them again. Try each time you get more of the % you never know
.


Though I have to admit I am not knowledgeble about this at all.

Peter_Pan

Thanks tigerfeet2006, I think with my third partys agreement(fingers crossed) I will do a full and final settlement with the one thats agreed especially as its my main one.
If i do this do i have to let OH 's OR know as it was a joint debt? (probably why they agreed to the 50% ).

At least it will decrease my debt and £3000 debt is much better than £6k and will feel manageable once we get ourselves sorted out. It will make us as a family feel better if i can at least make inroads into £3k ourselves after having help from my parents and OH going B/C and suffering health probs.
2007 was a year of change definately and 2008 is going to be a year of progress:D