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Negotiation
MJI1962
Posts: 37 Forumite
in Credit cards
Hello
I have some credit card debt, (was in a spiral - into a plug hole) I have worked out best way of paying them, but I would like to lower the amount I pay back.
One has already threatened to move to recovery, after one late payment.
Is negotiating the debt down practical, possible or advisable?
I have found around £150 of charges on one, same one about £1500 of credit cover (I didn't realise what it was at first) and others are happily chucking on £12 for this and £12 for that.
I have written to all of them saying I cannot pay until February as I need the money for essentials like food, mortgage, LPG, car insurance (that time of year).
I want to get rid of all 4 within the next 2 weeks - long term repayments are lower but will take a while to do.
I am remortgaging.
So if I owe card A £4500 would £3750 offer of complete settlement be OK?
Finally how much would recovery agencies buy a 4500 debt for?
I have some credit card debt, (was in a spiral - into a plug hole) I have worked out best way of paying them, but I would like to lower the amount I pay back.
One has already threatened to move to recovery, after one late payment.
Is negotiating the debt down practical, possible or advisable?
I have found around £150 of charges on one, same one about £1500 of credit cover (I didn't realise what it was at first) and others are happily chucking on £12 for this and £12 for that.
I have written to all of them saying I cannot pay until February as I need the money for essentials like food, mortgage, LPG, car insurance (that time of year).
I want to get rid of all 4 within the next 2 weeks - long term repayments are lower but will take a while to do.
I am remortgaging.
So if I owe card A £4500 would £3750 offer of complete settlement be OK?
Finally how much would recovery agencies buy a 4500 debt for?
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