What if I offered to just pay half?

zappafan_2

Hi all, am new to the forum but have been a regular on the site for a while.

Basically, Ive gotten myself into a bit of a mess with credit cards & have friends that have had IVA's, who are now debt free & seem to have all of their money for themselves! However, I dont like the idea of being stuck to a particular payment for FIVE YEARS & then having the subsequent affect on my already terrible credit report! So I was wondering, what would happen if I just told the creditors that I cant afford to pay them & offered them half? I have also had friends that have done this & succeeded - obviously, my credit rating will take a huge knock but will it last for five or so years like it would if I did an IVA?

Any ideas? Also, would love to know if anyone has done this!

Many thanks

Jim

AngelaOU

Why are you delaying paying off your debt? Sell whatever you have to in order to make the payment(s) and get out of debt ASAP.

Sue-UU

Hi Jim,

I totally agree with Angela! Everyone's case is different and it pays not to listen too much to what friends have done but to go with the best for ourselves - and we usually (in our heart of hearts) know what it is anyway!

Like all of us, you no doubt have many things that are possible to sell, go for it Jim and sell them and get the debts paid off, you'll feel much better for it...... whether it takes 5 years or 10! All the best,

Sue.

Merlot

zappafan wrote: »

Hi all, am new to the forum but have been a regular on the site for a while.

Basically, Ive gotten myself into a bit of a mess with credit cards & have friends that have had IVA's, who are now debt free & seem to have all of their money for themselves! However, I dont like the idea of being stuck to a particular payment for FIVE YEARS & then having the subsequent affect on my already terrible credit report! So I was wondering, what would happen if I just told the creditors that I cant afford to pay them & offered them half? I have also had friends that have done this & succeeded - obviously, my credit rating will take a huge knock but will it last for five or so years like it would if I did an IVA?

Any ideas? Also, would love to know if anyone has done this!

Many thanks

Jim

Jim,

Please come over to the Debt free wanabee board and post this there, you will get loads of help.

Merlot.x.

zappafan_2

Hi guys, thanks for the reply so far - I have reposted the thread Merlot!

All the best

Jim