paying money back advice???

pinkydinkydo

Whats that thingy called where you make them an offer to make a payment on your credit card bill. Then in turn your account is closed. Does it effect your credit rating? Has anyone done it? Any advice would be great.
We're selling our house and we would have the money to pay off all our credit cards but obviously if we could save some for our new life it would be great, or would it just be best to pay it off in full and that would be the end of it.

Thanks in advance

CreditMonkey

Bit vague old boy, do you mean you owe £2000 but offer to pay them say £1300 and walk.........?

I think any situation where you pay less than what you borrowed would effect your credit rating.

pinkydinkydo

Yeah sorry i know i was a bit odd!!!!!

I read it somewhere on here and it had a particular name and someone mentioned an article?????

Sorry i'm sounding more weird.

thepinkladez_2

think you mean a full and final settlement?? i did one of these on a debt with hsbc last year account was closed immediately but i dont think it affected our credit rating greatly, but don't quote me on it!maybe you could try googling f&f's and see what comes up? orhang on and i'm sure someone much wiser will be around to help shortly!

pinkydinkydo

Thanks but i think it was called something else?

Anyone??????

dudleyboy

Is it called "shirking your responsibility"?

If you can afford to pay it all back then pay it ALL back. You'll then be able to start your new life with a clean slate and be proud of the fact that you did it on your own (as many on DFW have been doing for a very long time - if only we all had overvalued properties we could sell to pay off our liabilities).

I appreciate your desire to save money for your new life but that money you'll be saving isn't yours and never was.