Haggling on paying off a cc? What sort of offer should I make?

YorkshireBoy

JoJoB wrote: »

I owe them 3000 and wonder if they will take 2000 if I offer. Or am I just being very naive?

I'm no expert, but I think you're being very naive.

Why would they take a F&F when you can clearly (in their eyes) meet your payments?

I can't find it now, but CLAPTON has previously posted the sequence of events leading up to a F&F being considered...and it wasn't straight-forward, or particularly quick.

From memory, there has to be evidence of struggle (ie late/missed payments), followed 6 months later by a default, followed by passing to a debt collection agency, followed by CCJ. You will trash your credit file, and that of anyone else you are financially associated with, for many years to come.

If you're unable to increase your income, do you have anything you could sell to meet the shortfall? The TV and home theatre competition wins, particularly, may raise some extra cash?

JoJoB

Thanks Yorkshire Boy, you make some fair points and I thought I may be being a bit naive - hence posting here to get some feedback. I'm completely financially naive (but learning fast) - part of the reason I have built up so much debt over the years even though I'm not a shopaholic or mad spendy person.

I think because I can see potential problems on the horizon I am going into panic mode before I need to. At the moment I have just enough each monjth to keep head above water. Not much chance of earning more in the next year as will be on maternity. things hovering on the horizon like a compulsory fire order whcih will set me back £2000 and the electrics in the flat are looking decidedly dodgy e3tc etc - it will only take one big thing to tip everything over the edge so i guess I'm trying to get things sorted slightly in advance so i can be prepared when the proverbial hits the fan. But maybe this particular route is too problematic then.

We are not big on possessions so haven't got anything substantial to sell (no car etc). We lead a pretty simple life. The main plan is to sell the flat and use the equity to pay off the debt - but with the market the way it is it's uncertain as to whether there will be much equity left by the time we haqve3 dropped price enough to attract a buyer - so thinking of holding onto the flat and riding out the storm but trying to get repayments down a bit each month so there is a bit of breathing space when those big but unavoidable expenses come along.

So i am exploring options! This one was a brief thought but looks like it's not really sensible so thanks for your help.

If I ring credit cards and ask them to lower the interest dfoes thisd also risk harming credit score?

turbobob

YorkshireBoy wrote: »

I'm no expert, but I think you're being very naive.

Why would they take a F&F when you can clearly (in their eyes) meet your payments?

I can't find it now, but CLAPTON has previously posted the sequence of events leading up to a F&F being considered...and it wasn't straight-forward, or particularly quick.

From memory, there has to be evidence of struggle (ie late/missed payments), followed 6 months later by a default, followed by passing to a debt collection agency, followed by CCJ. You will trash your credit file, and that of anyone else you are financially associated with, for many years to come.

If you're unable to increase your income, do you have anything you could sell to meet the shortfall? The TV and home theatre competition wins, particularly, may raise some extra cash?

I had MBNA offer me some deal like this, I can't remember the exact details. It didn't go as far as a debt collection agency and certainly not a CCJ, but it was on debt that was not down to me (fraud) that I was unaware of.