Negotiation with lenders

overdrawn_of_redditch

I have roughly 16000 worth of debt spread across a loan, 2 credit cards and 2 mail order companies. I have been given the opportunity to borrow 15000 through my husband at much lower payments, is it possible to negotiate with my lenders to write off the debts if they will accept a lower amount? With the exception of one mail order debt which is about 2000 I am fully up to date with all payments on everything else. It would be great to be clear especially as I have also received a £600 gas and electricity bill from npower after I changed suppliers and cannot afford to pay this either. Can anybody advise if this is feasable and how is the best way to go about it? Thanks.

jonathon_hart

Hi.

I would suggest you try the Debt Free wannabe forum they will be able to give better advice. Have you tried contacting the various companies involved?

CLAPTON

creditors never give a discount for paying your debts if your monhtly payments are up to date... for obvious reasons.

so the wayto get full and final settlements (F&F) is to

a. stopping paying your monthly amounts
b. after a few monthly they will probably default your a/cs and so trash your credit records for 6 years
c. try to agree a lower monthly payment
d. maybe issue a CCJ or if you have property put a charge on the house
e. probably sell the loan off to a dca (debt collection agency)
f. then you are in a good situation to negogiate a decent discount and get a F&F settlement

if you are financially associated with your OH (i.e. joint accounts/ loans) then your OH's credit record will be adversely afected too