We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
I cleared my Debts and saved £8700 in the process
bluespring_2
Posts: 9 Forumite
Maybe someone has done this and posted this before, but just in case.
I had £25,000 worth of debts on credit cards and current accounts (although £10,000 was an IOU loan to another family member to help them out - never again!). Sold my apartment so had a bit of cash, and really wanted to keep as much as possible in the bank - Sooo! wrote to each creditor asking them to consider a "short loss" or partial settlement of the account (Virgin/MBNA approached me! (that's where I got the idea from), Halifax x3, Northern Rock/Co-op I approached them) offering 70% settlement figure - THEY ALL AGREED! The banks must be skint at the moment!!!!! BEWARE though, this does mean a "Partial Settlement" entry on your credit file for each account settled for six years. If this helps anyone at all then it was worth taking the time to write this, good luck and don't let the b**stards grind you down! Lei.
I had £25,000 worth of debts on credit cards and current accounts (although £10,000 was an IOU loan to another family member to help them out - never again!). Sold my apartment so had a bit of cash, and really wanted to keep as much as possible in the bank - Sooo! wrote to each creditor asking them to consider a "short loss" or partial settlement of the account (Virgin/MBNA approached me! (that's where I got the idea from), Halifax x3, Northern Rock/Co-op I approached them) offering 70% settlement figure - THEY ALL AGREED! The banks must be skint at the moment!!!!! BEWARE though, this does mean a "Partial Settlement" entry on your credit file for each account settled for six years. If this helps anyone at all then it was worth taking the time to write this, good luck and don't let the b**stards grind you down! Lei.
0
Comments
-
Well done I think but you should have got settled on your account.Barclaycard 3800
Nothing to do but hibernate till spring
0 -
BEWARE though, this does mean a "Partial Settlement" entry on your credit file for each account settled for six years
Well done, but I think it's the quote above which may well put people off.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards