Help!!!! Full & final offers to Credit Card companies

PoorSB

Hi There,

this is my first post and looking for some advice as to pay off credit cards. I am just about covering my credit card minimums but will be coming into a lump sum in about 5 months. Debt £30000, lump sum will be £15000.

At this stage I would like to offer all credit card companies full & final settlements & pay as little as possible. From what I have read it is quite difficult to negotiatie when payments have been kept up to date .

I guess my question is should I reduce payments now & offer them minimum £1 per month, then negotiate F&F in 5months? And if so what kind of negative impact would this have on my credit rating? Would I automatically get defaults against me?

Thanks in advance

Jvic28

It is quite difficult apparantly and I don't know what effect it may have on your credit rating if you did so. You currently should have a good score and don't want to ruin that do you?

I'm sure someone more helpful will be along shortly.

x

**Amy**

Hi

This may be able to help you

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

It can be quite hard to do, but its always "worth a go".

x

PoorSB

Many thanks for the replies, I think I will wait for lump sum. Then reduce my payments to CC'd and see how3 long before they will take full & final payment.