Offering Full And Final Settlement To Creditors

[buffymad]

I keep hearing of people having some of their debts written off and wanted to know more!

I owe on quite a few credit cards. I'm paying the minimum payment on them all and have never defaulted. My question is, if I managed to get a loan to pay them off (which would need to work out cheaper than what I'm already paying a month), would they look at any offer I made them? Or is that really just for those they know are having trouble paying? I'll be honest, it's leaving me skint for what I have to pay each month but I've always been brought up to get your debts paid first so I've never really thought about not paying!!

I'd love to get them paid off and obviously would love to pay back less than I owe (seeing as others seem to get that treatment!), but just wasn't sure of how it all works.

Any help please?

[murraymints]

speak to a debt counsellor at your local CAB ..they will advise on debt consolidation

[Peter Pedant]

step 4 is also quite good

having done this for someone
first take advice
then write to all and say OK what will you accept if I pay off
may sure it is all on the same date and PAY !

then I paid his debts and he paid me ( and then he died yes before rull payment ho hum c'est la vie )

If you dont have a lump sum ( or some sucker with the moolah, see above ) you need to seek advice about consolidation and an IVA which is quite another thing....

do start at the CAB - my fren' had already had a IVA in place for which he paid far too much - rejecting out offers of help and preferring other creditors.... yes

and yeah I agree debt is such a posser - try to get debt free, life is better
that is why we did it ....
[ oh he just went out and got more credit cards and ran up another £10k. It was a lesson I needed to learn ..... ]

so start at the CAB - they are VERY GOOD at debt since they see such a lot and have lots of practice

[New Judge]

That's good advice from Peter, buffy.

You should move away from credit card debt as soon as you can. It is about the most expensive way (apart from Payday loans) of borrowing money you can use. Most of them charge around 25% APR which is scandalous. You need to (1) cut them all up; (2) consolidate them together and get a loan at a reasonable rate to pay them off.

[ToraToraTora]

there are some great 0% deals out there for balance transfers, Virgiin are doing 40 months for example. No I'm not Richard Branson!