I really need help please.

[gerrimcc]

Hello Everyone,

I new here and have been trying to find a solution to my problems. Just over a year ago my partner left me with the two kids and alot of credit card debt I have about £10,000 mainly Capital One and Barclaycard. Im on a very low income and have agreed to a payment plan so the interest is froze to avoid it going that the Debt Collectors. I have been reading that Debt Collectors buy this at about 10% of the total. A friend also informed me that Barclarycard offered her the chance to pay a reduced amount to clear her debt but she didnt do anything about it. I think it was about between 15 and 20 percent of the total. My question is "Can I request Capital One and Barclaycard to come to an arrangement and final figure to clear my debt?" and "How do I do this? Also "How do I pay this -is it in one lump sum or over a period of time?" The interest and charges I received before they stopped the interest is just too much. I will never get this paid off at the rate Im paying it. I just hope that someone reading this has been in my situation and can help me. I dont want it to be passed to a debt collector. Thanks Very much

[Karnevil]

Hi Gerri - welcome to the site

I dont think you can request a reduced settlement but I guess it doesnt hurt to try - usually with a reduced settlement they want you to pay in one lump sum.

Who did you agree to the payment plan with ? Cap One & BArclay card direct ? Is it a sensible payment plan (ie. can you afford to keep paying it )

Re the charges you had applied to the accounts you could claim these back.... although you might risk losing the frozen interest on the plan ? Do you have an idea of how much the charges are in relation to the debts ?

If you give a bit more info then hopefully someone with more knowledge in this area will find you.

[Zag Jaeger]

Hi Gerrimcc,

Chin up, try this link advice@nationaldebtline.c o.uk , explain to them your situation and they will sort you out a debt management plan (DPM) which will be tailored to what you can afford and it's free. I would advise you not to make any deals with debt collectors or companies.

Good Luck and let me know how it goes.

[gerrimcc]

Thanks everyone who replied. I set up the debt management plan myself. I can cope paying what Im paying out but it is going to take me years which is stressing me out. I wanted to try to release some funds from my mortgage but my earnings are too low. So Im stuck with a DPM.

[timwils]

I owed a a 100 pounds approx to a firm in gillingham called "first action", and with interest it escalated to about 2500, so i struck a deal/haggled/hassled/ with the debt agency and paid 10 @ week for 25 weeks= 250.
steer well clear of first action -they are a bunch of sharks.