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Full and final offers credit card debts


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all, approx 30k on cards. Just managed to get a loan for 20k with wife, got the loan for debt consolidation.

 

As this is the max i could get, i wondered whether it was poss to write to each provider and ask them if they would accept 60% full and final settlement.

 

I am not behind with payments, might have missed payment date by a day or two on a couple of cards but nothing major, have average credit score etc.

 

I just want the credit cards behind me and move on with the consolidated amount.

 

Anyone got any experience of this situation?

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Theres been many discussions on this.

60% is a high figure IMHO.

Of course depends if the account is still with the OC or has been sold.

Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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Thanks for the quick response ! I have had a look through a few similar posts, however, in the majority of cases, the accounts are in dispute, etc etc.

 

Mine arent, they are just balances sitting there that i always make the min payments on. I cant do it any longer tho (havent fallen behind or anything) but my wife is on maternity and we will soon be on a reduced income.

 

In my mind, why would the bank accept anything less than 100% when i am up to date with payments etc. Thats my real query. At the end of the day, if they dont accept anything less than 100%, they will just get all there money or continue to receive min payments.

 

I dont want to ruin my credit file or similar.

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Well theres been lots of new guidance of late.

Much of this concerns those who are experiencing financial difficulties or else can not maintain payments.

Maybe you should be looking at these areas ?

I would bet that if you was going to be thinking of offering a figure of 60% as F&F-its almost a dead cert that the lenders will say that you are therefore capable in the short term of maintaining existing payments-and once they become aware of that,then your bargaining power to have payments reduced becomes limited.

So I would think about this before offering any F & F

Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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