Credit Card Debt

[Snowingagain]

Hi I was wondering if someone could give me some advice.

 

I will be in receipt of a sum of money that will pay off one of my credit card debts.

 

I am in debt with 3 credit cards and I'm on a lower payment plan.

 

One of them I've put in a mis-sold PPI claim but there is a long wait with the FOS so not expecting the verdict until next year so I don't really want to pay this one off.

 

What I would like to know is .

. if I pay off one of the credit card bills it will leave me with a bit more money in my pocket at the end of the month which will really be handy as things are tight.

 

If I distribute it between them it won't benefit me.

 

Therefore, if I just pay one off will it be flagged up and the others come running?

 

Things are calm at the moment so don't want to wave a red flag so to speak.

 

Thank you in advance.

[brokebutnotbeatn]

Have you considered a low F&F on them? Might be worth a try but research it first so you go in with your eyes open.

[Snowingagain]

Apologies but I don't know what the abbreviation means

[BRIGADIER2JCS]

hi Full and Final settlement of a debt, by making an offer of a % of the outstanding debt in return for the creditor/dca amending or deleting credit file records and not selling on the remaing balance, MUST be handled and worded carefully.

[dx100uk]

what does your CRA file say about these debts?

 

ever looked at reclaiming PENALTY charges too?

 

dx

[Snowingagain]

Hi

 

On my credit report it states all are 'satisfactory' except one says 'one late payment'.

 

I haven't reclaimed any penalty charges as yet.

 

Regarding 'full and final settlement'

 

I think I just want to get one monkey off my back so I'm a bit loathe to negotiate with a final settlement I'm afraid.

 

I just want it over with as quick as possible but thank you for the information any way.

 

Would the others come after me?

[BRIGADIER2JCS]

What is the account you would like to clear an F&F is probably the best way unless you plan on paying off a whole out standing balance.

[Snowingagain]

Yes. I am wanting to pay off the outstanding amount of one credit card that I am in debt with but will the others come after me if I do that without splitting it between the others.

[dx100uk]

they'll come after you anyway.

 

IMHO you might well be wasting your money here.

unless you insist the debt is marked settled & all neg data removed.

 

this PPI with the FOS, whos it with and why did it go to the FOS, have you got a thread running.

 

dx

[Bandit127]

Yes, they will come after you anyway. The noise level might go up and you might get a letter saying they want to review your payment plan as your circumstances have changed.

 

DLC did this to me after a change on my credit file - similar to the one you will get. Like a fool I panicked and phoned them up for a pair of expert thumbscrews to be applied - and an unaffordable increase in payments was therefore extracted.

 

This was before the guys and girls here educated me (somewhat reluctantly at points).

 

My advice is - pay one off to get rid of them. The psychological advantage is a great benefit.

 

But think about putting the money in a savings account for a month and do some reading on here and MSE about people who have done F&F settlements in the meantime. Do a F&F on one card - and you might find you have enough left over to offer F&F on another. That way you could potentially do all 3.

 

50% should be a figure for ready reckoning.

[BRIGADIER2JCS]

Start very low to give room for negotiation, if a figure that is reasonable is agreed the offer must be conditional that ALL adverse data is removed from credit files and the balance remaing will not be sold on to any third party.

 

NEVER send any money until you have the creditors unequivical agrrement in writting that your terms are accepted.

[Snowingagain]

Hi thank you for your repsonses.

 

The ppi is with Marbles.

 

It went to the FOS because HFC turned my claim down saying it was a non advisory sale.

 

I still want to pay one credit card account off. Thank you for the info on Full and Final Settlement but I just want it off my back.

 

It will make me feel so much better but wanted to prepare myself for the others having a go.

[dx100uk]

HFC will always say that.

 

how did you apply?

 

dx

[Snowingagain]

I sent a letter to Marbles first who passed it to HFC. I had to chase it up. They asked for more info which I supplied. HFC sent a final response and I then took it to FOS... where it's been since March.

[dx100uk]

did you not use the FOS questionaire and a spready sheet etc etc

 

i take it you mean payment break plan i bet!!

 

dx

[Snowingagain]

Sorry replied to quick. Yes I followed the advice on here. I know HFC asked me to fill in one of their questionnaires but it was all geared towards them and there wasn't much I could put down so refused to fill it in. I get updates from the FOS but they have been so inundated that it will probably be Spring next year when I find out.