Tweet
Long story, will try to keep it short!
Due to my separation 3 years ago I had to go onto a DMP as all CC were in my sole name and due to having to find somewhere to live etc I hadn't got enough income to pay the min payments. Plus MBNA increased the APR from 0% to 33.9%
I owed around £40k initially, payments were around £300 a month in total and eventually all 4 CC companies agreed to accept the payments and froze interest.
DMP was OK for about 2.5 years until I got made redundant at the end of 2012.
I offered the creditors F&Fs of 35% to begin with as my redundancy would allow this amount with a bit spare to live on for a few months.
None of them accepted this amount but one of them has accepted the second offer of aruond 65%.
Firs question:
Their letter states they will accept this amount "as final settlement" so is this OK for me to pay, they wont sell the debt on or do anything sneaky? It's a Thomas Cook credit card, I think Barclaycard administer those am I right?
I did ask on my letter that they mark the debt as settled in full on my CRA but that's not mentioned in their letter.
My current situation is I have just started a new job but on a reduced salary and it's only temporary for 3 months but may turn into a permanent position.
The second creditor hasn't yet replied to my second offer of 65%.
Final creditor initially refused the 35% offer but in a letter dated 27th Feb said they may be willing to negotiate a partial settlement and then sent another letter dated 3rd March saying they'd sold the debt on to a recoveries company.
Total debt now around £20k
Any advice?
Many thanks.
Please ask if you need any more info.
Due to my separation 3 years ago I had to go onto a DMP as all CC were in my sole name and due to having to find somewhere to live etc I hadn't got enough income to pay the min payments. Plus MBNA increased the APR from 0% to 33.9%
I owed around £40k initially, payments were around £300 a month in total and eventually all 4 CC companies agreed to accept the payments and froze interest.
DMP was OK for about 2.5 years until I got made redundant at the end of 2012.
I offered the creditors F&Fs of 35% to begin with as my redundancy would allow this amount with a bit spare to live on for a few months.
None of them accepted this amount but one of them has accepted the second offer of aruond 65%.
Firs question:
Their letter states they will accept this amount "as final settlement" so is this OK for me to pay, they wont sell the debt on or do anything sneaky? It's a Thomas Cook credit card, I think Barclaycard administer those am I right?
I did ask on my letter that they mark the debt as settled in full on my CRA but that's not mentioned in their letter.
My current situation is I have just started a new job but on a reduced salary and it's only temporary for 3 months but may turn into a permanent position.
The second creditor hasn't yet replied to my second offer of 65%.
Final creditor initially refused the 35% offer but in a letter dated 27th Feb said they may be willing to negotiate a partial settlement and then sent another letter dated 3rd March saying they'd sold the debt on to a recoveries company.
Total debt now around £20k
Any advice?
Many thanks.
Please ask if you need any more info.
Comment