I wonder if anyone can help with some advise.
Two or three years ago, I got into difficulties with credit cards. My income fell away dramatically with the recession and I ended up borrowing from one, to keep the other going. Not clever!
Net debt – around £65000 across around 10 credit card companies.
Anyway, about 12 months ago – and after lots of letters/dialogue with various companies and DCA’s - I agreed what I guess would be called an informal, Individual Voluntary Arrangement, whereby interest was frozen, the hassling phone calls stopped and I am now just making token payments to them all.
Fast forward to today and I find myself in a situation where I might be about to receive some money from a family member. Not enough to cover the whole amount, but probably around half.
So, I was wondering if anyone has any thoughts as to what amount I should offer a credit card company/DCA for “early settlement”? Obviously, I want to pay them as little as I can!
Also, should I get a copy of the Credit Card Agreement first, and will this have the amount on it that they paid for the debt?
So many questions, but any advise/guidance gratefully received!!
Two or three years ago, I got into difficulties with credit cards. My income fell away dramatically with the recession and I ended up borrowing from one, to keep the other going. Not clever!
Net debt – around £65000 across around 10 credit card companies.
Anyway, about 12 months ago – and after lots of letters/dialogue with various companies and DCA’s - I agreed what I guess would be called an informal, Individual Voluntary Arrangement, whereby interest was frozen, the hassling phone calls stopped and I am now just making token payments to them all.
Fast forward to today and I find myself in a situation where I might be about to receive some money from a family member. Not enough to cover the whole amount, but probably around half.
So, I was wondering if anyone has any thoughts as to what amount I should offer a credit card company/DCA for “early settlement”? Obviously, I want to pay them as little as I can!
Also, should I get a copy of the Credit Card Agreement first, and will this have the amount on it that they paid for the debt?
So many questions, but any advise/guidance gratefully received!!
