Doing a Deal with CC Companies

[supermac9]

In the coming days I am facing the possibility of redundancy - I'll get a bit of a payout which I planned to use to make offers to a number of credit card companies.
I was hoping to say something like.."I owe you £10k, I am now out of work but can pay £5k now in full and final settlement of account, otherwise I will need to enter into a no interest/low payment agreement while I look for work.."
What are my chances of getting a positive response? Does anyone have any similar experiences?

[Garlok]

Re: Doing a Deal with CC Companies

Sorry supermac, no one has come along.

Be careful about a loose F & F as you are suggesting here. You are no longer into the relatively simple area of Statute Law like the cCA1974/2006 which governs or more correctly regulates your credit cards. Full and Finals are in the minefield of Common law of Contract. Get it wrong and any subsequent litigation is a very expensive exercise indeed.

On the positive front it can be achieved and achieved very successfully at sometimes much lower rates than you are suggesting. I would always advise that you seek proper professional advice and use a solicitor to do all the work. Never admit that it is your own money up front either.

use the site search engine and look at Cetelco's posts on the subject and take a look in the General Debt Forum at the top there are some "sticky" threads one of which I wrote myself called Watertight F & Fs. read up a bit and see why I have advised you as I have then come back and I am sure someone else will be along as well to see you through this.

regards
Garlok

[Angry Cat]

Re: Doing a Deal with CC Companies

In the coming days I am facing the possibility of redundancy - I'll get a bit of a payout which I planned to use to make offers to a number of credit card companies.
I was hoping to say something like.."I owe you £10k, I am now out of work but can pay £5k now in full and final settlement of account, otherwise I will need to enter into a no interest/low payment agreement while I look for work.."
What are my chances of getting a positive response? Does anyone have any similar experiences?

A little more information about the credit card companies that are involved would assist.

On what date(s) did you make the application(s) for credit?

Was there any Payment Protection Insurance (PPI) involved?