PROBLEMS REPAYING C/C DEBTS- can we approach the companies and arrange a settlement figure?
I work in debt management and although a few people have used legal loopholes this is not a viable option as this is only true in a minority of cases. Your best bet is to contact your credit card company to advise of your situation and what you are planning to do. Contact CCCS or CAB who are both fantastic and work together with credit companies. They will put together a simple income and expenditure plan for you detailing what you can afford to pay (if you have multiple creditors this will be split pro rata). Companies will usually accept these plans for around 6 months with a review at the end of it – if your circs havent changed then this is normally extended for another 6 months. If you default on your payment i.e. make no payments/have no reduced agreement in place your rating will show as defaulted.
