# credit card debt full and final settlement



## mickey joe (15 Apr 2010)

Hi

I am new to this forum and have a question regarding dealing with credit card debt.

I owe @ 25k on credit cards and have been able to make minimum payments up til now but my income has recently been reduced and I am not going to be able to continue this.

A relation has offered to help by giving me 10k but obviously this will not pay off these debts in full but I read on other threads that some companies will accept 40% in settlement.

Is it possible that the card companies will accept such a figure as full and final settlement given that I am not in arrears?

I also have a home that would have a realistic value of @ 290k with mortgage 130k.

Could any outstanding monies owed to credit card companies after any settlement be registered against my home?

Will the fact that there is equity in my home mean that they will not settle for anything less than full amount? 

Any help greatly appreciated


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## bond-007 (15 Apr 2010)

The banks are desperate to get money in these days. It will take alot of negotiation to get them to take 40% as a full and final settlement. As you are not in arrears they will probably not talk to you about anything other than full settlement.

They tend to want to settle once the arrears are considerable and are or have taken legal action.


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## elcato (15 Apr 2010)

> Could any outstanding monies owed to credit card companies after any settlement be registered against my home?


Yes - MBNA did this to a person I know.


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## bond-007 (15 Apr 2010)

They should have ensured at any monies paid were in full and final settlement.


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