question category: Bankruptcy

Paying £6,000 to pay £18,000 debt, can it be true?
Submitted on: 5th Mar 2009 by Non-Member | Total Answers: 2

I am just going through a bankruptsy form when my credit card company phoned and said if i can find 6 grand they will wipe off my debt of 18 grand,can this be done and is this right they said pay 500 pounds by the end of april then in may they will send a final demand for 5000 and 500 pounds and that's it.

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Paying £6,000 to pay £18,000 debt, can it be true?

It is likely to be true and is what is called 'full and final settlement'.

If you go bankrupt they are likely to get very little, possibly nothing, that's why you have the offer.

Make sure you get it in writing then if you can proceed, go for it. Beats bankruptcy every time.

Submitted on: 5th Mar 2009 by TA Member

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Re: Paying £6,000 to pay £18,000 debt, can it be true?

Hi there,

It's definitely worth considering but do get it in writing otherwise it is valueless.

Do be aware though that if you have that money available then the Official Receiver will take it off you in a Bankruptcy anyway so well worth a shot.

Submitted on: 11th Mar 2009 by LittleJ (not verified) Non-Member

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