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I'm looking for a bit of advice regarding some credit card issues I'm having.
(New username as I'm not too proud of myself !)
Five years ago I was made redundant from a pretty well paid job that I hated - I didn't care about the job, or the income to be honest. As I knew I could get by on far less.
The problem is, that I had credit card Balances that were being happily serviced at the time. But recently I can't manage them at all. I'm five months behind with my payments. (£10k total balance currently)
I haven't used the cards to buy anything for 5 Years, it's just got bigger with interest and fees etc (have missed payments from time to time too)
I have been in touch with CCCS/Step Change recently, and the Cards are currently on 30 Day Hold (no fees etc) while a resolution is reached.
I don't own my own house, and have no dependants. I have no real assets and live quite simply (perfectly happy with that)
I have been told that I can negotiate with the CC companies for a lower amount in Full and Final Settlement, but have no idea what sort of figure they would accept in this situation.
Does anyone have any experience of this, and have any idea what sort of figures I would need to get to for them to accept.
(Before I get the Lectures, I'm not proud of the situation. And I've not spent on a single penny on the cards since I was made redundant five years ago, despite paying a good few thousand in monthly payments, and I have simply come to a time when I can't carry on with it anymore without it bankrupting me)
Sorry for the massive post, but might as well have as much info as poss if anyone can offer advice.