Full and final offer to clear credit cards



I was made redundant last week but I was fortunate to start a new job on roughly the same money straight away. Having been there 18 years I’m getting about 10k in redundancy. Unfortunately I’ve got about 25k in credit card debts.

While a holiday and some home improvements are attractive they’re also stupid when I owe that much. I’d prefer to rid myself of debt entirely. I’d like to offer a full and final settlement to the credit card companies but how much should I offer? What is the minimum they are likely to accept?

For full disclosure my parter was made redundant a few years ago and we got into arrears so all of the credit cards we have are already defaulted on. I’ve been making interest free lower than minimum payments for years.

What I want to do is to clear the debts and have a little left over as a buffer going forward. Some may think to judge me for not paying the full amount but they’ve made a profit on the interest over the years so I’ll just have to cope with being judged.



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