Originally Posted by Kix

Ask your UK bank for a full and final settlement (once you've saved up approximately 50-67% of the debt, you might be surprised when they accept.

Originally Posted by Millhouse

And destroy your credit rating in the meantime. It's only 5 grand.

If he can pay a uae loan off in 6months then he can pay a credit card off. No bank here will want to put out a 6month loan and even if they did the upfront fees would not make it worth his while.

Originally Posted by Kix

Basically call them, tell them you've moved abroad and want a full and final settlement figure for a one off payment to cancel your credit card.

Say you owe them £5,000, tell them you'll pay £2,500 for full and final (ie fully cleared), and you'll pay it in a given time, within a week for example.

The bank is charging interest on interest, if you've had it a while then they've made a shed load of cash off you.

The bank will come back with a counter offer, negotiate but don't pay more than 2/3rds of the full amount, ie, around £3,300.

As this is an agreed payment it wont affect your credit rating (or your mam's) but you will get your card cancelled.

Job sorted.

Originally Posted by Blue Cat

if you can afford to pay a loan here then you can afford to bang some cash off it in the UK, think straight mate

Originally Posted by Spugsy

Blimey that sounds pretty good.

RAK bank will give me a loan at 12%, I'm going to do that and clear my UK debts, makes life a lot easier and then get an HSBC credit card over here in case I need one.

Originally Posted by Spugsy

I just want it sorted, worse case scenario I lose my job I still have freelance coming in anyway.

Originally Posted by Ethos83

If you've been paying £100 a month in interest for the last five years that's £6,000 in interest payments, or more than the total value of the debt.

Ye gods. Did you not do the maths earlier? You paid the bank £6,000 for the privilege of having a £5,000 credit card balance.

And you still spent money on fancy holidays, watches, clothes and I think even a camera.

I've never carried over a credit card balance - ever. It's just throwing money down the drain. I hope you learn from this.

Originally Posted by Kix

How sanctimonious are you?

Give the guy a break, he asked for help and ideas, not some holier than thou sermon.

Jeez, what is it with certain people, so far up their own arses they're drowning in it.

Originally Posted by Spugsy

Heh, thanks for that but to be fair Ethos is right - I piss money all over the place and need to reign it in.

Originally Posted by Spugsy

Heh, thanks for that but to be fair Ethos is right - I piss money all over the place and need to reign it in.

Originally Posted by Scamp

I do too mate....although I am getting better.

It's fun though eh?

Originally Posted by Spugsy

Last five years have been *****ing amazing mate - had the best holidays of all time.

Originally Posted by Scamp

Yeah, so **** it, 5/6 months of boring Spugsy = debt free.

It's worth doing, then you can save for a bit to go somewhere else mental.