Comments on: Australia’s Big Four Lenders On Acquisition Frenzy http://www.money-au.com.au/finance-news/banking/australias-big-four-lenders-on-acquisition-frenzy-5118/ Australian Finance News from Money-Au.com.au Wed, 29 Jun 2011 02:21:28 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Sharat http://www.money-au.com.au/finance-news/banking/australias-big-four-lenders-on-acquisition-frenzy-5118/comment-page-1/#comment-1544 Sharat Tue, 01 Sep 2009 04:29:36 +0000 http://www.money-au.com.au/finance-news/?p=5118#comment-1544 Basically Glen, settling, whilst getting you out of the debt does hurt your credit score and going forward in the future it may come back to bite you. If you are optimistic about the future in the sense that you believe that at some point you will be able to handle the minimum, but cannot do so just now, then I would borrow the 8K from your dad, and use it to make the instalments. If you are not optimistic about the future or you want rid of the debt, then the short answer is I would start at 40 per cent, but expect to perhaps settle on 60. In truth I don't know what they would settle on, what I know is they would prefer some kind of settlement than a total default. here is a piece we did on debt settlement. http://www.money-au.com.au/finance-news/banking/eight-common-misconceptions-about-settling-credit-card-debt-4324/ Basically Glen, settling, whilst getting you out of the debt does hurt your credit score and going forward in the future it may come back to bite you. If you are optimistic about the future in the sense that you believe that at some point you will be able to handle the minimum, but cannot do so just now, then I would borrow the 8K from your dad, and use it to make the instalments.

If you are not optimistic about the future or you want rid of the debt, then the short answer is I would start at 40 per cent, but expect to perhaps settle on 60.

In truth I don’t know what they would settle on, what I know is they would prefer some kind of settlement than a total default.

here is a piece we did on debt settlement.

http://www.money-au.com.au/finance-news/banking/eight-common-misconceptions-about-settling-credit-card-debt-4324/

]]> By: Glenn Boyd http://www.money-au.com.au/finance-news/banking/australias-big-four-lenders-on-acquisition-frenzy-5118/comment-page-1/#comment-1542 Glenn Boyd Mon, 31 Aug 2009 11:41:31 +0000 http://www.money-au.com.au/finance-news/?p=5118#comment-1542 Hi,I read the article in Money AU, re- Comm Bank being conservative and was wondering just how conservative.If the reader of this email is more in tune with money than I , can you please advise me.Just a short reply would be good. I have only one credit card and it's with CommBank. I am starting to really struggle to pay my bills but thought of approaching them with a request to settle my debt of $20,000.My father can help me out financially. What do you think they might accept? Can I go as low as paying them only 40%= $8,000 or should I offer more? Are they looking to increase their coffers now and likely accept $8K as oppossed to my min monthly of approx $400? Your's Sincerely, Glenn Boyd. Hi,I read the article in Money AU, re- Comm Bank being conservative and was wondering just how conservative.If the reader of this email is more in tune with money than I , can you please advise me.Just a short reply would be good.
I have only one credit card and it’s with CommBank. I am starting to really struggle to pay my bills but thought of approaching them with a request to settle my debt of $20,000.My father can help me out financially.
What do you think they might accept? Can I go as low as paying them only 40%= $8,000 or should I offer more? Are they looking to increase their coffers now and likely accept $8K as oppossed to my min monthly of approx $400?
Your’s Sincerely,
Glenn Boyd.

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