credit cards can you haggle when paying off

sarah_callaghan

Hi my partner has being left £15,000 but he owes quite a bit more on a few credit cards he wants to pay them all off with his money and he has heard he can haggle when paying them off does anyone know if this is true . thanks sarah

NickX

sarah_callaghan wrote: »

Hi my partner has being left £15,000 but he owes quite a bit more on a few credit cards he wants to pay them all off with his money and he has heard he can haggle when paying them off does anyone know if this is true . thanks sarah

The answer is yes they will accept a reduced settlement, known as a "Full and Final Settlement".

However, for them to do this, you will need to demonstrate to them that they are going to struggle to get the full amount. This means missing several payments or consistently paying below the minimum so that the account goes into default.

They then see that getting full repayment will be a struggle, and may be prepared to negotiate a settlement.

Naturally doing this won't leave your partner's credit file in very good shape.

sarah_callaghan

So telling a few porkies wont help then thanks for help but going down this route isnt what we want has my partner has a very good credit file and does not want to ruin it .

Milarky

I would suggest you use the money pay off the dearest [i.e. highest interest rate] accounts first. This saves you most. There is then the chance to do something about the remaining debt through 'servicing' it [ i.e. paying it off from income]