Lump Sum Payment To Clear Credit Card...What Should I Offer?

carlywarly82

Hi all,

I've been fortunate and have recently come into some money. (enough to pay off the balances on my Credit Cards. :j ) I read somewhere that you can end up paying less than the total of what you owe if you offer to make a lump sum payment. Does anyone know if this is true? And what do you think I should offer? How do I go about it? Any advice would be greatly appreciated!

I have a balance with Virgin CC which is approx £6400 and one with Mint which is approx £5100 :eek:

x

rustybucket

If you have defaulted then you may have a chance for a full and final settlement, however if your payments are up to date I'd be surprised if they took a final offer.

National debt line has some letter templates

carlywarly82

I defaulted on the Mint a few months ago and had been paying back £120 per month. I was currently in the process of getting a payment plan set-up with Virgin when I came into this money.

iolanthe07

If you owe it, and you can afford it, why do you think you shouldn't pay back all that you owe?

amyandjon

good luck with this, ive not had an opportunity to find out yet

carlywarly82

iolanthe07 wrote: »

If you owe it, and you can afford it, why do you think you shouldn't pay back all that you owe?

Because the last few months have been a living hell for me, that's why.

Hodgehappy

Payplan have some lump sum final offer sample letters and ways of how much to offer your creditors with calculations for you to look at too.

carlywarly82

Hodgehappy wrote: »

Payplan have some lump sum final offer sample letters and ways of how much to offer your creditors with calculations for you to look at too.

Oooh thanks very much

oxondaemonfeurer

as a start you could offer 75%, thats way you'll get a good discount and still be paying off a substantial proportion of what you owe. Ask, they can only refuse or accept - you've nothing to lose!