barclaycard payment in full

danielsawyers

Hi all,

I owe 6k on a barclaycard and i have the cash to pay it off but i realy dont want tp pay the full amount do you think they will take a reduced payment in full if i tell them i am going to go bankrupt?

Bismarck

it's not as easy as that. suspect you'd need to default first and mess up your credit rating and then you may be able to offer a full and final settlement.

however, I doubt they would do anything just because you threaten bankruptcy...if you can pay you should.

I shall await stronger responses along these lines from fellow MSErs!

CLAPTON

danielsawyers wrote: »

Hi all,

I owe 6k on a barclaycard and i have the cash to pay it off but i realy dont want tp pay the full amount do you think they will take a reduced payment in full if i tell them i am going to go bankrupt?

and quoting from your other post

quote:
I wonder if anyone can help me with some good advice. I have been paying off a credit card for many years and don’t seem to be getting very far in clearing the debt. My recent financial situation has declined and I do not want to default on the credit card company (MBNA) and do not want to involve a credit settlement agency as I would prefer to resolve this matter myself. I would prefer to offer them a discounted settlement relative to the debt and what I can afford. Could anyone please give me advice on how to go about it or if this possible at all?
Kind Regards
Daniel :j

end quote


seems a little inconsistent

milliemonster

If you have the money to pay off your debt in full, you should pay it, I think it's completely immoral and unacceptable to ask for a reduced settlement in these circumstances just because you don't want to pay it

MABLE

danielsawyers wrote: »

Hi all,

I owe 6k on a barclaycard and i have the cash to pay it off but i realy dont want tp pay the full amount do you think they will take a reduced payment in full if i tell them i am going to go bankrupt?

You have to be on a wind up. :rotfl:

Mozette

I really can't think of anything to say to this that is even remotely polite.:rolleyes:

danielsawyers

Hi all,
the only reason i wrote the last message was to provoke a response.
I do have a genuine problem with a credit repayments that i would like to resolve as fairly and as morely correct as possible i do not have the cash to pay in full ( wish i did) i would just like the correct advice to the best way to resolve this problem before my financial situation goes into decline.

sorry if i offended anyone x

dane-katie

Contact the CAB if you are having problems with your debt instead of putting silly messages up like that!

Sammy_Girl

Hi Daniel,

I'm not offended . We all have quite thick skin here.

Now to your query. If you have been making regular monthly payments to MBNA it is highly unlikely that they will accept a reduced full and final settlement, because as far as they see, you can pay it off comfortably. Now, for them to consider a F&F you will have to default on the agreement. This will be in the form of missing a few payments. The debt will then more than likely get passed on to a DCA, who are pretty likely to accept a F&F. But, this must be taken with caution, as it will have an exteremly detrimental effect on your credit report. Future potential lenders will see that you have defaulted, and it will be unlikely that you will secure any mainstream credit in the near future. Please remember that the default will stay on your file for 6 years.

I know all this from personal experience. I offered 2 F&Fs on 2 of my debts, one was about 80% I think of the outstanding balance, and the most recent was about 60%. Although my credit file has been marked - I am unable to get a High Street mortgage, and so have a Sub-Prime mortgage. I was initially unable to get mainstream cc, but now I can, but this is soleley to build up my credit rating. As it is at the moment, my file won't be fully agreeable until March 2013

You're not the first one to have this problem, and you certainly won't be the last.

If you want to maintain your good credit report, why don't you have a look at the Debt Free Wannabee board, where there's all kinds of helpful information on where you can cut back to meet your payments, and where you can make extra money. That's where I started

Good Luck

S x

Sammy_Girl

Hey Guys, come on. This chap came on here to ask a question. Really there's no need to be so rude.

I know that there's two schools of thoughts on CCAs and F&Fs, and personally I sit on the fence, but please don't shout down a Newbie. He was only asking a question that has been asked before. He will not be the first or last to do this.

YorkshireBoy

Sammy_Girl wrote: »

You're not the first one to have this problem

Except there isn't a problem. OP owes £6K and has the money to settle the debt. Where's the problem?

(Although he did change his tune a little in post #7)

Then again, he admits "the only reason i wrote the last message was to provoke a response". Maybe there isn't a problem at all and he's simply trolling and/or bored?