Reduced Credit Card Settlement Figures?

Choccyant

Hi,

I am new to this site but wanted to find out if there is such thing as a reduced credit card settlement figure?

I have about £10k of credit card debt and am desperately trying to reduce it. I have applied for some 0% credit cards and am planning on transferring the balances however I wanted to find out if you can ask the credit card company for a reduced settlement figure?

My mum said that a friend had done this in the past but when I called the credit card company they just gave me my current balance.

If anyone can help that would be great!!

Thanks

Hannah

BenL

Unless you miss loads of payments and compeltely trash your credit record getting into bother they are extremely unlikely to make you any offer.

You will need to pay back te money you borrowed from them, sell some assets to do it.

They may offer you a secured or unsecurred loan to move the credit card debt to and make it manageable for you.

Overall though you are a prime customer for them to milk years and years of interest from you, they will probably also increase the apr on your cards overtime as well to get even more from you.

Hopefully you will get the 0% deals you are after, close down the old accounts and hopefully you will have addressed the reason (if applicable) for your overspending on the CC's.

Good luck