credit card Advice plz

FRANK-THE-TANK_2

HI, im after abit of advice.

I currently have a halifax credit card which i owe a total of aaround £2500 on. i missed a few payments so phoned the bank to explain i was struggling to make financially and see if their was anything they could do for me,

ive recieved a letter today stating if a pay my balance within 14days they will accept 75% of the balance so around £1900. im going to contact the bank and make them an offer any thoughts?

also if they accept my offer can i still reclaim the charges that i have incurred on the account?

hope this makes sence and any advise would be greatly appreciated

thanks frank

esmerellda

Do you have the money to make an offer to pay in one lump sum?

Do you know how much the charges are you have incurred and want to reclaim?

FRANK-THE-TANK_2

i can proberly afford to pay £500 or £600 immediatly then a similar ammount next month. would they accept 2 or 3 payments over 3 months?

im not to sure the ammount of charges i would guess around £400 maybe more.

thanks

esmerellda

mmm you can try, do it in writing though, I doubt they will accept installments like that on a reduced settlement but you never know and its worth a go.

If they say no, then stick the charges into the mix and say you will repay the balance less the charges. by installment. I don't think you can expect to get a reduced settlement and the charges back seperately, but can use it to help repay the debt.

esmerellda

oh also, don't forget the interest on the charges too, depending how long they were incurred over that could add another few pounds to the amount you can reduce the debt by, then weigh that up with the 75% offer etc and see which works out best.

Also once the account has been settled in full and final and written off, then you can try to reclaim the charges on the account, but i wouldnt do that until the accounts written off else the refund will just go back to the balance. Just if they don't accept your offer, you can use it as leverage.

FRANK-THE-TANK_2

thanks for all your help x