Credit card full and final settlement

ineedhelp2008

HI there

We currently have an 'agreement' with a credit card company where interest has been frozen for 6 months and we've paid £100 a month for six months. The sixth month is February.
we have just come into a windfall (PPI reclaim :beer: ) and i'm wondering whether if we offered the credit card company 50% of the current balance, what would be the chances of them accepting this?

Does anyone have any experience/knowledge of this?

My DH is currently out of work so money is still tight.

Thanks all

druss

Its the art of negotiation, first offer lower expectations start at 20%

They may accept 25/30%

Dont offer all to start as they allways want more.

If they say no dont offer to increase immediately, imagine your playing poker

druss

forgot to say if they say no to 20% put ball in their court ask them what they will accept but dont agree straight away just in case their 'manager says they want more'.

Also tell them you need to reduce the payment due to cash flow problems, this usually makes them think twice

[Deleted User]

20%:rotfl:

I would suggest you call them and offer that. Good Luck.

jonesMUFCforever

I take it then that you will not need any fresh credit for the foreseeable future?

jan888_2

i got away with paying 50% of such a debt but the debt had been ongoing for years , i was only paying £20 month , theres no harm in asking for a settlement sum,
good luck