Very Fortunate

fallenstar_2

I have recently come into a bit of money and was looking to pay off some of my credit card debts. I currently have a CC with Natwest, Barclaycard and Halifax as well as a loan with A&L that is coming to a end.

The reason I was writing this thread was to ask if any one had any experience or has managed to negotiate with CC companies about taking a lump sum payment to write of the debt completely.

Apologies if this is in the wrong place, or has been written about already. If it has I would appreciate if I was pointed in the right direction.

Many thanks

_Andy_

Have you missed any payments or defaulted on any?

fallenstar_2

_Andy_ wrote: »

Have you missed any payments or defaulted on any?

No. Make regular payments, but at times been late with them

ILW

At a bit of a loss as to why you think they will reduce the amount owed.
They may if you stop paying them, but it will totally trash your credit history.

manumadmel

I paid £1600 to virgin to pay off £4500, but I was made redundant last december and they would not take any reduced payments from me. they came up with the figure of £1600 so I borrowed it of my lad instead of £100 keep each month for the next 2 years

_Andy_

fallenstar wrote: »

No. Make regular payments, but at times been late with them

There is no reason for them to offer you a reduced amount - why would they?

Kavanne

they won't reduce the amount for a lump sum settlment unless it looks like you are in difficulty (ie: won't be able to pay full amount) because they are trying to cut their losses. If you aren't having problems, they are happy and don't care.

mitrant

Basically - as harsh as this may sound - you borrowed it and you'll be expected to pay it back. The only lump sum that the lenders will be interested in to clear your account is the full amount that you owe.

If you have the money to pay off most or all of your outstanding debts then I would suggest doing it. Lenders will very rarely accept a lesser payment than the outstanding owed to clear a debt, particularly if there is no evidence of any financial hardship and the like.

You need to remember that when you borrow on a credit card, the bank are paying the cost of the goods you purchased for you - if you wanted to barter over the price you would pay for those goods you needed to have done so with the store where you made the purchase. You cannot expect, after spending the bank's money, that you can then barter with them over how much of that money you will pay back.

ILW

mitrant wrote: »

Basically - as harsh as this may sound - you borrowed it and you'll be expected to pay it back. The only lump sum that the lenders will be interested in to clear your account is the full amount that you owe.

If you have the money to pay off most or all of your outstanding debts then I would suggest doing it. Lenders will very rarely accept a lesser payment than the outstanding owed to clear a debt, particularly if there is no evidence of any financial hardship and the like.

You need to remember that when you borrow on a credit card, the bank are paying the cost of the goods you purchased for you - if you wanted to barter over the price you would pay for those goods you needed to have done so with the store where you made the purchase. You cannot expect, after spending the bank's money, that you can then barter with them over how much of that money you will pay back.

Is it me, or does it appear that there is quite a lot of sense being spoken on here lately.

mitrant

ILW wrote: »

Is it me, or does it appear that there is quite a lot of sense being spoken on here lately.

Well I try.

It may sound odd but when I spend on a credit agreement I look at is as borrowing from a mate - they'd expect to be paid back afterall.

fallenstar_2

mitrant wrote: »

You need to remember that when you borrow on a credit card, the bank are paying the cost of the goods you purchased for you - if you wanted to barter over the price you would pay for those goods you needed to have done so with the store where you made the purchase. You cannot expect, after spending the bank's money, that you can then barter with them over how much of that money you will pay back.

That's a fair comment, and i have always had the intention to pay back what i owed. I have heard of people getting into trouble and then only for them to be able to come to an agreement with the CC's to take a lump sum to pay off the debt.

Obviously this would ruin my credit history if I was to ever to start missing payments, I just assumed that I might be able to negotiate with the CC's.

Thanks for the comments.