Settling a Credit Card

jaymesuk

Just took a loan to pay off a load of credit cards. Just wondered whether people have tried haggling down their credit card debts?

I'm thinking of phoning them up and asking how much they would accept to clear the debt, even though I have enough loan to cover the debts as they stand.

Is this the type of thing that could work? If so, any suggestions of how to word my 'offer' to the credit cards?

Anwen_2

I'd be very surprised if they would accept this, assuming you haven't been noticeably (to them) having problems with making payments.

The_Boss

Just spend loads of money and then you decide how much you want to pay back. Yeah right. They would mark your credit file and send your credit rating plummetting.

Lewby

I have known cards accept a reduced amount 'in full and final payment' when you have notified them that you have difficulties and close the account.

uberzoldat

I heard that loan companies will do this, but not too sure about credit cards. I tried it recently and the lady said she is not able to make such a decision. Worth a try though I guess.

theboylard

ok, I started a thread about this a while ago, which I was about to update and saw this post so I'll put a note on here and point you to my post - if you get my drift!!

Any company will haggle, it just comes down to how much front you've got and how hard you want to push - plus whether you want anything on your credit file.

See my thread here:
http://forums.moneysavingexpert.com/showthread.html?t=175282

the hapless one