Barclaycard..will they accept final settlement figure ???

dblue75

Hi,
I have a Barclaycard debt from years ago.....I have been paying it after coming to an arrangement with them. It does not show as a default on my credit rating BUT shows as an arrangement. Which is affecting me. Everything else is fine.

I have now managed to get some money together and although cannot afford to pay it all off...I can pay a good hefty chunk of it.

Do you think if I called them that they would agree a final settlement figure less than the full amount that i owe, or if they would scoff at me and just say i have to pay the full amount owed ??

Any advice would greatly be appreciated. Thank you

Tixy

They might - but you are usually best to put such an offer in writing - the person you get through to on the phone may not have the authority to accept a lower figure - see here for templates etc and what they need to agree to, to ensure you are not chased for the balance years down the line - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

izools

Definitely send the offer in writing - but don't hold your breath - more often than not it's only defaulted accounts on which partial settlements are accepted.

dblue75

I have just called Barclaycard and spoken to a very rude member of staff who stated the Barclaycard DO NOT offer final settlement figures(which i find hard to believe) but i can send a letter in if i want requesting this ??? Whats the point.

I was offering them a very hefty chunk of what was owed...didn't tell them how much i was going to offer. Pointless.

So i asked the person on the other end of the phone..... you won't accept a final settlement figure.so you want me just to continue paying X amount that i pay to you every month till the debt is paid off......IF you want was the answer. No level of customer service whatsover. :mad:

Whats the point in even attempting to pay your debt back !!!

izools

Like I said - make the offer in writing - don't bother calling - but expect it not to be accepted unless you are prepared to let the account default first - but this is not recommended and will have a severe adverse effect on your credit rating.

Is the money you have not even enough to get the card out of the arrangement? If so, it's worth doing. They should let you have the card back if you can.

dblue75

Its only £200 short of what i owe to them.....and my card is not at the max as i have been paying it interest free for over 2 yrs...every single onth without missing a pymt.

izools

If you've proven you can afford the arrangement and have kept to it flawlessly, what incentive do barclaycard have for selling themselves short? None. They will get the £200 eventually if they leave things as they are.

If however, you proved that you are unreliable and can't stick to an arrangement, with scatty payments here and there, the account would default and Barclaycard would be more motivated to short settle.

Non defaulted accounts can't be short settled. It's as simple as that. At least, I've never heard of or read about a non defaulted account being short settled. Anyone else?