Paying off credit cards in full

Greg6721

i recently took out a loan to pay off my credit cards- i have a mothercare credit card and a virgin card totalling around 5k

would it be worth my while trying to barter with them to pay less back than what i owe? im not sure the proceedure so any help would be great! any money i borrowed that doesnt get used to pay off credit cards will go towards a new kitchen so i am hopefull that i can save a few £'s this way!

Tixy

Assuming you are up to date with repayments highly unlikely. If you were behind with payments and had a default on your credit report then there is often scope to negotiate. But if you were in default you probably wouldn't have got a loan.

DisgruntledGoat

Are you behind on payments at all? If you're not, it's very unlikely they'll accept and if they did you'd wreck your credit rating in the process. F&F offers usually only work on accounts in default, where something is better than nothing for the lender

Look at it from their point of view - if someone owed you £5k, was paying it back ok and then said "will you take £4k because i'd like a new kitchen", would you accept?

LeeSouthEast

Why would you pay back less than you owe? You borrowed it, pay it back!

Greg6721

i wasnt thinking that they would accept 1k less, i wondered if there was a set way of doing these things. i half expected 100/200 tops off of what i will pay back. my borrowing and repayments have been impeccable so i doubt it will happen. no harm is asking though

im going to phone them and talk to them about it

CannyJock

DisgruntledGoat wrote: »

Look at it from their point of view - if someone owed you £5k, was paying it back ok and then said "will you take £4k because i'd like a new kitchen", would you accept?

Even better, why not go for a new kitchen and bathroom and maybe they'll let you off with only repaying £3k? :rolleyes:

Seriously OP, from what you've said your credit file is in good order - the only way you could get them to accept £100/£200 less is to default, trash your file and give yourself no end of hassle. Much easier to just spend £100 less on the kitchen

If you're determined to press on with your new kitchen plans, maybe look at 0% purchase cards to finance it and buy you a year's interest free credit.

catflea

As others have said, you have no hope at all of getting money knocked off.

Just pay up and get on with it, every day you dither is costing you money in interest (and remember, even when you do pay you will have some trailing interest to deal with! - the quicker you pay the less it will be!)

Mozette

Greg6721 wrote: »

i recently took out a loan to pay off my credit cards- i have a mothercare credit card and a virgin card totalling around 5k

would it be worth my while trying to barter with them to pay less back than what i owe? im not sure the proceedure so any help would be great! any money i borrowed that doesnt get used to pay off credit cards will go towards a new kitchen so i am hopefull that i can save a few £'s this way!

Why would you? What is the matter with you that you don't think about this and realise what is wrong with doing it.

!!!!!!!

elfen

You're trying to get money off...why? You presumably (haven't seen an SOA or any indication of you being in trouble) have enough to keep the payments. Why not pay them off, and SAVE for a kitchen. I've got cack credit, but I'm still paying back what I owe, and I still have to save for what I want. There's isn't any wiggle room, you used the credit, why not pay it back?