Early Settlement discounts on CCs?

thelibertinedream

Hi

I've got a loan to pay of all my credit cards

do the banks give you a discount for early settlement of your CC and if so what advice can you give me for getting them

phoned halifax & hsbc and they said the amount was exactly the same as my existing balance

any advice would be great

Tixy

Very rare for a bank to accept a lower settlement figure if you have been paying your debts on time. If you had been late with your payments and had been defaulted they may accept a lower figure, but obviously this is not a good cause of action as that would impact on your credit rating for years.

thelibertinedream

thanks again for the advice

mufc689908

If you've got the dough to cover the full amount you're in no lose situation, tell the cc company you have lost your job or it's in doubt as bonuses or overtime as been cut. You're extremely worried about cocking up your credit rating and as luck would have it a relative has offered to give you the money to clear the cards but not the full amount and what's the minimum they will accept. Did your heels in and you will get at least 50% off. Remember you must sound convincing and be close to tears also mention a dead dog etc....

izools

mufc689908 wrote: »

If you've got the dough to cover the full amount you're in no lose situation, tell the cc company you have lost your job or it's in doubt as bonuses or overtime as been cut. You're extremely worried about cocking up your credit rating and as luck would have it a relative has offered to give you the money to clear the cards but not the full amount and what's the minimum they will accept. Did your heels in and you will get at least 50% off. Remember you must sound convincing and be close to tears also mention a dead dog etc....

I'm sorry but this just isn't true.

Credit card companies often accept reduced settlement figures if the account has DEFAULTED but until you've demonstrated to the creditor that their best way forward is with a short settlement, by not paying for a long time, you've not got a chance in hell.

You won't be able to get a reduced settlement figure without cocking up your credit file first

mufc689908

izools wrote: »

I'm sorry but this just isn't true.

Credit card companies often accept reduced settlement figures if the account has DEFAULTED but until you've demonstrated to the creditor that their best way forward is with a short settlement, by not paying for a long time, you've not got a chance in hell.

You won't be able to get a reduced settlement figure without cocking up your credit file first

wrong ......

izools

mufc689908 wrote: »

wrong ......

Any practical examples? Of accounts that were up to date at the point they accepted a short settlement figure?

I'm happy to stand corrected but all my experience, knowledge, and observations thus far have shown me that you may indeed be wrong.

EDIT: Even if the creditor did accept a short settlement figure on an up to date account, they would have to mark the account as defaulted (which would be true - the debtor would not have kept to the original agreement) and include a "Partial Settlement" special instruction indicator on the credit file, thereby ruining the debtors credit file for yonks...