Regular Payments off a Credit Card Discussion

celiacelia226

I do not like using a credit card

Chrysalis

Hannas2 wrote: »

in summary, if possible avoid using your credit card for CPAs, but never offer your debit card!

can use prepay cards or do companies reject prepay?

Keegan

Hi all,
I have heard rumour that if you have the money to pay off your credit card completely you can negotiate with the credit card company to pay off a reduced sum, as you will pay it off in one go, rather than just giving regular repayments; is this correct? If so can I do it myself or do I need to go through a specific company.
I realise that this is not really a question about regular payments, but could someone please direct me to or offer any advice. I am new to this forum and not sure where to go with this query

Thank you

Paul_Herring

Keegan wrote: »

Hi all I have heard rumour that if you have the money to pay off your credit card completely you can negotiate with the credit card company to pay off a reduced sum, as you will pay it off in one go, rather than just giving regular repayments; is this correct? If so can I do it myself or do I need to go through a specific company.

That's all it is. A rumour.

This presumes you've been keeping up with the minimum payments and are up to date.

There's no reason why the company should offer to settle for less than you owe if you appear to be keeping up with repayments - there's simply nothing in it for them.

The only way a company may settle for less than you owe is if you've demonstrated (by lack of payments so you're severely behind, or you've started going down an IVA - either will trash an otherwise exemplary credit report) that the company is unlikely to get full repayment of monies owed.

I realise that this is not really a question about regular payments, but could someone please direct me to or offer any advice. I am new to this forum and not sure where to go with this query

Thank you

Starting a new thread on this board would be more than appropriate.

MyWealthDesire

It is helpful to call your creditor, tell them your plan to pay off all your credit cards with them. Learn how to negotiate to reduce the principal balance owed and freezing the interest rate within a certain period...

amine0036

thk.......

Trad3r1

Is there anyway I can set a limit on my credit card spending?

2wheelpaul

Hi I ask this question because I had an arrangement with my credit card company to pay a monthly amount of £29 to pay off my balance. They didn't cancel the card but I personally cut it up and put in rubbish. They also agreed if I keep these payments up they would cancel interest charges which they did. I have never missed or be late with a payment but they now have sold it to a debt collection agency. I ask if Im still liable because surely my debt was with the credit card company and the payment agreement was with the credit card company so if they sell my debt then surely someone has paid off my debt no?

hansi

Trad3r1 wrote: »

Is there anyway I can set a limit on my credit card spending?

Self control?

Sheriffsam

2wheelpaul wrote: »

Hi I ask this question because I had an arrangement with my credit card company to pay a monthly amount of £29 to pay off my balance. They didn't cancel the card but I personally cut it up and put in rubbish. They also agreed if I keep these payments up they would cancel interest charges which they did. I have never missed or be late with a payment but they now have sold it to a debt collection agency. I ask if Im still liable because surely my debt was with the credit card company and the payment agreement was with the credit card company so if they sell my debt then surely someone has paid off my debt no?

This sounds similar to me with my overdraft. I argued and argued with them to stop this, and they eventually didnt sell it, although I think I caught it just in time. I agreed to pay off the amount asap (10 months) and they would hold interest on the account. Maybe see if they would do this? Otherwise, just pay as much as you can as quickly as possible is my advice!