Paying off credit card balances

josoap50

Now in a position to pay off six credit cards:j what percentage will companies accept as a final payment. One has already quoted a figure of 75% of the debt, is this the normal or would it be possible to negotiate a better rate?

bouncydog1

Are you in default on your payments, which is why you want to negotate a reduced settlement?

If you are not in default they are unlikely to offer a reduced settlement and quite frankly why shouldn't you pay off in full what you owe, like everybody else!

Mischa8

josoap50 wrote: »

Now in a position to pay off six credit cards:j what percentage will companies accept as a final payment. One has already quoted a figure of 75% of the debt, is this the normal or would it be possible to negotiate a better rate?

First of all, just have to say, why on earth did you get six CC's in first place?! who needs six?!

hope you've learned your lesson and are cutting all six up or just using 1 if need be.

sheslookinhot

That's good that you are now in a position to pay them off. Why not pay them at 100% ?

izools

josoap50 wrote: »

Now in a position to pay off six credit cards:j what percentage will companies accept as a final payment. One has already quoted a figure of 75% of the debt, is this the normal or would it be possible to negotiate a better rate?

Well unless the agreements have defaulted, you'll need to pay 100% of the debt plus the rolling interest for the following month.

No ifs, no buts, no short settlement. Not unless you want to totally mess up your credit file by defaulting on the agreements first.

What made you think you have a right to pay less than the full amount you owe?

TFD_2

izools wrote: »

What made you think you have a right to pay less than the full amount you owe?

Maybe this:

josoap50 wrote: »

One has already quoted a figure of 75% of the debt

alan704

hmm.. u must have defaulted on payment .. did u go to citizen advice and asked them to negotiate with the credit card co. I have large debts on Credit Cards and can only afford to pay back the minimum balances , I cannot get balance transfers as I missed a few payments and have a bad credit score .. so I earn less than I am spending .. but the credit card companies are not offering me any deals !!!!