Paying off a Lloyds TSB Credit Card - the easiest way

CB69

Hi there,

I have a Lloyds TSB Credit Card (well for the last five years, I've NOT had it, just the large bill!) Currently I owe £9,675, which I'm paying off at £75 a month under an agreed amount. Now I wish to pay that off and close the account FOR GOOD, and wonder the best way to go about it. Is it simply to ring up, pay it and close the account? or can I negotiate a settlement figure with them i.e. pay off half or two thirds or even less? Has anyone experience of paying off a large debt like this and can offer me advice on how to go about it. I had a Santander / Abbey loan several years ago - that was a complete nightmare to close and don't want to be caught out again.

I would be grateful for any advice.

CB x

atsoc15

balance transfer into a 0% card if you can. If not get a lower interest loan and pay it off at agreed rate. Having the debt on the card will no doubt be the most expensive way of having the debt

onlypaddy

generally speaking, you can only negotiate lower settlement balances if the debt has defaulted and been sold to a debt collection agency.

exel1966

CB69 wrote: »

Currently I owe £9,675, which I'm paying off at £75 a month under an agreed amount. Now I wish to pay that off and close the account FOR GOOD, and wonder the best way to go about it.

So have you suddenly acquired £9675 ? If you have then the best option is to pay in full!

david39

The wording of the OP's post suggests that he has the money available now but wonders whether he can persuade Lloyds to accept a smaller amount as a full and final settlement.

My immediate reaction would be that if that happens then it will be shown as a black mark on his credit file. But then, he may already have one because he is in some form of special arrangement with them at the moment.

Perhaps people who know more about this side could advise him as to whether he would be worsening his credit history by negotiating an F&F or the fact that he has cleared the debt to Lloyds satisfaction would benefit his future credit position.