Settling Credit Card Balance

adamcahillmk

Hi,

Can anyone tell me if its possible to settle my outstanding credit card debt at a reduced amount by paying it of as one lump sum?

I currently have £2350 left on my credit card and have saved in the region of £1600 and was wandering if i should write to the company asking for a settlement figure, any suggestions or help would be greatly appreciated.

Many Thanks

AdamMK

kurupt39

why dont you just pay 1600 quid of it and watch the balance drop. then contiune paying at a high rate as well. not detriment to your credit score then

stephane_2

Unless you have defaulted on your account and trashed your credit file then "no".
Pay off some of the balance with the £1600 as you are probably paying far more interest on the card than you are getting on your saving account...do it ASAP

a11nak

if your account goes to a debt managment company they wont settle the card, however i know a few companies that would knock up to 25% of...your best calling them and adv that your not going to be able to continue making the required repayment amount due to a change in circumstances but you are able to settle the account now for a reduced rate??? That should do the trick

stephane_2

a11nak wrote: »

if your account goes to a debt managment company they wont settle the card, however i know a few companies that would knock up to 25% of...your best calling them and adv that your not going to be able to continue making the required repayment amount due to a change in circumstances but you are able to settle the account now for a reduced rate??? That should do the trick

I doubt it very much.....

adamcahillmk

So is the best option for me to pay £1600 and then just keep paying as much of a month until cleared?

stephane_2

adamcahillmk wrote: »

So is the best option for me to pay £1600 and then just keep paying as much of a month until cleared?

Yes it is if you're planning to pay off the debt early...

y5d

Yes. If you pay the £1600 off it, there will only be £750 left on it - the interest will then fall, and the balance will drop relatively quickly after that.

ru20205

I'd pay the £1600 off the card, then pay the remaining balance as and when you can each month.

Also, sorry to have a go, but it needs to be said. Seeing as you spent the money, it is only right you pay it back. I know there are many people who are on DMP's and have defaulted because they genuinely cannot afford to pay their debts. If you can afford to save £1600, then you can afford to pay the whole amount in back and it is only fair that you do.

Any

If you didn't want to pay the money+interest back then you shouldn't have spent them....
If you can save £1600 then you surely can pay off the full amount.

And how long did it take you to save it up?? At what rate was it saved? You have probably incured at least 10x as much interest that you would if you just paid the money off the card...

Don't wanna pay, don't borrow!!

ru20205

Any wrote: »

If you didn't want to pay the money+interest back then you shouldn't have spent them....
If you can save £1600 then you surely can pay off the full amount.

And how long did it take you to save it up?? At what rate was it saved? You have probably incured at least 10x as much interest that you would if you just paid the money off the card...

Don't wanna pay, don't borrow!!

Thought i would get slated straight away for saying it so im glad someone else has said it too & i couldnt agree with you more.......makes a mockery out of genuine cases too!