Negotiating Credit Card settlements

Options
Does anyone have any advice on this? Or reccomend some reading?

I currently owe about £3.5k on a credit card I want to payoff, I have inherited £2.5k and can scrape together another £500 would the CC company give me a reduced figure to settle the account or am I dreaming?

Thanks in advance

Comments

  • p00hsticks
    p00hsticks Posts: 12,959 Forumite
    First Post Name Dropper Photogenic First Anniversary
    Options
    If you've been making the minumum payments Ok up to now, I'm not sure that they'll want to negotiate with you.

    Even if they agree, then the fact that you haven't off the debt in full will remain on your credit record for some time and probably gonig to make it more difficult for you to get credit in the future - is it worth it for the sake of £500 ? How difficult / long would it take you to pay of the remaining amount due ?
  • polyallstar
    Options
    yeah I've been making the min payments so guess I'm not an ideal customer to negotiate with...

    Didn't think about the credit rating aspect either, think you're right I'll pay off £3k and try to switch the last £500 to interest free

    Thanks
  • chattychappy
    chattychappy Posts: 7,302 Forumite
    Options
    yeah I've been making the min payments so guess I'm not an ideal customer to negotiate with...

    You are an ideal customer. Therefore not one to negotiate with!
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 235.9K Work, Benefits & Business
  • 609K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards