Negotiating Credit Card settlements

polyallstar

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

p00hsticks

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

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

polyallstar wrote: »

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!