Can you get ff settlement on cc card

gailey_2

Got over 1700 on barclaycard.
been left some money plan to pay it all off.

At moment its with mercers collections.

can I ask for settlement figure ir is that just for loans.

Tixy

Yep, if you've are in arrears and the debt has been defaulted you stand a reasonable chance of getting a reduced F&F settlement.
You could ask for a figure or you could write to them with an offer you feel happy with (worst they can do is say no or suggest a slightly higher figure) - some useful info and letter template on national debtline websites.

GeorgeUK

If you aren't in arrears though, they may offer you a 5% reduction, but this would also have an impact on your credit rating.

Edit: Sorry - didn't notice it was with Mercers.
Yes, you can make an offer. Don't make any payment until you get written confirmation though and make sure it is agreed that it is a full and final settlement rather than a partial or short settlement.

Your credit file can be marked as a partial settlement, but not the payment for the debt. If they say this is a partial settlement, then they will just sell the remainder of the debt to another DCA.

gailey_2

Thanks guys think my credit rating not great anyway but dont wnat any new credit and morgage least 5-6years away if ever at this rate.

Its been passed to mercers their in house collection team as couple of months behind.
they hiled up interest to nearly 30percent couple years back dont feel as if I made much inroads.
Im fortunate been lft some money but got other debts too so if could maybe negociate slightly less then that seems good option but would want full and final and no pursuing for remainder.

if ratings bad not sure how this could worsen credit rating if they paid.