Full and Final Settlement Advice please

DizzySpell

Morning DFW's

Long time lurker and very appreciative of the advice I have picked up here over the last 18months, to the tune of reducing my monthly outgoings by £350 a month Why i'm posting really............

I have had an Egg card for years!! I have paid the minimum payment every month (for years) currently £166 and have not got over my credit limit, although I am very close to it now. After my LBM, i decided this was the first card to go as it's the only one I have that charges me interest, and the only card I know the PIN number to The balance currently stands at £5300 against a limit of £5700 :eek:

On Monday I have a large amount of cash hitting my bank account, enough to cover the full balance but I wondered whether it was worth sending Egg a letter offering them a full and final settlement of less than the balance? Purely in the spirit of "if you don't ask, you don't get".............. and also freeing up some cash to throw at the other 0% card I have (£3,700 balance) to try and boost my "clear it by the end of the year" campaign

Can anyone offer any advice on this i.e. what I could offer (I was thinking £4500 or £4250) and where the template letters are? is this a good idea even? Should I just pay what I owe them (including the interest), burn the card and chalk it up to experience??

I am torn between being cheeky and the moral aspect of "i spent it, i should pay it". Not asking for a difinitive answer of yes or no, just throwing my thoughts out into the universe really for a bit of unbiased guidance and support for the lovely people on the DFW board..........

CH27

Have you missed any payments on the card?
IF not it os highly unlikely that will accept a F&F.

DizzySpell

Hi CH27, no, i have never missed a payment to my knowledge.