Paying off my credit card.

unclebuncles

Hi all,

Ive recentlyon the come into a sum of cash and want to get rid of my credit card balance completely, not close the card down as i like to have it for those little emergencies. Now a friend of mine has told me not to pay off the final balance, but to make them an offer on it.

eg: final balance is £1500, but you offer £1400 to pay it off.

Has anyone ever heard of this before as its not something ive heard of, or has anyone ever done this?

Any help would be muchly appreciated. Thanks.

YorkshireBoy

They won't entertain your offer if you're not in (significant, ie 6 months or more and nearing default) arrears.

And if they did they'll tell other lenders, via your credit report, that you don't pay your debts!

Do you seriously think they're going to lose money with your offer...and then let you rack up some debt again by continuing to use the card?

bengal-stripe

YorkshireBoy wrote: »

Do you seriously think they're going to lose money with your offer...and then let you rack up some debt again by continuing to use the card?

It's called: "Having one's cake and eating it".

ironlady2022

If you can pay it, why would they give you a discount? Come on you signed up to the t+c, used the money to purchase something and racked up the debt YOURSELF, just pay it.

chattychappy

Bear in mind that if you did do any kind of deal on the basis of inability to keep up with the agreement then this would probably be reported to CRAs and would affect your ability to get credit in the future.

nomoneytoday

I reckon it would work once, then for the next 6 years your "card for emergencies" would be blocked, you would lose the ability to get mainstream credit, and forget about a top interest rate on mortgage application.

(All IMHO)