Credit Card Settlement Arrangement

M_Purnell

Hi

I have 2 very old credit cards which both have outstanding balances on them. I have been making regular monthly payments (minimum) and no issue is flagged with the repayments however, both cards have not been used for some several years and the use of has been withdrawn.

Therefore, my question to the forum is has anyone written to the CC company with a proposal to make a lump sum payment to close the account with a payment less then the actual outstanding balance? Obviously, I would also require *not* to damage my credit rating.

Thanks in advance

M

[Deleted User]

If you don't want to damage your credit rating, then no.

Making settlements is generally for people who want to save a few quid but have no need in the next few years for a mortage, credit cards, phone contracts, gym memberships, bank accounts, loans......

CH27

CC companies only make settlements when accounts are in arrears.

jonesMUFCforever

Why not try to get a 0% card and balance transfer the debt - saving you interest at least for 12/18 months depending on the card?