Settling an amount on a credit card?

sciter

Hi Guys

i am expecting about 1 or 2k back as a result of claiming my PPO back from Barclays in the next couple of months - i really want to use the money to settle my credit card and a few people have told me that I can make them an offer to settle the amount? what is usually an acceptable amount that they will take? my credit card is 2.5k...

thanks!

thenudeone

If you are up to date with your payments and not in financial difficulty then why would they settle for anything less?

Even asking for a lower settlement figure could be interpreted as a sign of financial difficulty resulting in the card being pulled.

If they do accept a lower figure expect then a trashed credit file making credit very difficult to find for the next 6 years.

sciter

ok its just i was told this by a credit controller so i assumed it would be kosher and im pretty sure she would have told me if it would affect my credit rating...just wondered if anyone has experience.

paulus1

Why not just pay what you owe?

thenudeone

sciter wrote: »

ok its just i was told this by a credit controller so i assumed it would be kosher and im pretty sure she would have told me if it would affect my credit rating

If he / she was a credit controller for a business selling to other businesses or who sell without running credit checks then they wouldn't necessarily need to know anything about personal credit files.

dresdendave

sciter wrote: »

Hi Guys

i am expecting about 1 or 2k back as a result of claiming my PPO back from Barclays in the next couple of months - i really want to use the money to settle my credit card and a few people have told me that I can make them an offer to settle the amount? what is usually an acceptable amount that they will take? my credit card is 2.5k...

thanks!

If you lent a mate £20 for a few days, would you expect him to pay you back £20, or to make you an offer?

Evilm

sciter wrote: »

ok its just i was told this by a credit controller so i assumed it would be kosher and im pretty sure she would have told me if it would affect my credit rating...just wondered if anyone has experience.

A credit controller may know nothing about how credit ratings work. I don't know much and I've been a credit controller and a third part debt collector (commercial).

Yes, you can do it but I'm sure it marks the account as settled for less than the full balance and that will show up when other people do a check on you and that should show you as a higher risk.

EDIT: Why not use the money to reduce the balance and the interest and then continue paying the rest off?