Paying off credit cards

longtallj

We have a large (£11,500) outstanding debt on a credit card (which is an extremaly high % interest). We have recently come into some money so wondered whether it was worth ringing them to ask if they'll accept a percentage of the total. We would be willing to negotiate but just wondered if it could be done.
Can anyone advise please?
Thanks in advance

Tixy

Hi

Very unlikely unless you are already behind with payments/have defaulted on the account or have an arrangment to pay on file.

lisyloo

Highly unlikely they will accept if unless you are already in arrears/default.
If you wanted to do this deliberately to pay less (and I'm not suggesting you do) it would be a bad idea as it would trash your credit record for a long time.

So sorry, you need to pay your debt off in full.

thenudeone

As long as you keep paying, you are proving to them that you are capable of meeting the repayments. Why should they accept anything less? Only once you've proved you really are in financial trouble (which you would need to prove) will they even consider anything less, and if you do that you can forget getting any kind of credit at all for many years.

fight_the_power_2

longtallj wrote: »

We have a large (£11,500) outstanding debt on a credit card (which is an extremaly high % interest). We have recently come into some money so wondered whether it was worth ringing them to ask if they'll accept a percentage of the total. We would be willing to negotiate but just wondered if it could be done.
Can anyone advise please?
Thanks in advance

If you can afford to pay the loan in full do it making a percentage of the payment will go down on your credit record so not a good idea really and not being able to get credit is not a good option why not pay half of it off ?

eschaton

longtallj wrote: »

We have a large (£11,500) outstanding debt on a credit card (which is an extremaly high % interest). We have recently come into some money so wondered whether it was worth ringing them to ask if they'll accept a percentage of the total. We would be willing to negotiate but just wondered if it could be done.
Can anyone advise please?
Thanks in advance

So really you are saying - we borrowed money but don't really want to pay it back.

Pondlife.

longtallj

Thank you all for your replies, it was just a thought.

Ok yes we borrowed that much but we didn't borrow the almost 30% interest that they are charging us for the priviledge of having borrowed that much. When hubby opened the card years ago it was a reasonable amount

We'll just pay the damn thing off and close the account, it's a ridiculous APR

Thanks again

eschaton

longtallj wrote: »

Thank you all for your replies, it was just a thought.

Ok yes we borrowed that much but we didn't borrow the almost 30% interest that they are charging us for the priviledge of having borrowed that much. When hubby opened the card years ago it was a reasonable amount

We'll just pay the damn thing off and close the account, it's a ridiculous APR

Thanks again

I guess the APR was a variable rate. If so it means it is in fact - variable.

fight_the_power_2

eschaton wrote: »

I guess the APR was a variable rate. If so it means it is in fact - variable.

bad time of the month:rotfl:

Dabooka

Maybe if you pay off what you can, reduce the limit on your card (if they don't do that automatically anyway, I would expect that if I was you) you may be able to consider a BT to a lower deal assuming your finances etc are in good order.

thenudeone

longtallj wrote: »

Ok yes we borrowed that much but we didn't borrow the almost 30% interest that they are charging us for the priviledge of having borrowed that much. When hubby opened the card years ago it was a reasonable amount

With hindsight, you could have rejected the interest rate rises and only been charged the original rate.