Help with Credit Card

blue2kuk · 20 January 2007 at 4:45PM

Hi all, excellent site.

I need some guideance with my credit card. It was withdrawn over 3 years ago as I reached over £4,000. I have since been paying this off and have been able to reduce the balance to just under £3,000.

I have contacted Lloyds who confirmed they want full settlement as my mortgage is completing soon and would like to reach a partial settlement with them as I dont want to be paying this offer for the next 5-7 years.

Any tips?

immoral_angeluk · 20 January 2007 at 4:50PM

Sorry I don't think I understand so you mean you've contacted them to pay it off completely? What do you mean about paying off a partial settlement over 5-7yrs?

blue2kuk · 20 January 2007 at 4:52PM

I am seeking for them to accept a lump sum in full and final to close the debt.

I offered them £1,000 and then increased to £1,500 but they want it all?

Regards

immoral_angeluk · 20 January 2007 at 4:53PM

Did you default on it or did they just take your card away because you were over your limit?

blue2kuk · 20 January 2007 at 4:57PM

They just took the card away.

immoral_angeluk · 20 January 2007 at 5:00PM

Then technically you haven't defaulted. Most companies won't accept any kind of reduced final settlement as you're still technically meeting your payments and until the account has been defaulted on for at least 6 months they'd be unlikely to offer much (if any) discount. Your best bet for a reduced settlement is when it's with a DCA as they're more flexible because they've bought it for so little from the original creditor.

blue2kuk · 20 January 2007 at 5:02PM

Thanks for your response

I cannot allow any debts to go to collection agencies due to my job, I could get sacked.

Anyone know if there is a card I could transfer the debt to?

I have two defaults on my credit file which were settled 3 years ago.

Thanks

immoral_angeluk · 20 January 2007 at 5:05PM

Depends on your credit rating but if you'e got defaults on your file it'd probably be a struggle to get a low APR card to balance transfer onto..

CLAPTON · 20 January 2007 at 5:11PM

its not entirely clear...are you saying that although they withdrew the CC because you went over the credit limit, you have been paying the required minimum contractual amount each month?

blue2kuk · 20 January 2007 at 6:15PM

Your correct. They have cancelled my credit limited, withdrew further spending and continue to charge interest as if I was still in use of the card.

Help with Credit Card

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