Credit Card Settlement

POPPY_3-2

Hi

Has anyone had experience of offering settlement figures to credit card companies. If successful how much off of the balance would they likely accept as a percentage? How far can this be pushed? Any info relating would be great. Thank you if you respond.

Reaper

Hi Poppy. You will find various discussions of this over on the "Debt Free Wanabee" board. Here is one.

If you are far enough in debt to be looking at this option then you should speak to one of the free debt advice agencies first. Often they will negotiate on your behalf and suggest ways to tackle your debt.

Start by reading Where to Start with Problem Debts which gives general advice including how to contact the agencies.

Good luck.

Caped_Avenger

Plus, it'll depend on your circumstances.

I've heard of a guy offering "£3000 cash" to pay off a £3200+ credit card debt, when he had £10K+ in a savings account WITH THE SAME COMPANY! Needless to say, the rep laughed at the guy.