Offering less than the balance to settle

POPPY_3-2

Anyone who is not near bankruptcy etc ever offered Credit Card Companies less than the outstanding balance to settle in full to close the account. Did this ever achieve a result?

Beancounter

My parents got themselves into a bit of a mess a few years ago with an Alliance and Leicester card and missed quite a few payments. The CAB helped them out and managed to get the A&I to accept minimun payment each month and also got all the interest waived on the account which was very helpful to them. Not what you were suggesting but maybe worth suggesting if you find yourself in a similar situation.

Of course the downside is that now they can't get credit at all now but at least they were helped out of that sticky mess.

Reaper

Why have you asked this question a second time, Poppy? See my previous answer which directed you to a thread where you can find the answers.

POPPY_3-2

Because I am not getting the answer I was hoping for. I am not in financial trouble but wondered if any credit card company had accepted a lower offer than the balance to get hold of the majority perhaps 10% less?. Obviously it is not in their interest as after all - its about interest. Just wondered if someone had attempted it. Thats all

Caped_Avenger

I suppose it's worth a shot, but if you came to me offering to pay off less than 100% of the outstanding amount and for for the company i'm employed by to foot the rest of the bill, i'd have a hard time not laughing at you.

realaledrinker

Sounds to me like Poppy is high on a derivative, if you get my meaning!

This site is about saving money, not wilfully looking to avoid paying liabilities. Excuse me for sounding pompous, but the result of people avoiding their responsibilitiles in the end costs the rest of us in higher interest rates payable or lower rates receivable.

Reaper

So you can pay but just don't want to? If the lenders let you get away with that everybody would do it and they would be out of business in no time. Get serious.