We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Doing a deal with credit card companies?

savorama
savorama Posts: 3 Newbie
in Credit cards
What is the best method of agreeing a cash (reduced amount) settlement with credit card company for outstanding amount?

Comments

  • smithers1981
    smithers1981 Posts: 844 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    why should/would credit card company reduce amount you owe? Are you in arrears? You spent it you should pay it back.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    savorama wrote: »
    What is the best method of agreeing a cash (reduced amount) settlement with credit card company for outstanding amount?


    stop paying your monthly bill
    they will add interest and charges
    they will, after a few months, default your a/c
    this will trash your credit record but this may be OK for you
    then they may consider an offer although there is no guarentee
    EU tariff on agricultual product 12.2%
    some dairy products 42.1% cloths 11.4%
    EU Clinical Trials Directive stops medical advances
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    savorama wrote: »
    What is the best method of agreeing a cash (reduced amount) settlement with credit card company for outstanding amount?

    The best method I believe is to pay back the total balance of what you've borrowed I am sure they'll be find with that.
  • savorama
    savorama Posts: 3 Newbie
    i never thought of that. Thanks
  • MABLE
    MABLE Posts: 4,249 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    savorama wrote: »
    i never thought of that. Thanks

    Thats Bugsybrowne for you. Known for his unhelpful posts.
  • fozmcfc
    fozmcfc Posts: 3,098 Forumite
    Part of the Furniture Combo Breaker PPI Party Pooper Debt-free and Proud!
    Basically, they will not normally entertain any offer until an account is in default and then of course your credit record is trashed.

    If you are paying the minimum each month and/or more, they are highly unlikely to do anything. You could ask to see if they would lower the APR but that is also unlikely. You could ask if they would freeze interest on the card for a few months, but again unlikely and if they do, it is likely to affect your credit status and they may insist on closing the card down as well.

    If your credit report is trashed anyway and or the account is in default, then go for it, ring them and offer them a reasonable offer and see if they bite. If they do, make sure everything is in writing, as phone call agreements have a habit of being misunderstood or completely ignored.

    For best advice you will need to post a bit more about your situation. You may find the debt free wanabee boards a better place to post as well.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.6K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.5K Spending & Discounts
  • 247.5K Work, Benefits & Business
  • 604.3K Mortgages, Homes & Bills
  • 178.5K Life & Family
  • 261.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture