Credit Card - Full & Final Settlement

Shelldean

stephane wrote: »

Wy would they lower the interest? Why would they negotiate an affordable payment plan?
As said previously, if not in arrear in payments or defaulted there are no reasons as to why the lender would agree on any of those.....

HSBC did this for us. Gave us 6mths interest free and when I called back after 6 mths they gave us reduced interest for 24 mths. This was on both mine and OH credit card.

I must admit i did this via the complaint dept. I had a problem with an promo interest rate not being applied correctly. I wrote a formal complaint. And the response came back with a direct line number on it to call and resolve etc. It was while doing this I explained how important the promo rate was as although we was meeting our mim payments things were tight. She offered the 6 mths 0% and it was the same ladt via the direct number that i called back when the 6 mths 0% ran out. All payments were up to date and no arrears.

I believe had i gone via the normal customer service they would have helped quite so nicely.

stephane_2

That was a complete different situation....

planteria

paying off in full is the way to go

Shelldean

stephane wrote: »

That was a complete different situation....

yes it was a different situation, but I was replying to this from you...

Wy would they lower the interest? Why would they negotiate an affordable payment plan?
As said previously, if not in arrear in payments or defaulted there are no reasons as to why the lender would agree on any of those.....


HSBC had NO reason to help us at all, all payments made and on time. No arrears at all, we was simply struggling to pay but had yet to default.

So despite HSBC having no reason to help, if you can get the right person at your bank you can sometimes get results. This is what i was pointing out

StuC75

Shelldean wrote: »

yes it was a different situation, but I was replying to this from you...

Wy would they lower the interest? Why would they negotiate an affordable payment plan?
As said previously, if not in arrear in payments or defaulted there are no reasons as to why the lender would agree on any of those.....


HSBC had NO reason to help us at all, all payments made and on time. No arrears at all, we was simply struggling to pay but had yet to default.

So despite HSBC having no reason to help, if you can get the right person at your bank you can sometimes get results. This is what i was pointing out

But again its a different background to your query in that they had incorrectly applied a promotional discount so were no doubt looking to make amends and offered the rate where you could continue with payments (likely the 0% rate wouldnt have affected what your repayments were - only the interest you were being charged and the time would take to repay.

The OP is in a position to pay off the balance and considering whether such balances could get a discount for early payment, which as others have suggested may affect credit files are to how a partial settlement would then be treated in what is recorded at the Credit Reference agencies..