Paying off CC do companies offer deals

PipFin

Long story short ....
between me and hubby got 6 cards with two companies (BarclayCard and MBNA).
Sold our house, got money to clear the debts. Have been on a repayment plan with these two companies for just over 6 mnths.
Want to pay them off now, totally roughly £55K.
Will they do a deal, and if so, any suggestions how I should approach this.
Thanks

[Deleted User]

It's possible, if you've already been paying less than contractual payments. But if you've not yet been sold to a DCA, I would assume they still have some hopes of getting their money back, so may not be receptive to much of a deal.

You-kip

PipFin wrote: »

Long story short ....
between me and hubby got 6 cards with two companies (BarclayCard and MBNA).
Sold our house, got money to clear the debts. Have been on a repayment plan with these two companies for just over 6 mnths.
Want to pay them off now, totally roughly £55K.
Will they do a deal, and if so, any suggestions how I should approach this.
Thanks

Yep if they've been sold on you've got a fairly decent chance of getting a decent discount but I'm not talking 40-50% I recon you could or possibly squeeze around 15% IMHO.

planteria

it's very difficult to say, but i would certainly call them and raise the idea, without really committing to anything yourself. try to get them talking about what they would do to enable the debt to be cleared.

PipFin

Thanks Guys, appreciate the comments, will give it a go and let you know if I have any success.

PipFin

Quick update. Tried to deal with BC, all they would offer was 2 months interest rebate as good will. Complained that they wouldn't discuss all cards under same conversation, so their complaint team got in touch. Really nice chap, said he was in the right dept to offer a full and final settlement of 60%. So very pleased. He dealt with all four cards over a period of a couple of weeks. and have shaved just under 10K off total debt. Downside is will show as partial settlement on credit file, for 6 yrs, but can live with that.