Advice Needed on Negotiating Reduced Final Settlement Figure (Mint card)

UFO

Hi,

Does anyone have experience of negotiating a reduced final settlement sum on an outstanding credit card debt, especially with Mint? It's been frozen for a few years and I'm paying back £20/month. This is the last card I've got to pay off now. All the others accepted between 40 and 60% of the total sum in full and final settlement but Mint won't budge from 100%.

I've pointed out I'll be dead before they get all the money back (£5800) but it makes no difference.

Is there a way of getting them to agree? I've written and phoned a few times and have said I can probably get up to 70% if I borrow from family.

Actually, I could probably pay it all now - should I just do that?

All advice gratefully received...

[Deleted User]

If they won't accept a lower offer and you can pay the full amount now....then pay the full amount now.

Your debt wil paid and you won't have to be dead to do it. Result.

YorkshireBoy

UFO wrote: »

All the others accepted between 40 and 60% of the total sum in full and final settlement

When did they accept the reduced sums?...recently, or several years ago.

And have you checked your CRA files to ensure they're not marked as "partially settled"?

UFO

I paid the others off about 4 years ago. I've just started the process of sending off for my credit file...

YorkshireBoy

UFO wrote: »

I paid the others off about 4 years ago. I've just started the process of sending off for my credit file...

Wait and see what they (all 3 CRAs) show.

Morally of course, you should pay in full (and you should have paid the others in full too!), but if your file is still wrecked by arrangements to pay and partial settlement markers, paying in full isn't going to help a great deal.

However, if they are marked as fully settled, then paying this one off in full will mean your credit rating improves sooner.

UFO

Thanks. Yes I am also learning the lessons along the way including moral ones. Should I get all three agency files then?

ecraig

Just pay it off if you can afford to. You spent the money so you shouldn't expect between a 40 and 60 percent discount on your purchases just because you're a 'special case'. Wake up and get back to reality.

agrinnall

UFO wrote: »

Thanks. Yes I am also learning the lessons along the way including moral ones. Should I get all three agency files then?

Yes, better to spend £6 for the 3 reports now than find out later that one CRA you didn't check has a black mark against you.

UFO

OK thanks everyone