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.

Lump-sum settlement with Credit Card

smlmoney
smlmoney Posts: 2 Newbie
in Credit cards
hi There
just wondering if anyone had experience with negotiating a CC balance?

currently i have an outstanding balance on my MBNA credit card of 6k.
i have't made a payment for few years ( 3 yrs ) and now i have some spare money and welling to pay off this and clear my credit score.

but obviously, i do not want to pay the full amount and its most late payment fees,etc..

so, can i offer them maybe 50% ? will they take it and clear my score?

has anyone done, gone through this ?

Comments

  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Ask them for a settlement figure first.

    They might just grab 50% with both hands and might have accepted less.

    Get everything in writing though
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    Bear in mind reduced settlement comes with 6 years trashed credit rating!!
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    dealer_wins wrote: »
    Bear in mind reduced settlement comes with 6 years trashed credit rating!!
    It's trashed already anyway:
    smlmoney wrote: »
    ...
    i have't made a payment for few years ( 3 yrs )
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    It would only be trashed for another 3 years, its already been trashed for 3 years.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
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
  • 349K Banking & Borrowing
  • 252.4K Reduce Debt & Boost Income
  • 452.7K Spending & Discounts
  • 241.9K Work, Benefits & Business
  • 618.5K Mortgages, Homes & Bills
  • 176.1K Life & Family
  • 254.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support 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