paying off credit cards

rayshaps

I have stupidly built up a credit card debt of nearly £30,000. I pay just the minimum payment every month,and have never missed a payment, which is costing me a fortune! I have an excellent A1 credit rating. I now have the funds to pay off my credit cards in full. Is there any chance that the various companies would allow me to make them an offer to clear the accounts with a reduced sum ? Also if they were to agree to a smaller sum to clear the debt,would that then affect my credit rating ?

CLAPTON

rayshaps wrote: »

I have stupidly built up a credit card debt of nearly £30,000. I pay just the minimum payment every month,and have never missed a payment, which is costing me a fortune! I have an excellent A1 credit rating. I now have the funds to pay off my credit cards in full. Is there any chance that the various companies would allow me to make them an offer to clear the accounts with a reduced sum ? Also if they were to agree to a smaller sum to clear the debt,would that then affect my credit rating ?

not unless you default on the monthly payments for say 6 months or so.
this would of course trash your credit rating for 6 years

goldmask

Will you lend one of your friends 30,000 quids, and agreed for him to only pay half back to you and still be your best pal?

grumbler

goldmask wrote: »

Will you lend one of your friends 30,000 quids, and agreed for him to only pay half back to you and still be your best pal?

Why not - if the friend kept paying me, say, 25% interest for 5 years, while banks pay no more than 3%? And why does it have to be a half, not, say, 90%?





Just playing devil's advocate...