Paying off your credit card

getmeoutofdept

Hello, good evening and welcome.
I want to pay off the balance of a credit card and i have been told that if you were to phone up the card company asking them for a closing balance and offering them 75% of the balance then they would 'bite your hand off'.
Is this true and has anybody tried with or without success? many thanks :question: :question:

bookemdano

Unlikely I would of thought if you are earning a wage. You have spent the money so why should you be let off paying all of it back? If you went to a supermarket and offered to pay 75% of the bill they would probably say no don't you think?:rotfl:

stokegal

I've never heard off that and I have recently paid off my cc (check out my signature - woo hoo!!) my mum has also recently paid off her cc and asked if she could get anything knocked off as she was paying back 5k all in one go they said no and it's not something that they do...

I know that you can get a settlement figure with a loan but that is because they calculate all the interest that you will pay at the begining of the loan and if you pay it off early they knock some off the interest payment but as cc interest is calculated monthly I shouldn't imagine they would reduce your balance to less than the actual amount you have spent. I could be wrong though I'm only assuming - I'm sure someone who knows a lot more than me will be along soon to help

Good luck anyway and let us know if you get some of your balance knocked off.

ad44downey

getmeoutofdept wrote: »

Hello, good evening and welcome.
I want to pay off the balance of a credit card and i have been told that if you were to phone up the card company asking them for a closing balance and offering them 75% of the balance then they would 'bite your hand off'.
Is this true and has anybody tried with or without success? many thanks :question: :question:

If you're going to do this then you may as well make sure you owe as much as possible . i.e. right up to your credit limit. In for a penny, in for a pound. good luck

jamalfatty

Unless you are in a dire financial situation, rather than bite your hand off, they will probably just laugh you off the phone.
Why should you be allowed to pay back less than you have spent? I find it incredible that this question pops up regularly. If this was the case, how long do you think they would be in business?
If you lent someone £1000, would you bite there hand off if they only offered to pay you back £750? Didnt think so.

I'm all for moneysaving and bashing some of the banks practices, but this isnt moneysaving, its shirking your financial responsibilities, you spent it, you pay it back!

getmeoutofdept

Thank you for your responce althouth i found quite unhelpful. I wasn't after an ear bashing, if i wanted one of those i would have asked my mother. I asked a genuine question to get genuine answer. I do no what my financial responsibilities are and i am like everybody else looking for a solution. Again, Thanks