Paying off credit cards

Unskint

Hi. I have just come into a litte bit of cash and I would like to pay off my credit cards with it. What I'd like to know, is there some way of getting the credit card companies to reduce the amount I owe if I pay it off in one lump sum, some sort of discount I suppose? Or any other deal I might be able to get from them. Thank you.

Tixy

If you are up to date with payments then no they won't offer you any discount to settle the outstanding debt.

Sometimes creditors will accept a reduced lump sum if a debtor has already defaulted on the contracted payments (and already badly affected their credit file).

CLAPTON

Unskint wrote: »

Hi. I have just come into a litte bit of cash and I would like to pay off my credit cards with it. What I'd like to know, is there some way of getting the credit card companies to reduce the amount I owe if I pay it off in one lump sum, some sort of discount I suppose? Or any other deal I might be able to get from them. Thank you.

yes, you can stop making payments for say 6 months or so
they will then probably default your a/c which will trash your credit rating for 6 years or so

they will then probably pass the a/c to debt collectors
after a while they will probably accept a reduced settlement figure