Question about paying off in full. Vanquis

lomadz

Hi

Does anyone know if credit card companies would take a reduced amount if paid in full. I have 2700 on my vanquis and the interest is a joke. I took a loan out to pay of my debts but want to know if credit card companies ever accept lower one off payments, thanks in advance.

grumbler

I don't understand how "in full" can be "reduced", but I see what you mean.

No, for a CC company to accept a reduced amount as a full statement you have to default first and ruin your credit history. And even this doesn't guarantee that they agree.

CLAPTON

lomadz wrote: »

Hi

Does anyone know if credit card companies would take a reduced amount if paid in full. I have 2700 on my vanquis and the interest is a joke. I took a loan out to pay of my debts but want to know if credit card companies ever accept lower one off payments, thanks in advance.

no

why ever would they give up a good income stream at a discount

lomadz

Thanks for reply. I know that some people who default get offers if they pay in full but I don't want to ruin my credit. I was hoping more than anything but I won't try if it's a no go.

lomadz

I'm going to pay it off in full anyway but was wondering if it's worth trying it on after paying so much in interest.

lomadz

Anyone think it's worth trying?

SeduLOUs

There's never any harm in asking, but if you aren't in arrears they have absolutely no reason to agree - it's not in their interest to get the balance cleared and lose the income from you.

Chances are you'll close the card after you've done it (and they will know this), so what's in it for them to let you 'settle' and walk away?

Thrugelmir

lomadz wrote: »

Anyone think it's worth trying?

I think you know what the answer is. Unless you want to trash your credit record.

forgotmyname

Its worth trying if you want to trash your credit file for upto 6 years.

But your plan may fail if they decide to sell the debt on instead.

lomadz

Thanks all. Will just pay in full. Was thinking they may do something but using logic tells me I was stupid thinking that.

lomadz

Sorry, would it be a good idea to close the account or pay in full and leave it open for credit purposes. May seem obvious but I've been building my credit and don't want to do anyghing to jeopardise it. Thanks.