How to offer a one-off repayment to close defaulted credit card debt

debtfreewannabe2010

I have a defaulted credit card debt on my credit report which I would like to settle. I don't have the full account details, only the last few digits of the account number as written in my report. I am going to write to the credit card company (Capital One) but I am wondering how much to offer. E.g. what percentage of the whole debt? Also, how should I word my letter? I have looked for a template here and on other sites with no luck. I'd be grateful for some advice.

Many thanks and best wishes!

somethingcorporate

Keep the letter simple, that you would like to offer £x in full and final settlement of debt y.

Each lender is different, some may accept 50%, others 80% some may want everything. You don't ask you don't get though so see what they say.

Tixy

National debtline website has a factsheet and template letter on what wording to include in a full & final settlement offer.

What percentage they are likely to be willing to accept depends on a lot of things including how long ago it defaulted, how much you are paying currently towards the debt (assuming you are), how soon they might be hinking of selling the debt to a debt collector etc.
Basically they'll be assessing if accepting this offer from you is the best deal they are likely to get, or whether they will be likely to recover more by taking court action / threatening court action / selling the debt etc.

debtfreewannabe2010

somethingcorporate wrote: »

Keep the letter simple, that you would like to offer £x in full and final settlement of debt y.

Each lender is different, some may accept 50%, others 80% some may want everything. You don't ask you don't get though so see what they say.

Absolutely! I might as well try to resolve the debt. Many thanks for your advice!

debtfreewannabe2010

Tixy wrote: »

National debtline website has a factsheet and template letter on what wording to include in a full & final settlement offer.

What percentage they are likely to be willing to accept depends on a lot of things including how long ago it defaulted, how much you are paying currently towards the debt (assuming you are), how soon they might be hinking of selling the debt to a debt collector etc.
Basically they'll be assessing if accepting this offer from you is the best deal they are likely to get, or whether they will be likely to recover more by taking court action / threatening court action / selling the debt etc.

Thank you so much. That's very helpful!