Paying off credit cards can deals be done

llessurlihp

Can anyone help me I am trying to find out if I can do deals with the credit card campanys ( paying off less if I pay it off) I am at presant applying to remortgage to pay off as much of our debt as possible and if money comes in we would like to cut down the amount we have to pay back.Any help would be much appreciated.
Thanks
llessurlihp.

patwa_2

It of course depends on how much of an outstanding balance you have on the cards, and of course you always have the minimum payment you need to pay off each month but if you only pay this mininum payment you'll wrack up quite a bill in interest charges.

If you've been a good customer thus far and have had the card for a while, you could ask to renegotiate your interest rate to a lower APR.

I'm not sure what you mean by paying off less, if you mean that the minimum payment itself is too much than I'm not sure if they would budge on that, as the minimum is usually £5 or between 2-3% of the outstanding balance. For some cards especially balance transfers, it's sometimes a flat payment each month, e.g. £25, which you could discuss about reducing but of course this would also take you longer to pay off.

H.

wannabedebtfree_2

The debt-free wannabe board can probably help you out, I think what you are trying to say is will they drop the balances if you pay it off in full, I'm not sure how this works but I know people have done it, but I think (but please don't quote me as I am only going by what I have read) it would affect your credit rating, as you are basically entering a kind of Debt Management Plan, I know you want to pay it off in full, but to make these kinds of negotiations will probably affect your rating as you are not honouring your original credit agreement. BUT please check this with someone in the know, I might have got my wires crossed, and be worrying you unecessarily (which I don't intend to do - I just wouldn't want you doing this and ending up unable to get a mortage!)

King_Of_Fools

The only way of not paying the full amount due would be by settling a bad debt (i.e. you have failed to make payments so many times that your credit score is already rubbish) then the credit card company may accept a smaller payment in order to get something back before you go bankrupt.