Negotiation when paying off a CC balance in full

agrinnall

bigadaj wrote: »

That's quite a simplistic assessment...

Maybe that's because I'm a simple sort of person, my view is that if you borrow money you should pay it back and not look for a way out of paying it.

JimmyTheWig

agrinnall wrote: »

The moralising is because if the OP doesn't pay it then the CC company will want to get the money from somewhere, which means raising the interest rates for other people. While that doesn't bother me as I never pay interest it's unfair that the OP would get away with not paying what is owed and the shortfall made up by people who are paying.

The credit card company would only agree to the OP not paying it back in full if there was something in it for them.

Lets say it costs them £2 a month to maintain a customer with a balance on their account.
Lets say the OP's interest is £1 a month.
So the OP, by following the rules, is costing the CC company £1 a month.
Lets say the bank expects the OP to have this balance for the next 6 months - i.e. they will cost them £6.
The OP offers to settle for £5 less than their balance.
By agreeing to this the bank is £1 up on the deal.
So the bank agrees.
And, in turn, the company reduces everyone else's interest rate because they've done better with the OP.

Would you not then, in that instance, applaud the OP for doing this and saving everyone money?

Shakin_Steve

agrinnall wrote: »

Here's a radical thought: why not just pay back the money that you spent?

Don't know how I missed this post. You can go and sit in the naughty chair. Now!

MABLE

agrinnall wrote: »

Maybe that's because I'm a simple sort of person, my view is that if you borrow money you should pay it back and not look for a way out of paying it.

In an ideal world perhaps but life is not always that simple.