Full and final offers on up to date debts

Steve050607

Hi everyone.
As title says I’ve had debts on two credit cards and an unsecured loan for a few years. Both credit cards have been at or just under their limit for the past two years, and although no payments have been missed, they are both on high interest accounts, and the probability of me paying them off are bleak.

I may be coming into a little bit of money soon, and I was wondering if they would entertain the idea of partial settlement even if the payments have never been missed. I’m thinking it’s classed as a persistent debt and they may accept a sensible offer?

Any advice would be greatly appreciated.
The loan is with Landmark and the two credit cards are with Barclaycard and capital one.

Willing2Learn

You have no chance I'm afraid. Why would they accept a reduced payment whilst you have an agreement that states xx% APR interest? They will all reject your offers.

Are you having difficulty with your minimum contractual payments?

Steve050607

Thanks for the reply. No I’m not struggling to pay them.

The truth of the matter is I probably can manage to pay them all off in full soon, but if I could get away with paying a bit less it would free up a bit of cash to use for home improvements instead.

Do you not think it’s worth asking at all then?

Willing2Learn

Steve050607 wrote: »

Do you not think it’s worth asking at all then?

I would not ask as it might alarm them. I **think** it might result in reduced limits or increased variable APR interest if they felt your request indicated a higher risk...

Steve050607

Thanks for the advice I’ll have to bite the bullet and pay them off in full then.

Karonher

I would back up what Willing2Learn has said. Why would they accept a reduced payment? Everyone would just do the same thing and they would not make any money.