Negotiating a settlement figure

Hers1357

Hi, just wondered if anyone had been successful in negotiating a settlement figure with their credit card company? I have £4000 on a credit card with Halifax which is coming to the end of the 0% period. I need to be a bit careful with money due to corona so wondered if i might be able to negotiate to pay a lower amount to settle it. Thanks

[Deleted User]

You'll need to default on the account first.  

The longer you can avoid paying, the more likely it will be sold to a DCA and the higher the potential discount, but be wary of them applying for a CCJ.

Make sure you have no need to any further credit before you do it though.

mcpitman

Hers1357 said:

I have £4000 on a credit card with Halifax which is coming to the end of the 0% period. I need to be a bit careful with money due to corona so wondered if i might be able to negotiate to pay a lower amount to settle it. Thanks

I doubt it, you borrowed £4k from them, funnily enough they want £4k back.

As PP above has said, you would need to default on payments for 3-6 months, before Halifax get DCA's involved, then default applying CCJ's etc.

So you can;
 - pay it back as per T&Cs of the CC
- Transfer it to another 0% BT card
- Default and not pay