Clearing credit cards - will they negotiate final settlement ?

born_again

MerlinTheCat said:

I have the opportunity to pay off some long standing debt.  it will be enough to cover off a couple of cards.
It was suggested to me to see if I can negotiate a final settlement amount with them.
Has anyone tried this and if so how much did you settle at vs. how much was actually owed?
thanks

I take it that you owe to more cards than you intend to pay off.
Be careful with your plan. If the others get wind that you have paid off other cards (and they will from the reporting). They will want their pound of cash as well.

Perhaps better to spread it over all the cards and pay off  chunk of each.

eskbanker

born_again said:

MerlinTheCat said:

I have the opportunity to pay off some long standing debt.  it will be enough to cover off a couple of cards.
It was suggested to me to see if I can negotiate a final settlement amount with them.
Has anyone tried this and if so how much did you settle at vs. how much was actually owed?
thanks

I take it that you owe to more cards than you intend to pay off.
Be careful with your plan. If the others get wind that you have paid off other cards (and they will from the reporting). They will want their pound of cash as well.

Perhaps better to spread it over all the cards and pay off  chunk of each.

They can want what they like but aren't entitled to demand anything:

MerlinTheCat said:

I'm not behind on payments, no arrears.   Its just a long standing debt.

Possible that persistent debt protocols may kick in at some point I suppose, but OP made no mention of that....

MerlinTheCat

eskbanker said:

born_again said:

MerlinTheCat said:

I have the opportunity to pay off some long standing debt.  it will be enough to cover off a couple of cards.
It was suggested to me to see if I can negotiate a final settlement amount with them.
Has anyone tried this and if so how much did you settle at vs. how much was actually owed?
thanks

I take it that you owe to more cards than you intend to pay off.
Be careful with your plan. If the others get wind that you have paid off other cards (and they will from the reporting). They will want their pound of cash as well.

Perhaps better to spread it over all the cards and pay off  chunk of each.

They can want what they like but aren't entitled to demand anything:

MerlinTheCat said:

I'm not behind on payments, no arrears.   Its just a long standing debt.

Possible that persistent debt protocols may kick in at some point I suppose, but OP made no mention of that....

Could you explain persistent debt protocols please ?

MerlinTheCat

thanks to everyone who replied with helpful comments.
I was simply asking a question as to whether this was common practice and if so what sort of results people had had.
Really no need for some of the sarky comments.  Someone suggested it, I thought I'd dig a bit further for other peoples experiences.

bradders1983

I dont see any sarcasm. The comment about your financial advisor is perfectly acceptable, he or she suggesting this is ridiculous if he or she knew you were not defaulting on the cards in question.

eskbanker

MerlinTheCat said:
Could you explain persistent debt protocols please ?

https://www.moneysavingexpert.com/credit-cards/persistent-debt-help/
https://www.fca.org.uk/news/press-releases/new-credit-card-rules-introduced-fca

MerlinTheCat

bradders1983 said:

I dont see any sarcasm. The comment about your financial advisor is perfectly acceptable, he or she suggesting this is ridiculous if he or she knew you were not defaulting on the cards in question.

I never said it I my FA at all.  It was a passing comment from a FA who was not aware of my situation.  I thought it was worth following up to see if it was a legitimate process.

D3xt3r5L4b

MerlinTheCat said:

bradders1983 said:

I dont see any sarcasm. The comment about your financial advisor is perfectly acceptable, he or she suggesting this is ridiculous if he or she knew you were not defaulting on the cards in question.

I never said it I my FA at all.  It was a passing comment from a FA who was not aware of my situation.  I thought it was worth following up to see if it was a legitimate process.

So it was an FA in some way, shape or form. 

So the response still applies.