Can you offer a one off payment? 21 February at 5:02PM in Credit cards 6 replies 437 views

McClane54

Out of interest, if you owed 3k on a credit card and you had 2k spare, could you just ring up the card company and say… can I give you 2k to close the account? 

DailyHail

Regardless how stupid the question is you can always ask.

Be prepared for a very quick “no” though.

Brie

I also think it will be "no".

If you submitted a full financial statement showing all your income and expenditures which clearly showed you had excessive amounts of debt that you would never be able to repay then perhaps they would say yes.  But I think even that would be unlikely unless it everything was submitted by a debt counselling service such as debtline or StepChange.  I don't know that they would do such a thing on your behalf, assuming it was appropriate.  If things are really truly bad they might suggest you apply for a debt relief order but as far as I'm aware they do not so these on anyone's behalf.

If you do decide to use a debt service of some sort please ensure it is a legit & free one, not a company that will take a large percentage of whatever you are paying thus making it even more difficult to clear your debts.

lr1277

I think on other boards I have seen the phrase 'full and final payment'. Whether that would apply in your situation, I do not know.

I also think that is a precursor to the card/account being closed.

Do you want the card to remain open to you after you have made the payment?

MorningcoffeeIV

McClane54 said:

Out of interest, if you owed 3k on a credit card and you had 2k spare, could you just ring up the card company and say… can I give you 2k to close the account? 

It would be cheaper to simply default, wait a few months for the debt to be sold on and then settle for a lower figure. 

Paying 2k and then nothing more would still end up in a default but take longer and be more expensive.

Either way, you'd end up with a screwed file for 6 years.

born_again

McClane54 said:

Out of interest, if you owed 3k on a credit card and you had 2k spare, could you just ring up the card company and say… can I give you 2k to close the account? 

Depends on your situation.
If you are already on a payment plan then they might take it.
If not and simply just want to see it they would to save £1K. Expect a no, but if they did expect a black mark on your credit file/history.

In reality even just asking is going to set alarm bells ringing with them. So expect a call from the credit team & a possible lowering of limit. 

cymruchris

You haven't really outlined your financial position.

If you've been paying regular payments and your credit history is generally in good shape - then I'd say you'll get a fast, blunt no.

If you've been regularly missing payments, not paying the minimum, and have been struggling generally across all your credit lines, there is a chance they may accept a settlement figure to avoid the need to sell it on to a debt collection agency. There's no guarantee they'd be agreeable, as it would vary from company to company - but in this kind of scenario, there'd be an outside chance of negotiation.