Negotiating with a lending paying off a credit card

greatmurphy1234

Hi there

Im in a position where I actually have some free cash to pay off a persistent credit card debt. How open are lenders likely to be if you offer them to pay say 50% of the outstanding debt (for example, I have £8k on one credit card and was thinking of offering £4k to pay if off) and agree to close the card and terminate the account and how do you go about it? Many thanks for any advice on this. JA

eskbanker

If the card has defaulted then they may be willing to settle, but not if you're complying with the contractual terms.

TheSpectator

And if future credit is important do you want a 'partially satisfied' on your file? (Unless you have existing defaults that have already tarnished it)

born_again

greatmurphy1234 said:

Hi there

Im in a position where I actually have some free cash to pay off a persistent credit card debt. How open are lenders likely to be if you offer them to pay say 50% of the outstanding debt (for example, I have £8k on one credit card and was thinking of offering £4k to pay if off) and agree to close the card and terminate the account and how do you go about it? Many thanks for any advice on this. JA

Have you missed any payments or defaulted on the debt? As persistent debt, just means you are only paying minimum & as pre FCA, CC have to advise you of this & action can be taken if you do not act.

if not then the odds are very slim to none.