Settlement Figures

fivefootfive

I am wanting to pay off my credit cards in full, one for the Halifax and one for the Royal Bank of Scotland; I was wondering if anyone knew if they would give me a reduced settlement figure for paying off in one go? Has anyone had any experience of this?
Thanks.

BenL

I've not had any experience of this myself but unless you are having an IVA or similar the CC company will probably say:

"Send us the payment that you can and we will charge you interest on the rest until you pay it off, after all sir/madam you did spend our money so you owe us it"

fivefootfive

thought as much, might give it a try anyway and see what they say. They have made enough out of me over the years with the interest....

thanks for the reply

vwman_3

I agree, you have little or no chance whatsoever.........

CLAPTON

be careful

If they accept you paying less than the balance, it will be on the basis that you can't pay rather than don't want to pay. This means your credit record will be marked as defaulted and your credit record trashed for 6 years. In any event they won't negotiate until you stop paying for at least three months.