Paying a credit card balance

clairebinkent

Hi there

I have a £10,000 credit card balance with HSBC. I am shortly going to be in a position to pay this off in total, however I do remember reading somewhere once that if you can pay off a large proportion of the debt then it is possible to negotiate paying off say 60-75% of it instead of the full 100% amount.

Does anyone know if this is true? If so, has anyone done it and how would I go about it?

It has got to be worth a shot!

Thanks

Claire

andyhargreaves

As I understand this is possible to negotiate if the debt has been passed to a DCA. This would have a negative impact on your credit rating, and so should probably be avoided if possible.

If the debt has been passed to a DCA already then it is probably worth trying to negotiate a settlement figure.

Andy

Trying_to_be_good

Newbie poster not wanting to pay all the debt they've spent on a credit card? Surely not.

HeadInSand_2

clairebinkent wrote: »

Hi there

I have a £10,000 credit card balance with HSBC. I am shortly going to be in a position to pay this off in total, however I do remember reading somewhere once that if you can pay off a large proportion of the debt then it is possible to negotiate paying off say 60-75% of it instead of the full 100% amount.

Does anyone know if this is true? If so, has anyone done it and how would I go about it?

It has got to be worth a shot!

Thanks

Claire

Only if you want your credit rating torn apart and spat at you.

ShelfStacker_3

If you have the ability to repay the debt in full, I cannot see any reason for them to allow you not to do so.

"Oh, you've come into £10,000, and you owe us £10,000, but you only want to pay us £7,500 and have the debt annulled, thereby leaving us £2,500 out of pocket for no reason whatsoever? Well, that's fine by us! Enjoy your spending spree!" Can't see it happening, tbh.

If you really want to only spend £7,500, then just pay £7,500 onto your credit card and have the other £2,500 left to repay. I can't see why any right thinking person would want to do so, but hey, who am I to judge?