Damaged credit rating for paying off Barclaycard!

paddyrush

Hi this is my first post so hope some of you pick it up and take me under your wing . . . I have saved money and am able to pay off my barclaycard in full the amount is approx £730, I was planning on haggling this down as i have with previous cards, this is my last one! Here comes the BUT barclay card said if i pay back whole amount in full it is fine and they can settle at a lower amount so as to get it all payed off . . . BUT it would go down on my credit history as, i think they said, Debt payed off but not in full. therefore it would damage my credit rating! Can they do this and has anyone else come accross it?
Many thanks
Paddy

CannyJock

They sure can.

If you've done this before then it might be an idea to take a look at your credit report to see how the other card companies reported your card settled. It will also show any default payments and give you an idea of what other card companies will see if you decide to apply for a new card.

If you read the article on "credit ratings" you'll get a link for the free 30 day trial with Experian, or you can go online to Experiand and Equifax's websites, browse through and find the page where you can order your reports for the statutory £ 2 fee.

bethanyrayne

paddyrush wrote: »

Hi this is my first post so hope some of you pick it up and take me under your wing . . . I have saved money and am able to pay off my barclaycard in full the amount is approx £730, I was planning on haggling this down as i have with previous cards, this is my last one! Here comes the BUT barclay card said if i pay back whole amount in full it is fine and they can settle at a lower amount so as to get it all payed off . . . BUT it would go down on my credit history as, i think they said, Debt payed off but not in full. therefore it would damage my credit rating! Can they do this and has anyone else come accross it?
Many thanks
Paddy

Yes, the will certainly punish you for that sort of tactic, NO doubt about it.

inmypocketnottheirs

They will show your account as partial settlement. This will affect your ability to get get further credit as you do not honour your agreements and repay your debts in full.

What do you expect?

bengal-stripe

paddyrush wrote: »

........am able to pay off my barclaycard in full......I was planning on haggling this down as i have with previous cards,

It’s about the same as booking into a hotel, agreeing a price and a few days later when the bill is presented, saying:
“Although I have the money, I’ll only pay half of your bill!”

It’s once thing, to negotiate the best deal before the services are used, it’s another to do it afterwards.

brownbabygirl

This is not where to haggle. Pay it back in full.

exel1966

The thread title should read :-

" I damaged my credit rating for not not wanting to pay my debts in full"

Why should they report a debt has been cleared in full, when if negotiated to a lower amount it clearly hasn't been. They would be acting illegally to say you settled in full, unless of course it was all done "without predjudice".