Paying Off Credit Cards In Full..help Needed

talkinjibberish

im going to pay off my virgin credit card in full, but ive heard of people negotiating with the credit card companys and getting a bit knocked off the balance....is this true..and more importantly how do you do it cuz ive come up against a brick wall up 2 now!

bethanyrayne

Do you want to ruin your ability to get credit in the future?

If NO, Don't do it, just pay what you owe.

Jvic28

I agree. What is your credit rating like now. Have you ever missed payments with them etc.

If your credit is shot anyway it's worth trying to offer a full and final settlement and get some knocked off. If you have good credit I wouldn't bother.

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benf90

It's usually only when an account has been in default or passed on to debt collection agencies. If the debt has already been 'bought' by a debt collection agency they will have paid the card company less than the actual balance, so they may be willing to negotiate some sort of deal... it means a quick profit for them.

If you've been paying the minimum payments each month and you can afford to clear the full balance then in my opinion you should. You spent the money and took out a credit card knowing there would be interest etc, so pay them the amount you owe.

If everyone was to do as you suggest then it wouldn't be good for any of us.

talkinjibberish

just been on fone to the company and made them an offer, they said if i was offering less than 95% of the balance i would have to do a full income and expenditure check, credit check and it would go on my credit file...95% or more and its ok...suppose 5% is better than a kick in the balls!! hehe

CLAPTON

it will probably go on your credit file as a default and the debt marked partial satisfied.
It will make it difficult to get further credit (CC, loans, mortgages, OD, contract phones etc) until it drops off your credit file in six years time.

talkinjibberish

just paid off 95.27% and they put it on account as a discount and it wont show up as anything on credit file...happy days, thanks for the help guys

epsilondraconis

talkinjibberish wrote: »

just paid off 95.27% and they put it on account as a discount and it wont show up as anything on credit file...happy days, thanks for the help guys

Don't bet on it...

Jvic28

talkinjibberish wrote: »

just paid off 95.27% and they put it on account as a discount and it wont show up as anything on credit file...happy days, thanks for the help guys

Have you checked your credit file since paying off. I'd be interested to know if it worked for future reference. Would be handy to reduce my debts a little when I'm paying them off. Every penny counts.

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