Credit Card Settlement Bartering

Does anyone know whether you can barter with credit card companies for settlement in full on balances?

I have recieved a small windfall £10k and would love to clear and close my 2 Credit Cards to prevent getting in the same mess but they total balances come to just over £11k (5600 & 5400).

Do you think the Credit Card co's would each accept £5k to clear each balance??


  • jamesdjamesd Forumite
    25.8K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    If you've defaulted, are being chased by debt collection agencies and have completely messed up your credit record for the next six years, yes they may be willing to negotiate for partial settlement. Provided they don't know you have the money, else they will just get a CCJ and enforcement order and take the money off you that way.

    If your credit record is in decent shape, go with clearing the most expensive debt and partly clearing the other, then getting a 0% balance transfer deal a couple of months later when your credit record has had time to be updated.
  • sickersicker Forumite
    1.4K Posts
    You must be paying 100's of pounds back to each card every month. Why no pay off the £5600, pay £4000 to the remaning card and keep £400 to yourself for Xmas. Pay what the total same payments you have been making to your remaining card and you will be debt free in no time and what a great feeling that will be :)
  • 1) Work out what your monthly payments to the credit card are and most importantly what you can afford
    2) Get an Ulster credit card- (0% balance transfers for 6 months- NO FEE)
    3) Do a quick calculation of 11k - your balance transfer limit i.e. 11k-3k= 8k. Pay the existing card with 8k of your money, 3k of the newly transferred balance.
    4) bank the 2k you have and save the additional money over a 6 month period, trickling it into a high interest savings account (make sure you cover your minimum payments on the card).

    Even at 3% interest, youll still be earning interest on 2-5k over 6 months.

    5) Buy yourself a treat at the end of the 6 months with the interest earnt!


    ...I will thank you if youve been helpful, please do the same! :j
  • sorry scrap the ulster...not available any more try Northern bank 5 months 0% with no fee

    okay your interest will be small but just compare 5 months of interest charged to you (if you kept the 1,000 or so on your balance) with the interest earnt from my method (sorry to talk out of tern- Martin and I's method!) I recon youll see £50-£100 difference

    ...I will thank you if youve been helpful, please do the same! :j
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