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Advice needed on settling Credit Cards in Full


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I have been advised that if I contact the Credit Card compnay with a settlement in full figure (rather than the outstanding balance) that they can sometimes cut as much as 60% off the outstanding balance.

 

Is there any truth in this? The advice came from someone who knows her way round the legal loop holes of CCs, loans etc etc.

 

Id appreciate any further comments before I give it a go.

 

Thanks in advance :)

Barclays :- Settled March 07:o

 

RBS:- Acct Discharged May 07 :o (chase for more and CRA deletion???):confused:

Barclaycard: - CCA recieved 24/1/07. WOW! :o (GITS!!!) :-|

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In order to make a full and final settlement at less than the balance oweing, it would have to be perceived by the credit card company that you cannot afford to pay.

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Mortgage Express charges- settled in full after issuing claim

 

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To view the FAQ'S click here: http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/

To view the PRELIM letter click here: http://www.consumeractiongroup.co.uk/forum/bank-templates-library/516-1-data-protection-act.html

To view the Letter Before Action click here: http://www.consumeractiongroup.co.uk/forum/bank-templates-library/92-3-letter-before-action.html

To find Registered Address:

http://www.esd.informationcommissioner.gov.uk/esd/search.asp

 

 

If my advise helps click here http://www.consumeractiongroup.co.uk/forum/reputation.php?p=366404

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OK, so can I call them tomorrow and put things in motion to imply that? Like say I cant make the payments til next month or something?

Barclays :- Settled March 07:o

 

RBS:- Acct Discharged May 07 :o (chase for more and CRA deletion???):confused:

Barclaycard: - CCA recieved 24/1/07. WOW! :o (GITS!!!) :-|

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Do you have a poor credit history? If not, do you want one?

 

Have you many cards? Are they defaulted? If not they probably will be?

 

Can you not afford to pay or you just want to get out of it?

 

They might want PROOF and if you lie.....

 

 

 

Give more information...

 

Regards

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Put it this way - I have had the bank on the phone to me last week sayign they are gonna go start stopping DDs and cancelling stuff.

I had to see a martgage advisor asap. I have more money going out to creditors than on my mortgage!

The two CCs are amounting to £400 a month, so if I can get rid of them its a great help - the remortgage will encompass consolidation of these and a secured loan. But if I can reduce the amoutn I need to repay it works out easier as I then have less to borrow.

My current lender cant help me (max 4 x salary) so Im having to remortgage with another lender and that takes time.

On top of that I have just found out that Barclaycard have defaulted me cos I didnt make the requested minimum amount - just £35 as it was paid via standing order, prior to racking the bill up a bit earlier in the year.

I also have CCJ for a DVLA tax disc **** up for £100. Apparently these can count against me and may make for the need to go for a lender that takes 'adverse' credit. :(

 

SO, as you can see, the lessening of the final payment can make a huge difference.

Barclays :- Settled March 07:o

 

RBS:- Acct Discharged May 07 :o (chase for more and CRA deletion???):confused:

Barclaycard: - CCA recieved 24/1/07. WOW! :o (GITS!!!) :-|

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