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Haggling with credit card companies


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I have heard that it is possible to haggle the amount you owe if you are willing to make a lump sum payment. Does anyone hve any experience of this?

 

I have three credit cards which I would like to clear with a lump sum Im expecting from a remortgage. Unfortunately the amount Im getting from the remortgage is less than expected and I am unable to pay off all three credit cards. I have been told it is possible to have a short settlement agreement which allows you to pay off a fraction of the full amount owed however before I approach the credit card companies, I was wondering if anyone could give some advice on this?

 

What occurs to my credit rating if I take this route?

 

Many thanks in advance.

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How much they are willing to accept really depends on whether you have been making reduced payments and if so how reduced your payments are and how long you have been on reduced payments. Are there any charges on the credit cards? If there are you could reclaim these back to reduce the amounts owed.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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My strategy is to get the charges back then offer 80% of the balance in "full and final" settlement. In my case though many of the cards are in default and current payment record is patchy. As an alternative, I'd be prepared to pay 100% if the company agrees to remove default and I have written to a few recently with offers on this basis but as yet no response.

All comments are my personal views - if in doubt then seek professional advice. If you think i've helped then please tip my scales.

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I have heard that it is possible to haggle the amount you owe if you are willing to make a lump sum payment. Does anyone hve any experience of this?

Many thanks in advance.

 

Not personally, no. The preferred strategy is to see if they have the wherewithal to enforce the debt ie a CCA 1974 compliant copy of the original credit agreement. Without this all they are entitled to is the big round number.

"Why CCJ when you can CCA!"

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from their point of view if they think they can get all the money owed from

you in not too long a time, why settle for less?

On the other hand, if they think they have little chance of ever getting their money back and they will have to farm it out to some DCA or other, then

they may be more willing to listen to your offer. So paradoxically perhaps, the

worse your dealings have been with them since the debt went wrong, the

better may be your chance of a deal.

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