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can I negotiate a credit card payoff?

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Money Talk > Credit & Loans

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trouttrooper
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can I negotiate a credit card payoff?  Reply with quote  

New to this forum so be gentle Very Happy

My wife and I had 6 years of making a lot of stupid financial decisions that resulted in having 2 credit cards with a combined total of about 40k. About a year ago we changed our lives, cut up those cards and have been living by cash/debit card only. We have been making the monthly minimum payments on them which obviously will never pay them off. We don't make a lot of money and no matter how much ramen noodles and beans we eat there isn't a penny extra after payday to put anything more towards the cards. We aren't late on payments and they haven't gone to any collection agency. We will soon be getting a sum of money that will be able to pay both of these off. We have every intention of using every penny to get these two cards payed off. It is debt we created ourselves and we believe in paying it.

My question is can I call these credit card companies and offer a lump sum lesser amount than the balance and have the account considered payed off? I hear all these ads (I know most are scams) about CC companies accepting less than the balance. It's not that I'm trying to cheat the system, it would just be nice to have a little from the money I'm getting to pay other bills etc.

Hope I explained it clearly enough Embarassed
Post Tue Sep 24, 2013 3:37 am
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oldguy
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quote:
It is debt we created ourselves and we believe in paying it.


I think that is your answer - you are good people and you do not believe in stiffing your lenders - you want to repay what you borrowed.

quote:
My question is can I call these credit card companies and offer a lump sum lesser amount than the balance and have the account considered payed off? I hear all these ads (I know most are scams) about CC companies accepting less than the balance.


When someone fails to repay a bank loan, the bank has to adjust their fees accordingly to cover those loses. The money in the bank belongs to the customers - savings accounts, checking accounts - and the bank is required to keep it safe and to loan it out at interest (to pay their emplyees). So when people stiff their bank, their community ends up paying higher banking fees.
Post Tue Sep 24, 2013 2:32 pm
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Ryaan
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Yes you can negotiate on final settlement of your credit card but you have to convince the credit person that you cant pay the required money and you should go and meet the credit card company personally and discuss your reasons.
Post Wed Nov 06, 2013 2:08 pm
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