possible to close credit card with a lump sum payment, but not final amount?

M

mistressmous

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apologies if done before or title is cryptic.

is it possible to negotiate with bank on a credit card debt? I owe an 'amount' and have the cash to pay for half that amount.

can i negotiate with them - shutting the account for that half-cash payment?

i don't use the card anymore, it hasn't been used in a year, i want rid of the damn thing and am willing to give them half the debt in a once off payment to close the account.

is this possible and how do i go about doing it and do i need an 'expert' to negotiate on my behalf?
 
I was in a similar situation with MBNA back in October,

I had a card with them for 12 years, with the original limit of 4,000.

I had brought it down to a balance of 400, and I rang them up, asked to speak with a team leader / supervisor, as my situation had changed, and I wanted to pay off the 400 balance.

I asked her if they would accept 51%, or EUR200, as that was my monthly disposable income at the time,

She insisted I did a basic statement of means over the phone with her, and while she accepted that I wasn't lying about my situation, she wouldn't accept the offer of EUR200, and said that they can "Sell On" the debt for 75% of it's original value, so they would get more by selling it on,

I had the debt for 12 years, average balance of 3000, with an APR of 18% - I asked her if she had any idea of the amount of money MBNA had already made from me, not only through interest, but with over the limit fee's, and late payment fee's etc, and she couldn't care less,

So I left the balance there and told them not to contact me by phone or by text message

Sean
 
and said that they can "Sell On" the debt for 75% of it's original value
Click to expand...
LOL! Nobody buys debts for 75% of the value. 40% and below would be more normal.
 
If you have been making any payments at all it's unlikely they will do a deal with you. There is loads of information on this if you do a Google search. As far as I can make out if you don't pay for 6 or 7 months they are more willing to do a deal with you for half the outstanding balance as they will not receive anywhere near this amount from the debt collection agency they sell your debt onto. A lot of people have let the debt be sold and then come to an arrangement with the collection agency. Obviously your ICB will be affected one way or the other.
 
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