closing BoI cc - will they accept lower amount?

Currently owe 8k on boi credit card. Will have 5k available soon and was going to offer it as settlement. Aware of credit bureau implications. Do boi accept such settlements?

Banks tend to only make settlements in hopeless cases. They won't do it for example if you have a job than means you can continue to repay the debt. If you have a problem with the repayments on the balance of 3K, have a meeting with them prior to you mentioning the 5K to discuss your options. 'I am having problems servicing this debt, what can you do for me? I maybe able to pay of 1K would that mean you could give me better options (interest rate, lengthening of term) . If you just lodge the 5K they probably won't budge.

Ron J said:

Currently owe 8k on boi credit card. Will have 5k available soon and was going to offer it as settlement. Aware of credit bureau implications. Do boi accept such settlements?

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BoI will take a settlement offer - it just depends how much it is - but don't offer the full amount up front - it's a negotiation remember, but you may well be pleasantly surprised.

Something to bear in mind though. If you got the card and just drew out a load of cash for example, or if the debt is 'fresh' eg last 6 months, they will be less likely to negotiate.

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