Is it possible to bargin out of your debt..?

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muchfaster

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Hi All

First time here. I owe 5000 to Ulsterbank VIsa 4900 to MBNA visa and 2500 to tesco visa.

I am now in a postion to clear some of the debt....(most of it ) but i would prefer not to have to .

How would i go about bargining with the lenders saying that i will pay a certain about to clear the debt and to cancel the cards....

I rang tesco cc yesterday evening and they were having none of it .even when i said that i would pay 1900 and that i was leaving the country .??

Thanks
 
Nothing to stop you attempting to negotiate but I suspect that you'll get the same response from the others as you did from Tesco. Bear in mind that any past missed repayments or partial settlement for the outstanding amount may well be recorded on your ICB records and thus impact your credit rating. Also, just because you leave the country (assuming that this is not simply a bluff/bargaining tactic) doesn't mean that you cannot be pursued for the debts as far as I know.
 
why are you trying to get out of paying for debt that YOU built up on those cards? u spent the money...u pay the debt
 
ClubMan said:
Nothing to stop you attempting to negotiate but I suspect that you'll get the same response from the others as you did from Tesco. Bear in mind that any past missed repayments or partial settlement for the outstanding amount may well be recorded on your ICB records and thus impact your credit rating. Also, just because you leave the country (assuming that this is not simply a bluff/bargaining tactic) doesn't mean that you cannot be pursued for the debts as far as I know.
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YEah i guessed that but i was wondering had it been done...hence the post..!
 
grizzcol said:
why are you trying to get out of paying for debt that YOU built up on those cards? u spent the money...u pay the debt
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Like i said.....i will pay the debts within the next week to ten days...and I KNOW I BUILT UP THE DEBT.....it was just a question ..as i will be cancelling all the cards anyways.....jezzz
 
If you are in financial trouble with these debts then contact MABS for advice and they may help to mediate. If you are just chacing your arm and looking to welch (in part of full) on your debts then it's up to you how to attempt this through negotiation.
 
Couldn't agree with Grizzcol more- u need to clear ALL the debt!! Even if you make agreement with the companies it will appear as "element written off" on your credit bureau. This will disqualify you from getting a mortgage or most likely any other loan/credit for the next 6-7 years. Do you really want that to happen?

CLEAR THE DEBT! Better for you in the long run. Best of Luck with it.
 
Yellow Belly said:
Couldn't agree with Grizzcol more- u need to clear ALL the debt!! Even if you make agreement with the companies it will appear as "element written off" on your credit bureau. This will disqualify you from getting a mortgage or most likely any other loan/credit for the next 6-7 years. Do you really want that to happen?

CLEAR THE DEBT! Better for you in the long run. Best of Luck with it.
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Hi Yelow ..Thanks for that...that is all i was wondering if it is possible to get element written off ...if i didnt mind about it affecting my credit report.....
 
Tesco have already said no. Why don't you just ask the other two directly and find out that way?
 
Yellow Belly said:
This will disqualify you from getting a mortgage or most likely any other loan/credit for the next 6-7 years.
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With an attittude of "I am now in a postion to clear some of the debt ... but i would prefer not to have to", perhaps this is not a bad thing; for the credit companies and the OP.

To the original poster, your attitude is astonishing. Do you think this is some sort of a game, where you borrow money from banks and it's their problem if you can't pay it back? Grow up and start taking some responsibility!

:eek:
 
I am now in a postion to clear some of the debt....(most of it ) but i would prefer not to have to .
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Id prefer "not to have to" repay my mortgage but i took it out so i pay it. What a spoiled attitude. THere are so many people with genuine debts who would give anything to be able to repay their debts if at all possible. I think you should repay them in full seeing as you can clear "most" of it then why not take a bit of extra time and repay the rest too. It will be better for you in the long run.......
 
I am quite grown up thank you vvery much....I dont think its a game at all.. I have never defaulted on any loan.. I am not in trouble with the loans (now) I will be paying off the debts in FULL!!!

IT was a question ....thats all......!! The web site is called askaboutmoney ...So i asked ...
 
It is possible to make a settlement but often this may appear on your credit rating. So instead of a credit rating showing paid in full, yours may show- paid so much, rest written off. Which can be a red flag to lenders in the future. I have personally seen people achieve settlements with Bank of Ireland and AIB recently and this was the case.
 
....what a faboulous attitude ye have...must be great to grab the high moral ground?...i bet ye are the kind of people that love to shake the bank managers hand and offer some small talk as if he/she is a long lost family member?...well the joke is on ye. financial institutions and the professions (if you can even call them that anymore) have been robbing irish people for generations...but yes...ye'll sit back and shout down at a person that is just asking if he could somehow negotiate himself out of a debt that probably...and i only say probably....was amassed by some interest rate of 19.6%...these loans were also probaly needed to pay a doctor 150 for 10 min work or perhaps a solicitor to turn up in court with little more than a hairbrush or comb in tow....and not least...we were overcharged €50,000,000 by financial institutions since the 1990's...i say fairplay to muchfaster for just trying something different...better than just handing over cash to these guys....so......what are ye getting ye're bankmanagers for christmas this year?
 
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