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Has a credit card company ever accepted a lower amount than is due to clear an account?

I have a lump sum that i was going to pay to my credit card company, but it is not quite enough to clear the account, has anyone ever offered the card company a lower figure to be able to clear there debt and close the account? if so what is a good % to offer?

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7 Responses to “Has a credit card company ever accepted a lower amount than is due to clear an account?”

  1. claimbankchargesback said :

    They do normally accept this, although obviously don’t publicise it!

    If a debts gone on a for a long time with no or minimal payments, then they usually send you a letter offering a large discount if you pay the whole sum in one go. This can be as much as 40% of the original balance.

    Usually though, these lower offers come when its passed into the hands of the debt collectors, as they buy the debt for a lot less than the actual debt amount, and so can afford to take these lower offers and still make a profit.

    You can try it with the credit card company though. Obviously start with the lowest % and then they will haggle it up a bit.

  2. kish said :

    Yes they have. I owed Barclaycard £900 on my Visa card and they accepted £300 as full and Final.

    So yes they do.

  3. Gone By Dawn said :

    Some card companies will offer you a low settlement so the card does not become a charge off.

    If you owe them 5,000.00 offer them 4000.00 to settle, that will give you room to negotiate with them. They will loose the interest but will get the principal, which is what they have already paid out and are out. The interest is a loss but not an out of pocket loss, it is how they make their money.

    I know a guy that settled a 10,000.00 plus debt for 8340.00 cash. But if you agree to do it make sure you get it done when you say you will or they will kill your credit.

  4. DrIG said :

    Yes, it happens frequently especially when there is a threat of bankruptcy.

    Offer them less than you are willing to pay. It is negotiable. if you have serious financial problems start with 40% and go up from there as necessary.

  5. mchl_trvs said :

    Yes, they will allow you to do this in some cases. You should check out one of the books at . They explain exactly how to do it.

  6. mjammy1978 said :

    ys they will accept but it will be on ur credit

    as to what the balance was and that you made a payment that did not clear the balabce

    so beware hun

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