I will be paying off a large amount of credit card debt with a loan I received. Has anyone ever had any luck with asking the credit card company to agree to a %26quot;pay-off amount%26quot; that is lower then the card%26#039;s current balance? We have been making the minimum payments on the cards so we are not accumulating late fees or appearing as a risk to default. The cards all have balances around $3,000.
Paying off a credit card?
The only time ANY creditor will agree to settle for less than the full amount is if they have reason to believe they can%26#039;t collect. Unless you have been i default for some time, they have no reason to believe that.
NOTE: There is no such thing as paying off debt with MORE DEBT (you called it a loan). You simply changed the name of your creditor.
Paying off a credit card?
No, but there is a such thing as REFINANCING DEBT.Note: I called it a loan because IT IS A LOAN... a loan at 6% to replace credit card debt financed at 25-30%. With a lower interest rate more money goes toward principal and the debt is paid off quicker. Report It
Paying off a credit card?
It doesn%26#039;t hurt to ask, and it has been known to work, if your request is reasonable. You have to show the company you are making a good-faith effort to pay back the money.
Call the American Consumer Counseling Center - unlike a lot of those %26quot;debt solution%26quot; places, this is a non-profit and won%26#039;t take your money. They can give you some great counseling and advise you on the best options for your particular situation.
American Consumer Counseling Center
http://www.consumercredit.com/ or 1-800-769-3571
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