have anyone ever heard of asking a credit card co. to wipe off some debt if balance is high?

Question

and you are paying it off in full?

Answer 1

Wow, no reason to bad mouth the author of the question.

Depending on your circumstances, most credit card companies ARE WILLING to entertain an offer in settlement.

Two reasons for a credit card company to do this:

1 - As deliquency rates increase, probability of having to charge off the debt increases. It would be better to collect something versus nothing.. This is a different view compared to what companies thought 10-15 years ago.

2 - Collection agencies charge either a flat fee or a % on the amount sent to them to collect.

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I have heard of people who have perfect payment history offering pay in full settlement when they have had a huge balance. Most of the time, they are willing to knock off 10% or more... (remember so much interest has probably accrued, it does not affect principal balance)..

Once it gets referred out to a collection agency, you will have a much better chance of settling the debt out (because they do not care but to collect whatever they can -- within limits as set for by the credit card company)

Hope that helps..

Answer 2

Yes, I have heard of this. My friends did this. They had an insane balance. At some point they agreed to settle an amount they could afford to pay off at one time. The amount they settled for didn't include interest, late fees, etc. It was pretty much close to the principle amount.

My other friends told me that you not pay your medical bills and they will go away after 10 years. I guess that is the statute of limitations for collecting on them. The only catch is that you can't make arrangement to pay, can't answer the collection calls, or mail.

I would suggest talking to a lawyer before you do either of these things. I am sure that your credit will be affected either way!

Answer 3

Only if you are drastically behind on your payments....like five or six months behind....and the credit card company will grudgingly take a settlement as opposed to loosing everything in a BK filing or selling the account for pennies on the dollar to a collection agency. If you aren't behind there is no way in the world they'd wipe off debt.

Answer 4

Now WHY would a credit card company wipe off valid charges you incurred ? Do you have a REASON to ask them to do this ? Or do you just think you want to pay less than you owe ?

Answer 5

The only way you can settle for less is if you havent made a payment in months. By then your credit is trashed and your account has been sold to a collection agency for pennies on the dollar.

Answer 6

there is actual no reason to hold credit card debt. Financing and debt could want for use for huge purchases basically (i.e. vehicles, properties, furniture, and so on). the different purchase could desire to be saved for ahead and then offered. in case you carry one million,six hundred in debt, you're paying $240 money a three hundred and sixty 5 days to the credit card corporation. in case you proceed use credit taking part in cards to pay regular purchases and accrue debt, it is going to possibly harm your financial destiny for destiny years.

Answer 7

You can ask but it's pretty unlikely to happen. The credit card company has no reason to forgive any of the debt.

Now if you default and go to collections, you might be able to negotiate settlement. But of course defaulting would trash your credit score.

Answer 8

Well, in the UK theres something called an IVA where you (basic explanation) have the debt that you can't afford to pay written off.
Take a look at this link:

Answer 9

No, they will not. You can ask for a lower interest rate. NOW... if you are behind so far they are ready to sue you, then you can ask how much to pay it off, and they sometimes will take less.