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barclaycard settlement

my son has a barclaycard dept of £7000 and has been paying the minimum amount for about 3 years just so its paying the interest. my question is, if i was to settle it in one payment do i have the right to negotiate a final settlement or do i have to pay the full amount.
thanks

bexhillguy Fri 26/09/08 14:11

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Ethel
Fri 26/09/08
14:15

You have no right to negotiate anything with Barclaycard unless you are a party to the contract.

However, it is worth a try, but the debt is more valuable to them by getting minimum repayment for years and years than a one off discount sum.

In A Pickle
Fri 26/09/08
14:16

Hi there bexhillguy(I am just North of Rye),
I think any Credit Card company would be open to negotiation if it felt that a full payment was in the offing.Much better for them to get a large final(negotiated) payment than to keep getting the debt in dribs and drabs.
Give them a ring or write/email,I am sure you will have a good outcome.

sandmaster
Fri 26/09/08
16:16

I agree with Ethel. Your son is not in arrears and this is they type of account they really like - it is very lucrative to them.
If he went into arrears and they thought there was a danger of a bad debt they may accept a personal arrangement with him. But his credit rating will suffer.

Postdog
Fri 26/09/08
18:18

No chance. The only way they'd settle is as said - if there were doubts about being able to pay it all.

annie0000
Sun 28/09/08
22:28

Presumably your son spent the money, so why would he expect to get a discount when paying it back?
Unless he feels that he has been treated unfairly for some reason, in which case he should complain, then I can't see any reason why they would give him a reduction.

On the other hand, half the population seems to think that it can go around spending money that they don't have on stuff they don't need, and then they don't pay any of the money back, so maybe your son should be given credit for at least paying back the interest due and not taking the "easy" way out.

Part of the banking code, which barclays subscibe to, covers the fact that banks should lend responsibly, If you feel that Barclays have not done then then you could complain to the banking ombudsman.

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