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Paying off credit card balance in full - reduction in balance?

(7 Posts)
ObsidianBlackbirdMcNight Tue 27-Oct-09 07:44:19

I have a couple of credit cards blush from the days of working full time and easy credit, now I'm in the hard times I have closed the cards so only paying of balance (but slowly, and have had to miss one or two payments during mat leave). I'm due a small inheritance at some point and plan to pay off my CCs with it. Do CC companies ever do deals for paying off the full balance in cases where they would like to lose the customer (like me)?
I know if it goes to a debt recovery company you can make deals with them but I don't want to do this as firstly, it would ruin my credit rating and secondly, I borrowed the money and would like to pay it back (though probably have many times already with interest!!)

lou031205 Tue 27-Oct-09 08:27:40

Unlikely without affecting your credit rating.

HappyMummyOfOne Tue 27-Oct-09 11:56:22

They normally only reduce the balance if they have not had payment for several months and it will totally blot your credit rating.

Far better to pay off what you spent on it, any interest is simply the charge for borrowing somebody elses money - credit card companies like any business run to make a profit.

ObsidianBlackbirdMcNight Tue 27-Oct-09 12:04:25

I'm not trying to get out of paying it, really, I'm not a scrounger, I'm taking responsibility! I don't want to screw up my rating any more so I'll just clear them with a big sigh of relief! (And thank goodness that I won't be able to get another one ever!)

anniemac Tue 27-Oct-09 12:06:55

Message withdrawn

wicked Tue 27-Oct-09 13:18:46

Cut the cards up and then first pay off the one with the higher interest rate, then the lower one.

ObsidianBlackbirdMcNight Tue 27-Oct-09 15:56:21

the cards are all cancelled - I did it when thety threatened to put interest rates up so have kept on the same rate but cannot use them anymore.

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