Negotiate deal with BOS Credit Card ?

rilly99

Anyone any exp of doing a deal with Bank of Scotland on their Cr card , I have been paying this down but likley to run into trouble paying this in the next month or two , I have few quid savings, are they liley to cut a deal ( Currenly I owe about 4K)

any help/ comments appreicated

chris85

rilly99 wrote: »

Anyone any exp of doing a deal with Bank of Scotland on their Cr card , I have been paying this down but likley to run into trouble paying this in the next month or two , I have few quid savings, are they liley to cut a deal ( Currenly I owe about 4K)

any help/ comments appreicated

Unlikely to do a deal. You will have to get in touch with Certus to negotiate. They are looking after operations for Irish customers.

If you have savings why would you run into trouble paying over next few months? Bear in mind this will be what they will be considering also.

The banks view would be why would you not just use the savings to maintain payments each month until you sort out things. Its a reasonable consideration to be honest.

okiss

Don't use your savings to pay off a credit card - you may need this money at a later time.

I would look up the mabs.ie and click to the link on the left hand side of the
home page dealing with debit. This gives advice on how to deal with debit and
a letter you can send to bos re the credit card. It is very important to make a payment each month and to let the any person you owe money know if there is any change in regards to your circumstances.
I hope this is of help to you.

Mezcita

okiss wrote: »

Don't use your savings to pay off a credit card - you may need this money at a later time.

Totally disagree. Interest rates on credit cards are much higher than those you would pay on a bank/car/home loan. Therefore of debt which needs to be paid off, I'd look at it first.

Two options here then. Either use your savings to pay of the amount in question or switch the debt to an interest free card.

http://www.moneyguideireland.com/credit-card-offers

If approved you will be able to get a 0% rate for between six and ten months. Might take a few weeks for the card to be approved and sent out to you. You would also be liable for the €40 annual stamp duty on the card.

ronan45

Hypothethically if you dont pay them back what can they do apart from a black mark on your credit score for 5 years? Its not like the card is secured against your house or car. I assume it will be passed to a debt collection company, they will bring you to court, if you dont have the money you cant give it. Black mark on your credit score for 5 years and no more loans for 5 years. Is it worth 4000 euro?
To some maybe!

Pataman

I got a letter from a crowd in Tallaght to say they had taken over halifax cards. When i rang he told me they are not charging interest/fees, all money goes off bill. I asked him for a settlement figure but he said it would have to be in the region of 90% of the amount.