I want to pay back Credit Card Debt

Pandora16

I have a large credit card debt of over €11K. Will BOI do a deal on repaying it? Is there any way of reducing the figure for a final settlement?

endacl

If you’re making minimum monthly payments, I’d imagine not.

RossieMan

Why would they? If you have the money why don't you pay it off? You'll only lose more on interest the longer you leave it.

Just spotted you posted this in the boi forum. You'll need to call to get an actual answer. They won't give you anything here.

Pandora16

It's such dead money and impossible to pay back. Does anybody know if I can settle the amount in Full with any kind of reduction?

Pandora16

RossieMan wrote: »

Why would they? If you have the money why don't you pay it off? You'll only lose more on interest the longer you leave it.

Just spotted you posted this in the boi forum. You'll need to call to get an actual answer. They won't give you anything here.

Okay, just seeing if anyone has any experience of this? Thanks

RossieMan

Its not impossible. They'll give you a closing balance on any given day if you want to pay it back.

Generally they'll only take a settlement payment if you aren't paying it back at all. And that'll **** up your credit rating for future lending.

Worth asking them though.

vectorvictor

RossieMan wrote: »

Its not impossible. They'll give you a closing balance on any given day if you want to pay it back.

Generally they'll only take a settlement payment if you aren't paying it back at all. And that'll **** up your credit rating for future lending.

Worth asking them though.

If you want a settlement figure (and trash your credit rating and prospect of ever getting credit again) then don't pay anything, ignore all reminders , wait for it to be reassigned to Cabot or similar and you'll get away with a settlement of 5k or less. I'd strongly advise against this for the reasons mentioned. You did spend the money and agree to the interest rate so not sure how it's become "dead money" now that you've spent it all.

And be aware they most likely have the right to reassign funds from other accounts with the institution to cover the debt. So for example if your wages are paid into a boi account they could whip them away before you even see them if you default.

Bandana boy

if you move the debt you could get ~6 months interest free 
have you been paying the 175-200 a month interest each month ? 

You could contact them on a payment plan , they usually will reduce interest on that


 

irishlady29

Might be worth asking if you can get a personal loan for balance of credit card and close it. Interest rate would be alot lower than interest rate on credit card

_brendand_

The simplest way would be to apply for a loan of 11k with another bank. If they ask the purpose state that it's for paying off an existing debt. They shouldn't have a problem with that. The interest rate will be way lower. For example KBC will give you a personal loan at 6.13%. To pay the loan off in 2 years you will be paying about 480 euro a month. To pay it off in 4 years you'll be paying about 250 euro a month. Suffice it to say the longer the term the greater the total. But you're probably paying well over 250 at the moment in pure interest so it's a no brainer if your aim is to pay it off.

Bank of Ireland: Alison

Hi Pandora16,

You will need to call our Card Support Team to look into this further for you. I'm afraid we're unable to give a direct answer here.

Our Team are available 8am-8pm Monday to Friday and Saturday 8am-6pm, Sunday 10am-5pm

0818 251 251 /00 353 56775 7747  

Many Thanks
Alison