But do you think if I offered to pay 50% within, say, 10 days, do you think they would accept that as full and final payment of the entire bill?

I really would not see why they would that without you declaring bankruptcy.

You might try asking over at Household Finances

Nothing ventured, nothing gained..Ask what's the worse thing that can happen? They say no?

Probably not.

You might tell them you can pay half now, which will save you a good bit on interest, but ask if they will then lower your rate.

It would be worth asking, and they will know you are trying.

Sue

Call them now and ask if they will lower your rate now. Tell them about your plan to pay off 50%. All they can do is say 'no'.

probably not and you do know that the amount you don't pay is considered income and you pay at the 25-30% tax rate on next yrs taxes, right? all companies who do this file w/ the IRS and will send you an IRS form stating how much you gained in income. that settling will also prevent you from getting any other credit for 7 yrs most likely in this economic/credit crisis environment. not really worth the possible price you will end up paying i think ~ liz

Hi-have you thought about finding a different card with a lower interest rate and transfering the balance to that card. There are many cards that offer 0% interest for a limited amount of time if you transfer your balance from another card. Good luck

Generally it is the collection agencies who are willing to take a reduced pay-off - as they get a % of the amount that they able to collect. Since this has not gone into collections, the CC is probably not going to consider forgiving half your debt. After all they are raising rates to these absolutely obscene rates to make up for the defaults.
Would it be possible to get a loan from your own bank or creidt union, at a fixed rate and to pay off the credit card?

I didn't know that Liz. I applied for another card through my credit union to transfer the balance to. But in waiting for the application to be processed, the old bank is charging 39.00 A DAY in overlimit fees since I canceled the account on March 17th. I wasn't over my limit when I canceled the account. I guess, now that I don't have a credit balance, I'm over my limit? It's got to be illegal, or at least unethical.
We have clients that juggle several cards around every 6 months or so, transferring balances to other cards with lower interest rates. I don't know how they manage. What a PITA.
I sent a terse letter to the bank and a copy to the FTC w/copies of my last two statements showing I *had* a credit balance until the card was canceled. It just boggles my mind that they can get away with this...

Hi angela id,

Did you read the small print on your contract to see what rules might apply were you to cancel while owing?

Best to check how deep the water is before diving.

Had you wanted an attempt to negotiate a deal, you'd have had a better possibility, even if slim, of being heard, had you attempted before cancelling. As it is, what incentive is there for them to agree to any deal, before trying hard to get all that they consider themselves to be owed?

ole joyful