paying off loans

[barney1966]

I am due to get a lump sum shortly which I intend using to pay off some loans (from major High Street banks) and also some credit cards.

I have phoned and been quoted amounts for full and final settlement but was wondering if in the current climate it is au fait and would I be likely to get anywhere if I try to barter with them and make lower offers?

TYIA

[Postdog]

Er, you will have the money to settle, but you want to pay less because you can.

Doesn't work like that I am afraid - you borrowed it on the basis you can pay, and you can.

[Ethel]

They make money from letting loans run full term, or as long as possible with credit cards.

You paying your loans off early has already reduced their profits - they won't be prepared to negotiate unless you have a very poor credit rating and are about to go bankrupt.

[EverClean]

You can negotiate, but as ethel says, it is easier if you are in less of a position to pay. Make them an offer and start the process.