tydaddy

Question regarding paying off account

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I have a question regarding a Personal Line of Credit. I have a line of credit for $8000 of which $7700 of it is used. I have $7500 to pay it off. Is it possible for me to negotiate with them to pay off the entire account for that amount? The line is with Beneficial and the interest rate is 29%. I want to pay this off but when I called yesterday they told me the payoff amount is $7900. Will they take $7500 as payoff or does that only work with credit card companies???

Anyone?

Thanks!

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I don't think you have the leverage to bargain because it's not in collections. Right? They generally don't settle on an account that you are currently paying. I may be wrong, but that's been my experience. It's not in collections is it?

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No - it is not delinquent in anyway. Just wondering if I had any leverage to get it all taken care of for the full $7500. It just kills me that to pay off the full amount - I would still have to pay an additional $400.

:{

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With current accounts you will have NO leverage. Just pay the $7500 on it because hey, 29% on $400 is much better than paying 29% on $7900 right??

Also if you make 3 or 4 more monthly ON TIME payments to pay off the remaining $400 that will only help your credit score. :lol:

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