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Terminating agreement and paying off balance, how?

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  • Terminating agreement and paying off balance, how?

    May seem like a silly question, but ive never had to do it before.

    We have a commercial credit card, Barclays, getting fed up of paying the minimum and never clearing it due to interest rates.

    Is there a way I can terminate the agreement and just repay the balance each month instead? Don't really use the card anymore, just want to clear it.
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

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  • #2
    Re: Terminating agreement and paying off balance, how?

    I think there is something about choosing to terminate and pay when the interest rate changes.

    Unless they agree to not charging any more/less interest then is there any reason to terminate before you pay it off?

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    • #3
      Re: Terminating agreement and paying off balance, how?

      if they raise the interest rate, you can ask them to terminate at that rate. So then you pay off the balance at the rate you terminated at. Doesn't stop them adding interest monthly but does stop it escalating. Don't think it would impact on your credit record either. You're not going to get them to stop interest unless it's defaulted though.

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      • #4
        Re: Terminating agreement and paying off balance, how?

        Thanx guys. Dont really want a default 3 years in to UE so will just keep paying slightly over minimum
        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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