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  • FIRST POST
    • theroamingnomad
    • By theroamingnomad 10th Jan 18, 6:50 PM
    • 72Posts
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    theroamingnomad
    Question about satisfied vs partially satisfied defaults
    • #1
    • 10th Jan 18, 6:50 PM
    Question about satisfied vs partially satisfied defaults 10th Jan 18 at 6:50 PM
    I have 7 defaults lodged against my credit file between November 2016 and January 2017. The result of a relationship and burying my head in the sand. Fast forward to today and I've been paying down against these debts for the past couple of months.

    The debt total just over £5200 and both DCAs, Lowell and Cabot, have offered me reductions in the total amount payable by 20% to have a current balance that is just over £4100.

    Would it be in my best interests, credit report-wise, to accept this offer? Or should I just continue paying a little longer and settle the entire debt?
Page 1
    • zx81
    • By zx81 10th Jan 18, 7:17 PM
    • 14,870 Posts
    • 15,698 Thanks
    zx81
    • #2
    • 10th Jan 18, 7:17 PM
    • #2
    • 10th Jan 18, 7:17 PM
    The sooner settled, the better it looks to lenders.
    • theroamingnomad
    • By theroamingnomad 10th Jan 18, 7:43 PM
    • 72 Posts
    • 80 Thanks
    theroamingnomad
    • #3
    • 10th Jan 18, 7:43 PM
    • #3
    • 10th Jan 18, 7:43 PM
    Is there a difference between partial and full settlement for the default though? Would they should differently to potential lenders?
    • zx81
    • By zx81 10th Jan 18, 7:45 PM
    • 14,870 Posts
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    zx81
    • #4
    • 10th Jan 18, 7:45 PM
    • #4
    • 10th Jan 18, 7:45 PM
    There's a difference - but generally marginal for most lenders.

    I would accept the partial settlement to get it over with and show that you can settle an account in a not too drawn out fashion.
    • theroamingnomad
    • By theroamingnomad 10th Jan 18, 7:55 PM
    • 72 Posts
    • 80 Thanks
    theroamingnomad
    • #5
    • 10th Jan 18, 7:55 PM
    • #5
    • 10th Jan 18, 7:55 PM
    Perfect. I can settle within the next 6 months. That will give me some peace of mind. Thanks for you insight
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