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    • MCJS
    • By MCJS 31st Jan 18, 2:54 PM
    • 4Posts
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    MCJS
    MBNA/PRAGroup - Partial Payment/Fully Satisfied
    • #1
    • 31st Jan 18, 2:54 PM
    MBNA/PRAGroup - Partial Payment/Fully Satisfied 31st Jan 18 at 2:54 PM
    Good afternoon all.

    I'm having a bit of a nightmare trying to work out what to do with some old debt from 2014 that I've had, and how to go about sorting it.

    The total amount of debt is £2402.93.

    They have offered settlement payments of either:

    1.) One off Payment: £841.03
    2.) Three monthly payments of £283.13 - Totalling £849.39
    3.) Six monthly payments of £142.63 (Totalling £855.78)

    Asides from option 1, the other two are definitely within my budget.

    My question is; they've said if i take 'advantage' of one of the above options that it'll be marked on my credit file as 'partially settled'.

    Myself and partner are hoping to go for a mortgage in the next few years so obviously i'm guessing that will have a fairly big impact on getting one.

    What would everyone recommend i do? Is it common practice to go back to these companies negotiating a settlement agreement that once done they will mark it as satisfied.
    Or is literally the only option to pay the nearly £2500 to get that option?

    Apologies for all the questions and many thanks in advance for any advice that's given.
Page 1
    • Candyapple
    • By Candyapple 31st Jan 18, 3:01 PM
    • 2,639 Posts
    • 1,977 Thanks
    Candyapple
    • #2
    • 31st Jan 18, 3:01 PM
    • #2
    • 31st Jan 18, 3:01 PM
    If you want it marked as settled the only way to do that is to pay the full £2402.93. Otherwise, everything else will just be marked as partially settled, because that is the truth, the debt was partially settled.

    Yes it will have an impact on your future mortgage application because some lenders whilst they will lend to people with defaults, often require the default to have been satisfied and not partially satisfied to meet their requirements.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • MCJS
    • By MCJS 5th Feb 18, 2:36 PM
    • 4 Posts
    • 0 Thanks
    MCJS
    • #3
    • 5th Feb 18, 2:36 PM
    • #3
    • 5th Feb 18, 2:36 PM
    Thanks Candyapple.

    Reason I asked is because I've seen template letters on these forums that can be sent to companies offering settlements of around 50% of the full debt but then asking them to mark it as satisfied.

    I must've been mistaken.!
    • sourcrates
    • By sourcrates 5th Feb 18, 4:29 PM
    • 13,204 Posts
    • 12,628 Thanks
    sourcrates
    • #4
    • 5th Feb 18, 4:29 PM
    • #4
    • 5th Feb 18, 4:29 PM
    Thanks Candyapple.

    Reason I asked is because I've seen template letters on these forums that can be sent to companies offering settlements of around 50% of the full debt but then asking them to mark it as satisfied.

    I must've been mistaken.!
    Originally posted by MCJS
    When was it defaulted ?

    Six years after that date, it will drop off your file anyway.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • Gary_Dexter
    • By Gary_Dexter 5th Feb 18, 4:44 PM
    • 542 Posts
    • 320 Thanks
    Gary_Dexter
    • #5
    • 5th Feb 18, 4:44 PM
    • #5
    • 5th Feb 18, 4:44 PM
    When was it defaulted ?

    Six years after that date, it will drop off your file anyway.
    Originally posted by sourcrates
    Looks like 2014 - and if payment plans have been discussed does this not count as acknowledgement of the debt?
    • sourcrates
    • By sourcrates 5th Feb 18, 4:51 PM
    • 13,204 Posts
    • 12,628 Thanks
    sourcrates
    • #6
    • 5th Feb 18, 4:51 PM
    • #6
    • 5th Feb 18, 4:51 PM
    Looks like 2014 - and if payment plans have been discussed does this not count as acknowledgement of the debt?
    Originally posted by Gary_Dexter
    Only written comms or payments count as acknowledgement.

    I was thinking more from the point of view of obtaining a mortgage than of it been statute barred.

    If its gone from his file before he applies, then it wont affect him.
    Last edited by sourcrates; 05-02-2018 at 4:53 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • MCJS
    • By MCJS 6th Feb 18, 1:35 PM
    • 4 Posts
    • 0 Thanks
    MCJS
    • #7
    • 6th Feb 18, 1:35 PM
    • #7
    • 6th Feb 18, 1:35 PM
    Thanks for all of the replies.

    There hasn't been any or written comms or payments since 2014.

    Apologies if i'm reading the above incorrectly but would the advice be to 'ignore' it?

    Am i not at risk of them issuing a CCJ? Or because they haven't issued one since the debt existed in 2014 the chances of them sending one are minimal?

    Thanks again.
    • Gary_Dexter
    • By Gary_Dexter 6th Feb 18, 1:42 PM
    • 542 Posts
    • 320 Thanks
    Gary_Dexter
    • #8
    • 6th Feb 18, 1:42 PM
    • #8
    • 6th Feb 18, 1:42 PM
    They could issue a CCJ right up until the 6 year mark - then starts the 6 year process all over again
    • Candyapple
    • By Candyapple 6th Feb 18, 1:45 PM
    • 2,639 Posts
    • 1,977 Thanks
    Candyapple
    • #9
    • 6th Feb 18, 1:45 PM
    • #9
    • 6th Feb 18, 1:45 PM
    Thanks for all of the replies.

    There hasn't been any or written comms or payments since 2014.

    Apologies if i'm reading the above incorrectly but would the advice be to 'ignore' it?

    Am i not at risk of them issuing a CCJ? Or because they haven't issued one since the debt existed in 2014 the chances of them sending one are minimal?

    Thanks again.
    Originally posted by MCJS
    Yes you are. Don't be fooled by thinking 4 years have gone by and nothing has happened, I've read threads where people have had a CCJ issued to them 6 months from the 6 year deadline, thus in turn ruining their history for another 6 years. Even for paltry sums less than £500. Don't ignore your debts.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • MCJS
    • By MCJS 6th Feb 18, 2:13 PM
    • 4 Posts
    • 0 Thanks
    MCJS
    I gathered that was the case, i was just trying to understand. Thank you all.
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