Advice on Settling a Default

Robert_Sterling_3

You have been offered a discount of 15% and Partial Satisfaction.
At first sight this concession is worth about £90 to you.
But paying early comes at a price.
Let us say paying early would cost you [ loss of interest at 5% ]
As the £600 is reducing at £50 per month I make the cost about £16 but it is convenient to call it about £15.
So the offer is worth £75 to you.

So it costs you £75 more to have a Fully Satisfied on your credit file.

You have been in debt.
You are struggling to get out of debt.
If you continue to pay £50 per month you will be clear in one year.
If it is reasonable to assume you do not want to get into debt again then it will not matter what is says on your credit file for the next six years or so.
After one year you will have an extra £50 per month available all other things being equal.

thesealeyboy

Well I contacted Online finance today to chase my query from yesterday and it would seem that they are back to their usual standard of appaulling customer servcie. The CSR I spoke to didn't even get as far as taking any of my details or lookng at my account, just basically told me to wait and I would be contacted. I've heard that before - SEVERAL TIMES - in fact it took a letter threatening legal action for them to send me my settlement figure back in August... :mad: