Full and final settlement help thread

Leanneglos1

I know that this has probably been answered a lot but what are the main differences between partially and fully satisfied, is their a disadvantage or something I need to seriously consider if I!!!8217;ve been given a settlement figure but it will be marked as partially satisfied, my credit score is trashed and not something I care about really as I never want any form of credit ever!!! TIA

fatbelly

Leanneglos1 wrote: »

Imy credit score is trashed and not something I care about really as I never want any form of credit ever!!! TIA

That's the important bit. Yes, probably, a partially settled mark is viewed less favourably than satisfied. But if you already have a default on the entry you're screwed anyway. Might as well get a few quid off.

[Deleted User]

Leanneglos1 wrote: »

I know that this has probably been answered a lot but what are the main differences between partially and fully satisfied, is their a disadvantage or something I need to seriously consider if I!!!8217;ve been given a settlement figure but it will be marked as partially satisfied, my credit score is trashed and not something I care about really as I never want any form of credit ever!!! TIA

Well done on getting a settlement figure. I hope it's a good one and that you are in a position to accept it if it is.

F&F settlements are always marked on credit files as Partially Satisfied/Settled but to all intents and purposes as far as you're concerned it will be the end of what you owe. Please make sure your creditor confirms in writing that you will not be chased for the remaining amount by them or anyone else in the future.

All record of Partially Satisfied debts will disappear from your credit file 6 years from when they were settled or the date they were defaulted. If the one you are thinking of settling has already been defaulted your credit file will be clear of it 6 years from the default date and it won't be hanging around messing up your credit score for another 6 years.

Good luck:beer:

Leanneglos1

Thank you all for your help, last question...in November last year I was given a settlement figure from progressive Money who are my biggest creditor, I wasn!!!8217;t in a position to pay it, I!!!8217;ve rang today and they!!!8217;ve informed m the 50% settlement was only available in November and December, any ideas on what my options are and how to try a negotiate that deal now, I!!!8217;m in arrears on the loan and in a DMP but each month I!!!8217;m still having to pay the full monthly payment to avoid a CCJ and it being transferred to a legal firm, I google the legal company and the reviews are horrific

sourcrates

Leanneglos1 wrote: »

Thank you all for your help, last question...in November last year I was given a settlement figure from progressive Money who are my biggest creditor, any ideas on what my options are and how to try a negotiate that deal now,

Just remind me again is the progressive money loan secured or unsecured ?

Leanneglos1

Hi sourcrates, unsecured personal loan

sourcrates

Leanneglos1 wrote: »

Hi sourcrates, unsecured personal loan

Right,

Don`t be put off by the threat of court action, all a court does is ratify the payments you can afford to make to the debt, so if your budget shows you can afford £20 a month, then the court will make judgement for £20 a month.

The threat of legal action is often used as a tool of leverage in order to get you to continue paying unafordable monthly payments, you should not be forced to pay any more than you can afford.

Leanneglos1

The issue with Progressive is that it gets sent to a legal company and they either apply an attachment of earnings or charging order which I obv want to avoid, just gutted they won!!!8217;t have offer the 50% settlement they previously did and jw how to try and negotiate this again but looking unlikely:(

Dugdeepindebt

Hi everyone, First time posting so not sure if this in the right place.
Just received a letter from Intrum (1st credit) who will accept a 70% discount this month. This would save me £16k :eek: but unfortunately i haven't got the amount they want to hand.
Is it likely they'll ever offer that much of a discount again? Or is it just a case of wait and see.
Would have loved to have cleared this 1 as its our biggest debt. Not sure if its worth CCA request as the loan was only taken out in 2016

NeverendingDMP

Same. My biggest debt has been sold then I got a letter from intrum. Pay 4563 in April which is 40% then increases each month etc or can carry on with payment as usual. Aaaaaaaargh. This is my biggest debt but I do not have 4500 and if I did three weeks is not enough to sort ,,, more arrrrgh

Dug in deep debt. I feel your pain x