Full and final settlement help thread

Willing2Learn

Debtdipped wrote: »

Hi all, I just looked at my credit report from Noddle, and I have a debt on there that I had completely forgotten about. It was defaulted in 2015, and therefore, it will drop off my credit file in 2021. As I have not made any payments to this creditor, and I am unable to pay the full balance, do you think they would they accept a F&F offer?

Also, I understand that if they accept F&F offer, my credit report would state "partial settlement," would this settlement increase my credit score?

Yes, whoever owns/manages the debt, would consider a reasonable F&F settlement offer.

In response, you would want in writing that your credit file will be updated, that the account will be closed and that they or their agents will not chase you for the balance.

Don't worry about your credit score as lenders neither use it nor see it. Your credit score is for your eyes only.

Debtdipped

Thank you. I am just wondering if it is better for me to wait/save up and then pay the full amount, if it is going to increase my credit score, or just partially settle now.

I am on a mission to improve my credit score asap, because I am not able to rent a home via estate agents (due to failed credit checks). Thus I am planning to offer F&F settlements on my 5 default accounts (all less than £500 owed). And I think I have to wait for my CCJ to drop off my credit file next year, before I can rent again (anything I can do to improve the CCJ affecting my credit score?). Just eager to have a credit check that does not fail! The dream

Willing2Learn

You score is irrelevant. Like I said, lenders do not use it. Lenders score you independently using the data held in your three credit files, added to the data you submit in a credit application, added to the data they may already hold on you as an existing or returning customer.

What you need to check, is that the data held by the three CRAs is accurate. The score is meaningless, as far as a credit application goes...

Debtdipped

Wow I had no idea I had to check all 3 CRAs! I assumed Noddle would be enough and the other CRAs would reflect the same credit history. Thank you loads!!!!! :j

[Deleted User]

Debtdipped wrote: »

Wow I had no idea I had to check all 3 CRAs! I assumed Noddle would be enough and the other CRAs would reflect the same credit history. Thank you loads!!!!! :j

You might find that not all CRAs hold information on every debt. One of my debts didn't show at all on either Clearscore or Noddle. Can't remember which it was as all the defaulted ones have dropped off my credit files now anyway:j. Good advice to check them all:beer:

Debtdipped

I just used checkmyfile - excellent service! Checked 4 CRA's; all of them stated that I'm on the electoral roll and my 1 CCJ, but my defaulted accounts were inconsistent across the 4 CRA's (TransUnion was the most thorough!!). Learnt a lot today :beer:

[Deleted User]

Debtdipped wrote: »

I just used checkmyfile - excellent service! Checked 4 CRA's; all of them stated that I'm on the electoral roll and my 1 CCJ, but my defaulted accounts were inconsistent across the 4 CRA's (TransUnion was the most thorough!!). Learnt a lot today :beer:

Isn't Checkmyfile a service that you have to pay for? I know it's excellent but I always use the free services like Noddle and Clearscore. When I was deep in debt and obsessively checking my financial situation all the time:o it would have been much more convenient and useful to have seen all the CRAs at once. I suppose in life we get what we pay for;)

fatbelly

Noella wrote: »

Isn't Checkmyfile a service that you have to pay for? I know it's excellent but I always use the free services like Noddle and Clearscore. When I was deep in debt and obsessively checking my financial situation all the time:o it would have been much more convenient and useful to have seen all the CRAs at once. I suppose in life we get what we pay for;)

You can sign up, then cancel.

[Deleted User]

fatbelly wrote: »

You can sign up, then cancel.

Thanks:beer:.

Yes, I appreciate that would be ideal for people as a one-off but I was needing to check my debt situation a LOT before I became debt-free. Not too bothered with it now though, I just check once in a while and Noddle is enough for that.

Rjhsteel

Sent off letters today offering 30% to the debts with credit agreements and 20% to the 3 without...

Realistic?