MissDebtFreeWannabe wrote: »
My partner has just received a F&F Settlement offer on one of his defaulted debts for 40%, he also received one a few weeks back on another debt, but he was unable to pay it. He is due to receive some monies soon, and I have one question - in around six months, we want to apply for a joint mortgage together (I have a very good credit rating) and he will be debt free by then - in terms of a mortgage application, should we make sure that ALL the debts are paid in full, or if we accept F&F Settlements on some of them (and therefore they are marked as 'partially settled') how much of an impact will this have on our mortgage application? FYI the defaults all occurred end of 2017/ beg 2018 and therefore a long way until the 6 year time limit to coming off the credit report.
The fact he has defaults is going to be bad enough, but being settled or partially settled - how much of a difference is this?? Any monies we save would be going towards a our deposit!
fullofcold wrote: »
This is a random question - assuming the property purchase goes through and we have the monies to repay husbands DMP are we able to try for reduced full and final? Only reason I ask is because I'm concerned it'll affect his credit and because his debt defaulted over 6 years ago it has dropped off his credit files.
fatbelly wrote: »
If the entry has dropped off because it's over 6 years since the default, it's not coming back and that is not a factor you need think about.
Yes, any defaulted debt will potentially be able to be settled at less than 100% - it's just a matter of negotiation.
barbiedoll wrote: »
Hi all. Am back again for some advice, after many years on our debt-free journey, we can finally see some light at the end of the tunnel.
Our last debt is an old NR loan. Outstanding balance is around £7.5k, we’re currently paying around £200/month via Stepchange.
The debt is in my husband’s name, but I recently had an inheritance come through and we’d like to get rid of this as cheaply as possible. The debt is over 6 years old and is now with Cabot. How should we go about offering a F&F, and what sort of amount should we be offering? We can give them up to £2000, do you think we have any chance of getting away with this sum?
Just to add, my husband’s credit file is trashed (thanks to Marbles/Robinson Way defaulting him on a very old debt that wasn’t defaulted 9 years ago :mad::mad:. ) It’s not an issue, my credit rating is ok, and we don’t anticipate having to use credit again in the foreseeable future, but I am able to get phone contracts etc, so we don’t think it’s a problem at the moment at least.
Any suggestions would be very welcome!
fullofcold wrote: »
I'm a bit confused - I realise my husband has to request a CCA for his debts before we start the f&f stage. Do we request this from the original lender, or from the company the debt has been sold to?
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