Please Help Is This True

xmaslolly76

I made an enquiry with logic group about a full and final settlement apparently they said 10% off balance but i would be better to pay in full as apparently the amount i dont pay stays on my credit record forever even though they do not chase me for it and i will not be able to get further credit. Is this true ??? sounds a bit sus to me.

if its not i may ahve a way of shuffleing all my bad debts.

mountainofdebt

I think it only lasts 6 years - and you may find getting credit difficult as lets face it if there is history of you only part paying your debts back who would want to take the risk of you getting into the same situation with them?

sproggi

This page might help if you read the 'Making a full and final settlement offer' section (note the first and last points):

http://www.uk-debt-help.com/full-and-final-settlements.htm

As far as I am aware, as long as the debt is marked as being 'satisfied', you should not have too much of a problem in the future.

Sproggi

us,thecat&thedebt

some experienced mse may be able to clarify
but to my knowledge if they accept your full and final it is exactly that...
the debts is satisfied and displayed not differently to if you pay the whole balance...

hth

Percy_Vere

Please don't confuse a 'full & final settlement' with a 'partial or short settlement'. Often lenders will refer to them both as F&F as well just to add to the confusion.

There is no hard and fast rule, some lenders accept F&F some only Partial/short and mark your file as Partially/short Settled as well which not only means that it stays there for 6 years but shows you still have a balance outstanding that they are not chasing you for, that's the only benefit of that option.

So xmaslolly - it's not sus at all and seems reasonable advice.