Urgent advice regarding F &F offers

susieanne

I have another post on here about this but i really need somebody to reply pretty urgently to a query i need to know about .

I am just about to pay Lloyds & MBNA a full & final settlement amount .I have received a letter from them both ,they both say pretty much the same which is

We do accept £xxxx as FULL & FINAL settlement ,after your payment has been recived we will close your account and your credit file will be updated as partially settled .


I thought this was ok as they are saying they accept payment as FULL & FINAL SETTLEMENT but is it ok for them to say on my credit file partially settled ?

I really need to know a def answer as i will soon be sending payment .

CCCS_Amanda

susieanne wrote: »

I have another post on here about this but i really need somebody to reply pretty urgently to a query i need to know about .

I am just about to pay Lloyds & MBNA a full & final settlement amount .I have received a letter from them both ,they both say pretty much the same which is

We do accept £xxxx as FULL & FINAL settlement ,after your payment has been recived we will close your account and your credit file will be updated as partially settled .


I thought this was ok as they are saying they accept payment as FULL & FINAL SETTLEMENT but is it ok for them to say on my credit file partially settled ?

I really need to know a def answer as i will soon be sending payment .

Hi susieanne,

We usually advise you to try and get the creditor to mark the file as ‘satisfied in full’.

The key is to get the agreement in writing before you send any money. You may also want to request a statement showing that the balance has been cleared in full and a zero balance outstanding.

I hope this helps.

Regards,
Amanda

susieanne

Thanks very much Amanda i appreciate your reply .What if they wont agree with putting on my credit file satisified in full ? if they wont agree to this would you not pay the money ?

susieanne

Just managed to get in touch with LLOYDS they have said they can only put parially settled on my credit file as my debt hasnt been paid in full but my account will be closed down and they will send out a final statement to me which will say i have a 0 balance & nobody will chase me for the debt .

What should i do is this partially settled bit the norm on my credit file ? should i believe them when they say the account will be closed and nobody will chase me for the remainder of the debt ?

I really dont think knowing LLoyds that they will agree to put fully settled on my credit file ,the lady seemed pretty sure that they dont put fully settled if its not .

Deep_In_Debt

I guess as long as the letter you get states that no-one will chase you for the remainder and that it is a final statement then it may be ok, but keep hold of the letter.

CCCS_Amanda

susieanne wrote: »

Just managed to get in touch with LLOYDS they have said they can only put parially settled on my credit file as my debt hasnt been paid in full but my account will be closed down and they will send out a final statement to me which will say i have a 0 balance & nobody will chase me for the debt .

What should i do is this partially settled bit the norm on my credit file ? should i believe them when they say the account will be closed and nobody will chase me for the remainder of the debt ?

I really dont think knowing LLoyds that they will agree to put fully settled on my credit file ,the lady seemed pretty sure that they dont put fully settled if its not .

I agree with Deep in Debt - make sure you keep that letter!!

Regards,
Amanda

fermi

According to the Information Commissioner who decides what is fair to put on your credit reference files, "partially settled" is allowed.

SolicitorMidlands

It is possible to negotiate your report being marked as fully settled.

fermi

SolicitorMidlands wrote: »

It is possible to negotiate your report being marked as fully settled.

Not completely impossible, but most creditors won't budge. Does no harm to ask though.

The Information Commissioner says:

Where the lender has accepted as part of a negotiated settlement a payment that is less than the outstanding amount and the customer has agreed as part of the settlement how their credit record will be affected:

In these circumstances, we understand a lender may be reluctant to mark the entry as ‘satisfied’ or ‘settled’. However the entry must record the position adequately, for example, by showing that no further monies are expected and the account was partially paid.

susieanne

I have rang Lloyds twice to ask could they put fully satisfied on my credit file but they will not budge on this ,they insist that they can only put partially settled on my credit file .
They have said once the money is payed they will send me a statement with a zero balance and my account will be closed ,and the remainder of the debt will be written off .
I do feel disappointed that i cant change there minds but i think im going to have to accept the partially settled .
Will this debt still go off my credit file in 6 years ?

fermi

susieanne wrote: »

Will this debt still go off my credit file in 6 years ?

Yep. 6 years from either a default or settlement date, whichever occurred first.