Credit Card settlement discounts

never-in-doubt

pinksparkle wrote: »

Is it really possible to get the default removed whilst making f&f settlements???...and if so what will the account look like on your credit file, settled and payments satisfied, your credit file shows that last 36 months of payment history???

Pinksparkle

Hiya

Yes sure - you have to send the letter as quoted here: #39 and this tells them that part of the deal is that they remove all data from the CRA except for the entry as being a closed account, paid to date with green 0's - no late payment markers or anything to do with default.

They can refuse but then you keep on at them. It actually works better with DCA's cos to them they just want paying, they couldn't care less about what is on your credit file - they just want paying so a £5k carrot dangling under their noses for a default removal is a no brainer to most! lol

hums60

Has anyone ever tried settlement discounts with a catalogue company
Ie Littlewoods or Empire Stores now sort of the same company
Thanks

never-in-doubt

hums60 wrote: »

Has anyone ever tried settlement discounts with a catalogue company
Ie Littlewoods or Empire Stores now sort of the same company
Thanks

Yep - just treat them the same and write in asking. If you're in arrears then wait til they sell it to a DCA as you'll get best deals then!

benboy

Hi all.

i made a F+FS offer to Barclaycard and they wrote back saying it is not their policy to accept less than the full outstanding balance!!! ???

I have heard of people having offers accepted by Barclaycard. I don't want to take any risks by defaulting as I have a Barclays Current Account and I have heard of the offset rule!

never-in-doubt

benboy wrote: »

Hi all.

i made a F+FS offer to Barclaycard and they wrote back saying it is not their policy to accept less than the full outstanding balance!!! ???

I have heard of people having offers accepted by Barclaycard. I don't want to take any risks by defaulting as I have a Barclays Current Account and I have heard of the offset rule!

So you have 2 choices;

1. Pay the amount owing
2. don't and move your current account to a new bank therefore offsetting is, erm offset lol :cool:

izools

benboy wrote: »

Hi all.

i made a F+FS offer to Barclaycard and they wrote back saying it is not their policy to accept less than the full outstanding balance!!! ???

I have heard of people having offers accepted by Barclaycard. I don't want to take any risks by defaulting as I have a Barclays Current Account and I have heard of the offset rule!

Why would barclaycard accept less than the full balance if the account hasn't fallen into default?

Maybe if you let it default and ignore it for several months - demonstrating to them that the F&FS is their best way forward, they'd consider it

benboy

izools wrote: »

Why would barclaycard accept less than the full balance if the account hasn't fallen into default?

Maybe if you let it default and ignore it for several months - demonstrating to them that the F&FS is their best way forward, they'd consider it

Hi, well I never got an official default notice, but I have defaulted. I am on a payment plan with them (at the time it was Skycard) I have managed to get them to freeze interest and they have £11.88 a month from me for a debt of around £2.5k. It's going to take quite a few years to pay all that off so I thought they would take me up on my offer.

Let it default? Then they would take the amount owing from my Barclays current acc. as previously suggested

never-in-doubt

izools wrote: »

Why would barclaycard accept less than the full balance if the account hasn't fallen into default?

Maybe if you let it default and ignore it for several months - demonstrating to them that the F&FS is their best way forward, they'd consider it

Oh then they will (or Mercers will at least when they sell it) but then the credit file will be trashed (as you know).....

never-in-doubt

benboy wrote: »

Hi, well I never got an official default notice, but I have defaulted. I am on a payment plan with them (at the time it was Skycard) I have managed to get them to freeze interest and they have £11.88 a month from me for a debt of around £2.5k. It's going to take quite a few years to pay all that off so I thought they would take me up on my offer.

Have they actually defaulted you (i.e. with the CRA's)? There is a difference....

izools

benboy wrote: »

Hi, well I never got an official default notice, but I have defaulted. I am on a payment plan with them (at the time it was Skycard) I have managed to get them to freeze interest and they have £11.88 a month from me for a debt of around £2.5k. It's going to take quite a few years to pay all that off so I thought they would take me up on my offer.

Let it default? Then they would take the amount owing from my Barclays current acc. as previously suggested

Breaking the terms and conditions of a credit account doesn't always cause it to default. It is only when you've proven that you couldn't care less about the T&C of an account that they actually record the account in default.

Yours from the sounds of it, isn't. It's in an Arrangement to Pay.

Although even if it's not defaulted and is in an AP, they can still help themselves to your Barclays Bank account balance if they please