Settlement figure with Blair Oliver Scott

izzybusy23

Hi Guys

My DH has negotiated a settlement figure of £3045 with BOS from £4045, which he is going to accept.

However, my question is, they say it will be classed as a partial settlement, not full and final and this will be show on his credit report. He already has a default on there from the AA (orginal creditor) but will this partial settlement hinder his credit further? The AA default is due to fall off his credit report next December and as we are saving up a deposit for a house, really do not want any more adverse credit on his file. Also BOS said once the settlement figure is paid, no further DCA's can buy the remainder and chase him.. how true is that statement?

Many thanks.. just wanted confirmation before he pays it next week.

lxpeanut

Its usualy recorded on credit reports as a short settlement if you've not paid the full amount back. However it is classed as a final settlement and noone can chase you for the debt after that. I'm not sure if it effects your credit rating though.

Broken_hearted

Get it all in writing before paying a penny, BOS and Halifax as they are the same thing are often found to go back on their word.

Tixy

It is quite common for it to be registered as a partial settlement on the credit record.
More important is that you have written confirmation that it is a full & final settlement and neither they nor anyone else will chase you for the remaining amount. This is really important and you need to get it before you pay them anything and (without stating the obvious) once you have this letter keep it in a very safe place - you may need to prove it exists for up to 6years from your F&F payment.