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Final Settlement - Lloyds TSB, Advice Please.
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NorthernScot
Posts: 5 Forumite
in Loans
Hi all, Some advice please - I've been inconsistent with repayments to a loan taken out with Lloyds Tsb just over a year ago and had my account in 'Collections' for about 8 months.
Recently i recieved a letter offering a final settlement on the loan, the loan is currently totalled at £1475 and after some negotiation they're willing to accept £900 as final settlement.
I'd like to accept this offer and put an end to it all but was warned by the person i spoke to on the phone that details of the settlement will be held on my credit rating for the next 6 years.
What implications will this have should i choose to accept?
Cheers.
Recently i recieved a letter offering a final settlement on the loan, the loan is currently totalled at £1475 and after some negotiation they're willing to accept £900 as final settlement.
I'd like to accept this offer and put an end to it all but was warned by the person i spoke to on the phone that details of the settlement will be held on my credit rating for the next 6 years.
What implications will this have should i choose to accept?
Cheers.
0
Comments
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I would imagine it will make it more difficult for you to get credit at a decent rate. But I should imagine if you have been inconsistent with your payments over the last few months, this will also affect your credit file anyway.Aug GC £63.23/£200, Total Savings £00
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