Lump in my pocket...

linuxsapien

Sorry, but I cant remember the name of that thing you can offer credit card to pay them a certain lower amount, but they still close the account if accepted

Months ago HBOS asked me if I could pay a lump sum, but not the full amount. And if I could, they would close the account with no remaining balance, but I couldnt afford any lump sum.

Can someone please point me in the right direction as I may be in the position to pay off this account - if I wasnt dreaming that is. :think:

Rafter

Suggest you go talk to citizens advice before making any offer.

Also understand that the 'settlement' with HBOS will appear on your credit file for 6 years and make it harder to get credit elsewhere.

Some useful online guides from charities such as CCCS and payplan. Please don't be tempted to go to a debt management company though.

You may get some better ideas and advice on the debt free wannabe board too.

Good luck

R.

linuxsapien

Funny how they dont tell you it affects the credit for 6 years..

Thanks for your posting, I just needed the name of the "settlement", I keep on thinking its "last and final" but im not sure.. Just so I can get some complaints sents off :rolleyes:

metherer

Hi

At the company I work for we call it a full and final settlement.
Hope it helps,

Metherer

---lee---

nutellajunkie wrote:

Funny how they dont tell you it affects the credit for 6 years..

Well, they have to record it in your credit file. If not, there would be nothing to stop you obtaining further credit and defaulting on it (not that I'm suggesting that you would) but there has to be some central recording of this information so that banks can be seen to lend responsibly.

As suggested, if you think there’s any possibility that you could settle the debt in full, that would be the route to go to help your credit file otherwise you will find it difficult to get credit for another six years.

linuxsapien

metherer wrote:

Hi

At the company I work for we call it a full and final settlement.
Hope it helps,

Metherer

:T Thats the one

linuxsapien

---lee--- wrote:

As suggested, if you think there’s any possibility that you could settle the debt in full, that would be the route to go to help your credit file otherwise you will find it difficult to get credit for another six years.

I guess settling it in full will have to happen.. !!!!!!s..

Thanks all.. Thread can be closed now.