Partial Settlement v Full and Final

bigt777

Have recieved an offer in writing stating my settlement figure would be accepted as a partial settlement and my credit file will be marked as "Partial Settlement" once settled, Really wanted file marked as "Satisfied in full" as have been advised that a "Partial Settlement" would affect me taking out a business loan which i intend to do so in next couple of years, what's chances of getting them to mark file as "satisfied in full" and will it make that much difference??

angelcakes_smw

just wanted to bump this up to the first page for you good luck!

catmiaow

Will definitely make a difference because partially satisfied means you still have not paid all the debt, which will affect your credit rating and how you are seen by companies(ie whether you are reliable at paying your debts and whether they believe you would pay them back). You need to write to them and request they mark it satisfied and make sure you have it in writing from them that this will be done before you proceed.

Xbigman

Partially settled does not stop them selling on the rest of the debt to less scrupulous debt collectors. It is in fact of no real benefit to you at all.
Regards



X

JasX

yup, partial settlement has no real status whatsoever, you'll still owe the rest of the money, they can chase you for it, sell it on, take you to court etc exactly as they can now.

Its basically a way of saying "yes send us some money, we're not giving you a full and final settlement or anything else", (we'll start calling you for the other part, just like before starting next week )