Advice on Settling a Default

Ideas1234

Hi All

I defaulted on a student account about 2 and a half years ago. Started looking into settling it as would like to get a mortgage in the future.

The account is currently with Robinson Way, and the default is for about £1900 (that is including a lot of silly bank charges from Lloyds.) I have made an offer for full and final settlement of £800 which they accepted in writing but they didnt state it would be full and final or that it was a settlement. The wording was very sketchy. I havnt paid as obviously slightly wary.. they have said that it will only ever show as partially settled, where as I have been told otherwise and don't know what to think? Obviously don't want another company to come and chase me for anymore. I want it to show a settled on my File so that I can focus on building my report up.

Appreciate any advice!

Thanks

DarkConvict

The default will affect you until it falls off anyway, so you have 3.5 years to go before it comes off.

I would not pay them until you get a concrete letter in agreement of the terms you want, the important part is that neither they, the original creditor or assigned 3rd party will chase for the remainder of the debt as it is considered settled, and that your credit file will be updated to match that status.

Settled is better than partially, but the important bit is that not one will chase the remainder.