Quick abot setteling accounts?

mummytofour

Hi peeps,
I am on a DMP with the CCCS and am now at the stage of trying to pay creditors off in full... I want to send a letter with a payment but need to confirm is it satisfied in full I want put on my credit file?

Just need to check before I make a boo boo!

Thanks!

Tixy

Hi

Have you seen the national debtline website on F&Fs? gives info and sample letter - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

There is another good template somewhere on the boards which says the money you will use is coming from a third party/relative......


...........which annoyingly I can't seem to find, maybe someone else will be ale to post a link.

mummytofour

Thanks I have a full and final template letter which I have adapted. However I am not making a F and F I am actually paying off the full balance...... One debt at a time... why I am not sure? I want my credit file fixed as soon as humanly possible and through that could be less damaging.

I just wanted to check that the words to use are settled in full or should it said paid? As I will be paying the outstanding balance not making an offer.

Tixy

Oh I see sorry,

Settled in full?
I think the CRAs use the term settled rather than satisfied

GeorgeUK

If you are paying the full amount owe, you should be asking for the credit file to read settled or settled in full. If you have defaults on your credit file, until these drop off, your credit file will not make any marked improvement. Paying in full will improve your rating slightly, but this is very slight as the defaults will be a huge weight pulling your score down. Have you requested that the default be removed as part of the agreement?

mummytofour

Useful info. The two I will pay first have not be defaulted. But I will bear that in mind for the other debts, some have defaults accroding to my file. Many thanks.