Quick final payment question

angelpye

Hi all, i hope its ok to pop in and ask a quick one!

I have an account that was passed to a debt collection agency after (long story as to why - she sighes)... Anyway I keep forgetting to pay on the agreed day and as I do now have the money pay this off ( I have been saving everything I can living old style) I am going to do just that. :T

My question is do I take the discounted final payment ( probably saving £40) or do I pay it all? My understanding is that this will show differently on my credit report but I believe they registered a default in June anyway so will it make much difference? I have just been okay'd for a mortgage but this will be renewed in 5 years.

Any thoughts welcome

bottleofred

Hi Angelpye,

Partial settlements show up as such on your credit file, but if they've already got a default against you I'm not sure I'd worry too much about this, although you could get a copy of your credit file before making a decision. However, if you decide to settle, don't do anything until you have the figure in writing from the company stating the amount you pay is as a full and final settlement.

Good luck with whatever you decide