Debt Advice after reformation

mediadon

Hello there,

This is my first post to this forum; any advice would be greatly appreciated.

I am currently paying back a credit card debt from the Halifax to a company called Blair, Oliver & Scott, which I am assuming is classed as a default. I have been paying £55 a month for over two years and my debt currently stands at just under £8000.

This is the only debt I have outstanding after the discovery of fiscal responsibility in my late 20s! I had racked up 30K worth of debts, but have cleared them all apart from the aforementioned.

I am now in a position where I have a lump sum of money coming in from my employment which could enable me to pay off this sum in full, but, what options do I have?

Can I negotiate and make them an offer for part payment to clear the debt? Can I in anyway get the debt/default removed from my credit report once paid?


Is there any point of me paying it back as I am not accruing any interest? I am asking this question as I kinda feel like a credit write off, I don't feel I will ever be able to access a mortgage or loan because of my poor past money management. So, I may as well keep this interest free debt and chuck my money into an ISA etc.


What would you do? Thank you in advance

RAS

Hi

Blair Oliver Scott os the in-house debt collectors for Bank of Scotland (BOS); just a wee conceit.

Chances of getting a cheap full and final are probably low.

The debt should fall off your credit record 6 years after the default.

PNPSUKNET

you can make an offer of settlement, it will be flagged as partial settlent normaly. I wouldnt bet on the default removal as correctly applied.

podperson

You can offer a partial settlement but they are unlikely to accept a low offer since you have been paying regularly for a while. Also tends to be a mammoth task to get defaults removed from the records.
Did you incur any charges on the card? If so could look into claiming these back which would reduce the balance. Also do you know if they have an enforceable credit agreement. Worth sending a request for this (there are template letters on the site and will need a £1 payment). If they don't have one then puts you in a better position to get a lower full and final.

mediadon

Thank You for your replies, will try and move forward with this!