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What happens if..........
NG7
Posts: 32 Forumite
... i pay the full balance off with a debt collection agency? what happens to my credit file? I'm sure i've got defaults but will my rating improve quicker if the balance was paid off in full rather then a full and final settlement?
I'm being lent the money to clear my smaller debts so i can stop getting interest on it, the full and final settlements are about a £1000 less. The person who is lending me the money says i can have as much as i need, but i feel guilty about using there money. We've worked out that if i use the full amount all the money will be paid back in about 7 months, if i go with f&f settlements it would be just under 6 months. Then i can pay more to the 2 bigger debts i have. I can be debt free in about 2 years, if i pay the full amount.
I no things are being sorted but i wish it could be done straight away to stop me worrying
I'm being lent the money to clear my smaller debts so i can stop getting interest on it, the full and final settlements are about a £1000 less. The person who is lending me the money says i can have as much as i need, but i feel guilty about using there money. We've worked out that if i use the full amount all the money will be paid back in about 7 months, if i go with f&f settlements it would be just under 6 months. Then i can pay more to the 2 bigger debts i have. I can be debt free in about 2 years, if i pay the full amount.
I no things are being sorted but i wish it could be done straight away to stop me worrying
0
Comments
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Blast, my post was lost.
Short version.
Write to them with national debtline template, but add in you wanted your file marked as satisified and the default removed. Creditors may or may not agree but should counter your offer. So long as the settlement terms atleast include the debt is settled in full and the remainder will not be chased by them, the OC or a 3rd party, you are ok with a partial settlement.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0
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