What would you do??? (re full and final settlement)

Bolty

Hi all, I have been given the option of making a full and final settlement on a Halifax credit card debt and I was hoping to get a few opinions before deciding what to do.

In February 2007 I was made redundant and fell behind with a number of credit cards. In February 2008 the Halifax issued a default notice and this appears on my credit file. I have had an arrangment to pay ever since and have been dealing with Blair Oliver Scott. They tell me they have not puchased the debt but are simply collecting on behalf of the Halifax.

Recently they offered me a full and final settlement on my account but I am confused as what to do. I have been told my file would would be updated to show as "partially satisfied" which isn't ideal but my gut feelings are that it doesn't make allot of difference as the account is already shown as defaulted.

Does anyone know if it would make much of an impact if I managed to pay in full rather than accept the lower offer taking into account it is already shown on my credit file as a default?

If my understanding is correct, the Halifax entry would drop off my file after 6 years of the default date even if I had not repaid in full at that point. If this is correct I guess the "partially satisfied" marker would also drop off at the same time.

I have read some comments which seem to suggest some companies only look at the last 3 years of history. Can anyone confirm is this is common? Whilst I am not looking for further credit right now I will be looking to remortgage in a year of so which would be 3 years after the default.

Thank you in advance for your views.