Another full & final question

Bellie_2

Hi sorry it is another full and final question, but I was just wondering how they affect your credit file, Will it always be on your credit file that it was only part settled or does it come off eventually? And if so ow long? I have some money back from bank charges and was thinking about making an offer. I defaulted last year and have been paying it back slowly ever since. Just want to know if it will be better for me to pay it off completely or to make a full and final offer?? Any help very much appreciated. X

Phoenix79_2

It'll go on as part settled and will have a detrimental affect on your credit score/record.

emmaanddave

we have had a couple of full and finals. It will be on your credit file as settled. The indepth history of it will show you have not made a full payement for x amount of months. Butyour file WILL show tha the debt has been settled. After a year you can apply for experian to take this previous debt of your file and it will not effect your scoring. It has happened to us so I am speaking from experience.

Bellie_2

Thank you for your replys, can I ask you emmaanddave is there now no mention of it at all on your credit report. Disappeared completely after you applied for it to be taken off?? And also is it easy to apply and get taken off of your report? Sorry for loads of questions this late at night, x

fatbelly

You need the sentence in bold below.

Dear Sir/Madam

Re: Account No/Reference No:

I write with reference to the money which you are claiming on the above account.

I can confirm that I am unable to offer to pay the money which I owe in full (Add details of your circumstances and financial situation). However, I can raise £ (put the amount which you can afford to pay) and I want to offer this as an ex-gratia payment in full and final settlement of the account. This offer is made on the clear understanding that, if accepted, neither you or any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that I will be released from any liability.

I also request that, if accepted, you will mark any entry on a credit reference agency file relating to the above account as "satisfied" in full.

Payment can be made within (put the number of days or weeks within which you will pay) of receiving your written agreement of this offer and method of payment.

I look forward to receiving your reply.

Yours faithfully

Bellie_2

Thank you so much, I am going to send the letter tomorrow and see what they say, Fingers crossed and thanks again for everyones help. x