HSBC Offer

jasperconran

Hi guys,

Just need a bit of advice. Been on dmp with CCCS since January this year. OH received a letter from HSBC today regarding his credit card, on which he owes £8051.32.

They are offering him the chance to settle and are stating the settlement offer could be as much as 50%. However, they are stating that his credit file will only show partially satisfied.

Should we try and negotiate with them and see if we can get a better deal? We may be able to pull this off, but would much rather have his credit file showing as fully satisfied.

Any thoughts? thanks

TakingControl

I think it is pretty normal to have a 'partial settlement' marker on your credit file, I have with 2 accounts where I settled. However make sure you have a written confirmation that this is a full and final settlement and that neither your creditor will chase you for the outstanding debt nor will they sell it on or ask a 3rd party to chase it.

If you get this in writing, I would jump on the chance. DMP's have a negative effect on your credit report anyway.

Good luck;)

Gordon_Hose

His file will show the account as partially satisfied, which will be the truth.

TakingControl

Gordon_Hose wrote: »

His file will show the account as partially satisfied, which will be the truth.

I don't think that is the case? Both mine show as 'Satisfied' in the summary and 'partial settlement' as a marker.

Gordon_Hose

What's not the case? You've just said yourself that yours is marked as "Partial Settlement". So anyone looking at your file will see that.

Tixy

OP - in a lot of cases the lender will only agree to mark your file as partially settled. Providing they agree in writing that the payment will be in full & final and nobody will chase you further for the debt that is a good as some banks will offer.

Now you are right that this being on your credit file will show as a bit of a negative. But providing this account already has a default on the account, then the whole account entry will only show for 6years from the date of the default. And all the way through that time the default will be affecting his credit file anyway so its quite likely that it won't actually make his file any worse than it already is.