Full and final settlement

victoria270385

Hi All,

Ive got about £7500 outstanding on my Natwest Over Draft and Loan which Triton are dealing with. When they took over the debt about 9 months back they said if i paid them half they would clear it. I didnt think anything of it as i couldnt afford a lump sum but i now have a part time job (aswell as my full time job) and after my wedding in 2 weeks i can afford £520 a month towards this debt....do you think they are likely to accept a reduced lump sum but paid over say 6 months....i could pay £3,000 over 6 months....my friend did this (not with this company) they pretty much halved her debt and said she can clear it in 6 payments. If not i could just save up for 6 or 7 months and clear it then i suppose. I just need it all clearing asap as my parents are pestering about why we are still in rented accommodation and not looking at buying after the wedding, they dont realise i owe about £12,000 :O(

Thanks for any advice in advance xxx

fatbelly

victoria270385 wrote: »

If not i could just save up for 6 or 7 months and clear it then i suppose. I just need it all clearing asap as my parents are pestering about why we are still in rented accommodation and not looking at buying after the wedding, they dont realise i owe about £12,000 :O(

Full & final settlements are rarely done in other than one instalment, so save up and offer them a lump sum, while making low monthly payments. 50% is a good target, so maybe offer them a bit less to start with.

I have just done a settlement with Triton but couldn't do better than 75% - so wish you well in this.

If you are looking at getting a mortgage (and frankly it sounds like your parents should back off) then it is important to you how your credit file is marked. If you've had a default notice from RBS/Nat West then the default marker stays on your file six years and will have an effect. A F&F deal should result in a 'partially settled' mark but some creditors will agree to a 'settled' mark.

Where's the other £4500 owed?

victoria270385

Hi,

The other 4500 is between Abbey National credit card (i think thats £2,800) argos (around £700) and £200 on a comet card. Abbey said if i paid them £2,600 they would clear it so i just thought id stick to the monthly payments of £55 that i was paying them interest free.

I am reckoning after clearing the debt it will be 18 - 24 months of saving for a deposit before we can get a house so hopefully my credit score will have improved by then. What i do get confused about is whether that 6 years if from the date you are officially in debt or 6 years from the date you completely clear your debt

carp1000

Be very careful when paying triton a settlement figure, i paid a settlement to triton last year. I rang them and asked if i could have a settlement figure and they gave me one so i paid it, then later on i see on my credit file that it is settled but will stay on my credit file for another six years showing the arrears to creditors because they say the settlement figure was a discounted one so that meant i agreed to having the info left on my credit file for another 6 years , i didnt so have made an official complaint to the ombudsman and its being investigated at the moment.