DMP Final Settlement advice

dhrose

Hi guys, I created a thread regarding full and final settlement offers and would really help a little more advice.

In regards to my credit report which I have just recently studied, I have defaults on all 6 of my debts, some of which i did not receive but it seems as though this could be a blessing.

So i defaulted 4 years ago in october which means that these will be removed from my account in just over 2 years, therefore if my creditors accept my settlement offer does this mean that the debts will still be removed in 2 years or will the settled status on the credit file mean that the 6 years will be from this new date of the debt being settled.

Sorry for the long winded question im just really confused as it seems because I have no intention of getting credit for at least 2 years that It makes no differrence in whether the creditors state partial setlement or full settlement in regards to my credit report as long as they acknowledge the debt is satisifed and they or no other organisation chase me for the debt.

Is my logic correct??

Thankyou :money:

bottleofred

Even if the debt collection agencies accept the full and final settlements and mark your credit file as partially settled for each debt, this information drops off your file at the same time the defaults do. Make all offers in writing though, look for the words "as a full and final settlement" in the letters from the dcas and keep these letters in case another debt collection agency trys to come after you for the outstanding balance.

Good luck

Red

dhrose

Thanks red so to clarify if the dca confirms in writing that they or no other company is going to pursue the remaining debt (the difference of the settlement amount) It is safe to assume that in 2 years when my default clears that these debts will be clear from my credit file also and I am no longer liable for futher payments etc.