Have I just been told right?

BarneyB_4

Hi All,

I'm new to the forum and just had a quick question.

I had an outstanding debt of £100 with Littlewoods. I received a letter this morning stating if I paid in full a discount would be offered. So I called them and they offered a £25 discount. I accepted and then the man went on to say I would be better paying the full £100 as Littlewoods would enter it as 'satisfied' and not 'satisfactory' on my credit record.

Does anyone know if this is correct? I always assumed that 'satisfied' meant the debt had been settled.

Thanks in advance for your replies.

Storm

Um, I think that what you need to get them to say is that they accept the £75 in full and final settlement of the account - then it has to be marked satisfied on your credit report.

Not completely sure on this though, hopefully a more knowledgable person will be along soon

lynzpower

I think you are right Storm yes.

If they are offering you a full & final then surely thats what it is, and its settled.

BarneyB_4

Thanks for your replies.

He did say the £75 was final settlement but then went on to say about it not being satisfactory only satisfied - which confused me.

I got the impression he was trying to make me pay in full so why offer me a discount in the first place!

bobbadog

I had a full and final settlement figure on my Capital One card, I paid it and forgot about it...

Two years later, it's down as part settled still - as I paid only £340 of the £420 owing. I'm not entirely convinced that yours will go down as Satisfied, to be honest

elantan

i think either way it's paid doesnt matter what they want to call it(but youve saved £25) and if your trying to get out of debt then you dont really plan on taking any more out do you?....also if it's only the first thing ever to go on your report i wouldnt worry about it ...but that's just my opinion

oakdale_minx

Three years ago, I paid half of my Capital One debt as full and final settlement (or so I thought). Found it wasn't marked as satisfied on my credit report last year and gave them a ring. They said the full and final payment meant that they had written off the rest and wouldn't pursue it, but unless I paid it all, my credit report wouldn't be marked as satisfied. Ihad the money to do it, so I did and my report now says satisfied.

HTH in some way.

rog2

Perhaps you agreed too quickly to the £75 and the guy felt he could 'push' for more. The important words are 'Full and Final'. If you are paying by cheque, then put in a covering letter stating that payment is offered in 'Full and Final Settlement' as agreed by telephone and that the encashment of your cheque will constitute acceptance, by Littlewoods, of this.
If your Credit Reference i not marked as satisfied, then write to Littlewoods to complain, asking them to have the record amended.

lou_lou_skinty_poos

just jumping on your thread say you settled your debts for a reduced sum and it was marked part settled will it still drop off after six years?

thesaint

lou lou,
Yes, it will drop off after 6 years.

lou_lou_skinty_poos

thanks for that