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Help! Full and final settlement

scumzisp
scumzisp Posts: 19 Forumite
in Debt-free wannabe
Hi,
I would like make full and final settlement of around £250 which I defaulted on credit card.
How will it show up in my credit file ?? Does it look better that default with unsettled debt?? How long do I need to wait before I can apply for new credit ?? Do lenders consider it as small default ??

Comments

  • InDeepDebt
    InDeepDebt Posts: 240 Forumite
    How much is the balance on the card?

    When you say defaulted, do you mean you have a default against the card?
  • scumzisp
    scumzisp Posts: 19 Forumite
    edited 14 August 2011 at 12:24PM
    InDeepDebt wrote: »
    How much is the balance on the card?

    When you say defaulted, do you mean you have a default against the card?

    I had credit limit of £250.
    when contacted Debt recovery agency they said its the debt I owe to credit card company. They also informed me that default will be marked as full and final settlement and satisfied.
  • chanz4
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    settled always looks better, shows you made a mistake but rectified it
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
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