Full / Final (Settle short)

tommytynan123

An area I have never visited before so any advice is helpful.

I have a loan outstanding with High St bank of about 10K Presently managed by a DCA who have been great throughout. (It was 15K until last week when I won my 5K PPI refund :T )

I will soon have the ability following redundancy to clear this debt (in fact all my debts) but whilst it would be easy to pay all creditors the full amount (this is by far the biggest) I am mindful that a high % of debts are penalties / charges added when we were in real trouble couple of years back.
I wrote to ask for a F & F figure BUT to include a caveat that credit files were marked 'Satisfied' and not 'partially satisfied' The reply was:
1. To settle short they require a financial statement and
2. They will only mark 'satisfied' on the full amount.

I have a couple of Qs if any kind person can help.
a. Is '2' above the norm or is it brinkmanship
and
b. How does 'partially satisfied' sit with any future credit suppliers.

Thanks all.

thechippy

Partially satisfied is not as good as satisfied.

They are being their usual difficult selves for the sake of it. They don't need a statement / soa or anything else either, nor does it need to be the full amount.

Just stick to your guns...
This is my offer and these are my terms - or, get sod all..;)

Tixy

a - 2 is certainly not unusual. Sometimes people manage to get it marked as satisfied but more often they'll only agree to partial.

b - Does the entry have a default registered on your credit file - if so then first thing to consider is that it will only impact on your file for the remainder of that 6year period (so if the default is already say 4years old the partial settlement will only be on for 2 files. In the meantime it probably won't make your file look much worse than the default already is doing ie your file won't look great whatever you do until the default goes, and at least any other potential lenders will know you no longer owe that money so it should be viewed as better than still outstanding, although not as good as fully satisfied.

edit - Oh yes and as chippy says the financial statement is nonsense, should ignore that.

thechippy

Hiya Tix....:beer:

Sorry, was being my usual blunt and abrupt self......:eek:

You are quite right in what you say. However, if you INSIST that they mark it as satisfied, or the deal is off, they will often fold. Most will not fight them too much and just accept their usual cobblers.......;)