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Partial Settlement vs paying in full

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tom129
tom129 Posts: 28 Forumite
in Debt-free wannabe
I have an outstanding balance of £450 with LLoyds TSB and they have sent me a letter saying I can pay £350 as a full and final settlement and that they will mark my credit file as " partial settlement". I'm tempted to accept there offer but is it worth just paying the full amount of £450.

How much will a partial payment affect my report over a full payment

thanks

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    It will certainly affect it - for as long as it remains on your credit file - is this an account you already have a default showing on your credit file for? If so then the partial settlement is unlikely to make your file any worse than the default is already doing.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
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