Previous Partial Settlements, do I settle in full now?

Jameso505

Hello all, first post here so I do hope it's in the correct place.

I have a question I'm hoping someone may be able to help me with. I have two defaults on my credit file, both were partially settled a few years ago and are marked as such on the file.

These two defaults will drop off my file in two and three years I believe (that's what the "reported until" date says) but I would like to have them marked as fully settled before that as I believe it would be better for my score than being partially settled.

Both debts were stupidly small to tar myself with a default over, but at the time I did the bury your head in the sand trick and am certainly paying for it now! I'm now in a fairly good financial position with significant savings from my tour in Afghan and would like to pay the rest of these two debts off and have my credit file marked as such.

However I'm concerned after reading various things on here that If I pay the rest off now the six year clock on the defaults will start again as the accounts will be re-opened as such when marked as fully settled, Is this the case? I'm also aware there is a very slim chance the companies may accept the remaining money on the condition the defaults are removed as they would have already written the money off when I accepted their partial offer?? The companies in question are the DCA Mackenzie Hall and the scandalous Welcome finance (What was I thinking :mad:).

Any advice would be greatly appreciated.

Many thanks

downnotout

They will still fall off your account at the 6 year mark, you are getting your wires crossed, the six year clock is for statute barred. Meaning that if you had not settled the accounts then they would be able to chase you for payment again.

Jameso505

I see that clears things up! Thank you.

Going to get some letters sent when I get home.

Jameso505

On that note can anybody point me in the direction of some template letters and do I stand to benefit much by going ahead?

Many thanks

DVardysShadow

Jameso505 wrote: »

.... These two defaults will drop off my file in two and three years I believe (that's what the "reported until" date says) but I would like to have them marked as fully settled before that as I believe it would be better for my score than being partially settled.

Both debts were stupidly small to tar myself with a default over, but at the time I did the bury your head in the sand trick and am certainly paying for it now! I'm now in a fairly good financial position with significant savings from my tour in Afghan and would like to pay the rest of these two debts off and have my credit file marked as such.

I would say that there is no point in bothering about your 'credit score' - this is pure vanity. But if you are going to need credit - eg a mortgage, you might want to do something about it.

I would suggest only offering on the basis that the defaults come right off as I think that the benefit of a full settlement on your record dating from now is trivial over a partial settlement from several years ago,

Jameso505

Thanks for your advice, I have a reasonable deposit for a mortgage and was planning to get one before I remembered these nasty gremlins on my file!

DVardysShadow

I suggest you post on the Mortgage and Endowments forum http://forums.moneysavingexpert.com/...splay.php?f=15.

Give dates of default and amounts, partial settlement dates and amounts and someone will give a useful view.

chanz4

If the defaults are removed they will go to the accounts last status, eg 6

nottoolate

DVardysShadow wrote: »

I would suggest only offering on the basis that the defaults come right off as I think that the benefit of a full settlement on your record dating from now is trivial over a partial settlement from several years ago,

posted the other day/// http://forums.moneysavingexpert.com/showpost.php?p=53517991&postcount=1

nottoolate

chanz4 wrote: »

If the defaults are removed they will go to the accounts last status, eg 6

the creditor can remove the default and history.

Jameso505

Thanks for all the replies!

Looks like I'm going to offer them the rest of their money only if they agree to remove all negative date from my file, a long shot but if you don't ask you don't get.