Nearly there...but unsure what next

BettyRubble

Hi everyone,

Firstly I know this is going to be long winded so apologies...

After struggling with my debts for about 7 years (feels like forever) I am finally seeing the light at the end of the tunnel and should be debt free in 6 months time :j I started out with over 20k worth including loans, credit cards etc...some of it down to me being down right silly but mostly due a dodgy boyfriend...

I have tried lots of things from ignoring it...BIG MISTAKE!!!! to debt management...ROBBING SO and SO's and now thanks to new super boyfriend going it alone...I now owe 5547.72!

I am paying back just short of 400 a month at the moment....tough but worth it in the long run. I have been offered 60% discount to settle my 2 biggest debts early one is BarclayLoan and the other Barclay Card through Wescott. This means finding about 2300 from somewhere but would obviously save me alot...I am saving and hoping to do this by July....I am really worried though that this will make my credit rating worse as I won't have paid off in full...I know it's already bad but thats not the point and the other thing is how long before my credit rating starts improving?...anyone been in a similar situation can shed some light? Thanks and sorry for droning on.....

Crown

Hi, If you have already defualted on your account it would have already effected your credit file.

Before you accept the offer made to them you can write back and add this line to your letter.

This offer is made on the clear understanding that, if accepted, neither you nor any associate
company, will take any other action to enforce or pursue this debt in any way whatsoever and that we will be
released from any further liability.

We also request that, if accepted, you will make an entry on a credit reference agency file relating to the above
account as “satisfied” in full.

Full letter is from nationabetline.co.uk http://www.nationaldebtline.co.uk/england_wales/temp/7861_46791.pdf

Crown

Just to add any Default or Credit search should automatically drop off your account within 6 years. There is no other way to get it removed any quicker AFAIK and this is why its worth getting the creditor to add a note "Satisfied in full"

I believe that if you havea CCJ the rules are slightly different in that the creditor can get the CCJ put back onto the account if they desire. Im noit 100% sure on this though so hopefully someone else can clarify.

BettyRubble

Thanks, I have checked my credit report at creditexpert and there don't seem to be any CCJ's but need to check the others to be sure. It's just takes so long to get info when you don't have credit/debit card to use on line..

Crown

BettyRubble wrote: »

Thanks, I have checked my credit report at creditexpert and there don't seem to be any CCJ's but need to check the others to be sure. It's just takes so long to get info when you don't have credit/debit card to use on line..

Hi, again

I found experian to be quite quick to be honest. I sent them a cheque as I no longer have any cards myself. as soon as it cleared they sent it. In total it took around 7-10 working days.

Could a relative help you by letting you use there card to check?

Donedoingdebt

If your accounts were defaulted more than 6 years ago then these defaults will now have disappeared from your credit files along with all details of the accounts themselves, even if you're still paying them off. Your creditors cannot reinstate these accounts on your files & therefore cannot add any information about how they've been settled. So, in answer to your question, your credit files will start improving 6 years after you initially defaulted on your accounts. As stated earlier, the statutory £2 paper credit reports take about 7 days to arrive from Experian & Equifax. Also as stated earlier, make sure it's in writing that you have a full & final settlement, otherwise there's nothing to stop them from chasing you for the rest at a later date.