true affect of partial payments

COUNTRY_GENT_2

Hi

does anyone know the true affect of partial payments on credit rating ?

I owe around 10k on five cards and now after selling my house (due to divorce) i am in a position to 'pay off' cards. However I do still need a new home, and a new mortgage etc. Also NRAM who i owe 2.5k charged me 5.5k to get out of mortgage on top of everything else so that really boils my you know what !!

I have offered 7k to the various companies (Mint, Tesco, NRAM, Moorgate, Blair Oliver Scott) and some have accepted but only 'partial settlement.'

Some want me to phone them but I have replied saying I only want to correspond in writing as causes stress.

Any thoughts are welcomed.

Tixy

Assuming that all the accounts so with a default on your credit file, then most people would say that whilstever the defaults are still showing then there is very little chance of mainstream credit anyway - and so having partial settlements showing won't really make things much worse from the period between now and when the defaults and accounts drop off your credit file (6years from the dates of the defaults on file).

As with anything on your credit file - different potential lenders care more or less about particular items, most people seem to think a partially satisfied default is likely to be considered slightly preferable to someone with an unsatisfied default.

In terms of a new mortgage you mention - have you researched if this is a realistic possibility assuming you have several defaults showing on your credit file?

COUNTRY_GENT_2

Thanks Tixy

No havent looked at getting mortgage yet. Being living with mother since sold last house. Only now really need my own place. There is i believe mortgages for bad credit histories though as yet not looked into it and should have a decent deposit so only need to get 70% mortgage ?

Trying to move forward with life thats all. In the middle of this was made redundant though luckily moved to a new position within a week.

Wheres_My_Cashback

COUNTRY_GENT wrote: »

Any thoughts are welcomed.

Pay what you owe in full, nothing stressful about that.