Full and Final Settlements

tacklinit

Hi all

I recently made an offer on an account of full and final settlement which was accepted I duly paid within a couple of days. It now turns out that the company will only record on my credit file "partially settled" as per company policy. My question is this, will this stay on my credit file permanantly or after 6 years will it not show, to be honest I dont really care as I never want credit again, howver it worries me that this will always be outstanding. I have a letter stating that they will not be looking for any further payments on the account and that it has been accepted as a final payment, any advice please.

BRIGHTHOPE

I'm afraid I don't have an answer to your question, but I am interested in knowing what a credit card company might accept as a 'full and final settlement'.

Wafoo

When I completed my IVA,checked my credit file (ouch!),some were showing settled,but a couple did show partially settled,when i queried it was told that "yes it is settled,we will not persue you for any outstanding amounts,"
As long as you have the paperwork showing the acceptance of the Full and Final amount you'll be fine.
As for Full and final figures,it all depends on your circumstances,if you earn £1567844567 a year and say will you accept £4.56 as full and final settlement think you will get short shrift,if however you earn £12000 a year,have sod all assets and make a decent offer,think mine was around 30% it has a better chance of working.