Full and Final Offer rejected HELP PLEASE

LPD

Also forgot to mention the Default is listed under my previous address does that ever drop off the credit file ? do lenders use previous addresses when making a decision ?

moohound

I would think mortgage lenders would look at previous addresses, yes.

As the default gets older it will have less impact on consumer credit applications, as lenders look at other things as well, like income, affordability and recent good behaviour.

But I think it will need to be gone before a mainstream mortgage lender will look at you.

Like me, you are stuck with it until it drops off though.

PS. When I made my full and final to Blair Oliver Scott they wanted exactly 75% and not a penny less.

The_Boss

The whole point of data such as defaults being reported on credit files is to warn other lenders that the applicsnt is a big financial risk. Ask yourself why should they remove a default for settling less than what you owe anyway when you could then go out, apply for more financial products and default on those too?

Moneymash

I consider £4500 a lot when the outstanding balance is £7100. Obviously they will say no if they know you are being made redundant and there is redundancy money to have. £4500 is a lot to lose in one hit, what if it takes you ages to find a similar job, you can only get part-time hours, or have to take a lower paid job, then what?

If you do pay off this debt, and it takes a while to find a job and you suffer financially, you may not be eligible for some benefits as they will say you paid off a non-priority debt first and are to blame for your situation ( this happened to a work colleague of mine).

The default is no longer subject to interest so if anything I would negotiate lower monthly payments until a new job is secured.

Your main concern should be you and your family's priority bills and expenses and making the redundancy money go as far as possible. Not lining the coffers of a DCA that paid no where near the £4500 you are offering let alone all the monthly payments you have made to date.

Also, the default will not be removed, it's a true reflection.

I urge you to rethink.

DS4215

LPD wrote: »

They havnt said that the removal of the adverse information is a problem just that they only exept full and final payments in extreme circumstances

I will go back with £5,500 and see whats said if its still declined then i may as well just keep payin the £160 a month

LPD

You might be going about this wrong. Write to them and tell them that due to impending redundancy and significant fall in income, your payments will go down to a token £5 per month from next month.

Once you are paying £5 per month, go back to them and offer 25% of the outstanding as a F&F settlement stating it has been lent by a 3rd party.

Although they currently think you are sitting on £4,500 and want their cut.

Stewart_78

I agree, cut your monthly payment if you are losing your job. As it gets closer to the default falling off, you are the one in the stronger position.

Trajal

DS4215 wrote: »

You might be going about this wrong. Write to them and tell them that due to impending redundancy and significant fall in income, your payments will go down to a token £5 per month from next month.

Once you are paying £5 per month, go back to them and offer 25% of the outstanding as a F&F settlement stating it has been lent by a 3rd party.

Although they currently think you are sitting on £4,500 and want their cut.

This is pretty much correct except that they probably think you are sitting on more than that and believe they can bully you up.

Give them a few months on token payments and they may change their tune. You're defaulted anyway and for that amount you really don't have a chance to get it removed in my experience.

fermi

When did you first take out the card?

LPD

I agree a lower payment is best once not earning

I got the card approx 2006

moohound

fermi wrote: »

When did you first take out the card?

Are you thinking of a CCA request Fermi?