Young person needs advice on debt

Hondaguy1991

I called them there and they said that when I pay 50% they will send me a letter confirming that the other 50% is wrote off and that the credit file will be marked as partially satisfied, it's the only red mark on my file though everything else is perfect is this going to affect me in my future?

simeyb

I suspect it will unfortunately - difficult without knowing what was marked on your credit file in the first place, but if the original lender marked it as "Default", this will stay on the file for 6 years from the date of the default i.e. some time after your mother stopped paying the lender. When you either do a full or a partial settlement, I think I am right in saying that the default marker will still stay on there, just that you have paid up. This is likely to affect your ability to obtain any sort of credit while its on there, including cards, loans or mortgages. Unfortunately your mum has caused you to have some real issues although at least you won't be able to get credit which believe me and most of the people on this site, is a VERY good thing! I do appreciate though that it makes things like getting a mobile or renting a problem.

Hondaguy1991

I would first of all like to thank everyone who has helped me and given me advice I will just pay the 50% and wait for it to drop off before I apply for anything big, thanks for all your help and I'm only 21 so it will be off at 26/27 but its defo a lesson learned. She took advantage of me at a very young age but I won't be fooled twice believe me

RAS

Make sure you get that letter before you pay.

Hondaguy1991

RAS wrote: »

Make sure you get that letter before you pay.

They said on the phone that they can't give me a letter until I've paid.

ValHaller

Hondaguy1991 wrote: »

They said on the phone that they can't give me a letter until I've paid.

Then they will almost certainly rip you off. I suggest you write your own letter, stating the offer agreed on the phone and asking them to confirm.

RAS

Hondaguy1991 wrote: »

They said on the phone that they can't give me a letter until I've paid.

They certainly can send you a letter confirm the offer of a full and final; that is what hundreds of debt collecting companies do thousands of times a year.

Heck when SHTF and things nearly went under they were sending out letters without discussion offering 5% full and finals!

fatbelly

ValHaller wrote: »

Then they will almost certainly rip you off. I suggest you write your own letter, stating the offer agreed on the phone and asking them to confirm.

...confirm in writing of course.

I've always found the Provident head office to be quite professional so it's disappointing to hear that they're messing about.

Edrupt/greenwood being all part of the Provi group of course.

Hondaguy1991

I will follow the advice given and thanks again to everyone who has answered you have provided me with a real lifeline in helping and advising me what to do so thanks very much I appreciate it.

gettingbackontrack

Hi Hondaguy1991

I just wanted to say that i'm sorry you've had this experience at your age, and due to someone you should be able to trust.

One thing I would say is that it may help you avoid getting into debt (a lot easier to get into than to get out of...)

Re a mortgage in the future, the advice seems to be go to a broker rather than lender direct as they have a better idea of who to approach.

Best of luck in the future in all you do.:)