Full and final settlement

bluebutterfly1_3

I have had defaults since 2009 on £30 000 of debt and am now offering a full and final settlement on all of them.

The sticking point is that I wanted a zero balance on all my credit files and marked as fully satisfied, but they are refusing to do this saying the balances will remain on my file and partially satisfied added. Does anyone have recent experience of this? Many thanks.

matttye

They're not going to mark it fully satisfied when it's only partially satisfied. I could be wrong but I don't think trying to bargain in this way will get you anywhere.

bluebutterfly1_3

Thanks I think you may be right there. National Debtline say on their website that the balance should say zero but is this still true? If I still have a balance then presumably they could could try and pursue me later and new creditors could think I owe money?

jessie4109

Whatever you do don't pay them anything (extra) until you have written confirmation that they will not sell on the remaining debt to another DCA.

bluebutterfly1_3

Yes, good point! That would be bad news! I noticed one company did not seem to put anything in writing.

AndyJR81

I've just part settled on 2 and fully settled on 4 of mine. I was told that the credit file would be marked as partially settled, but the balance would be zeroed. If I wanted to pay them the rest of the money at some point in the future I could (presumably the file would then be changed to fully settled) but I would not be chased for the debt. That was with BLS obo Lloyds Credit Cards and Metropolitan obo HSBC Personal Lending.

Settlements have not been updated on experian etc yet so I can't say how they have been recorded but will let you know if that changes! Good luck

jessie4109

When i've checked on my noodle report the creditors ive settled with (partially or fully) all show a balance of £0.

I'm not going to pay for the Experian or Equifax report until about September 2017 just to check that ALL defaults have dropped off credit report. I have in the past had the free trails to resolve a complaint regarding a loan I had and used this to get copy of credit report data to use in the complaint so i'm just sticking to the noodle one for now.

Experian_company_representative

Don't forget you can pull credit reports from all three CRAs for just £2 a pop. ICO guidance says lenders should make it clear that in cases like this no monies remain outstanding, but this can be interpreted different ways. We have a 'partial settlement' flag lenders can use to do this, but I think it's common practice for lenders to put the balance at zero as well.

James Jones

bluebutterfly1_3

Thanks so much for this advice - I am still having problems getting anyone to put zero balance!

Just want to get this over and done with.

AndyJR81

You can just keep doing the free trials - you can with equifax anyway. Do it for your 30 days, cancel and then sign up again at a later date. I've never paid a penny lol