Credit Rating on settled debt

horsegirl72

Hi really looking for some sound advice here.... I have been paying an MBNA loan to Moorgate for ages now and I have £2000 to offer as settlement of a £4000 debt... not even sure if they will accept it - but what worries me is that im told that my credit file will state default even if they agree to the settlement figure. Is this right? What should I do??
Thank you - any help is welcome x

Thrugelmir

If you have any plans to obtain a mortgage. Then repaying in full as quickly as possible is my recommendation.

If not. Then yes. You will have saved yourself money.

You can't have your cake and eat it. The F&F will impact your credit file. Be under no illusions.

rizla_king

How old is the default? What date is it?

horsegirl72

Thanks for your honesty.

It is about 6years old. Just don't feel like im getting anywhere!

rizla_king

horsegirl72 wrote: »

Thanks for your honesty.

It is about 6years old. Just don't feel like im getting anywhere!

6 years after the default date it won't show on your report, whether it is fully or partially settled or not. If it's going to come off anyway soon whatever you do, you may as well do the best deal for you.