Settling debt and credit files

Don80

I might be in a position later this year to offer to settle my debt, creditors have said in the past they would agree to settle for a less than I owe. But I have read that this would be updated on my file showing that I didn't pay it off. Another site said you can do this, but strongly recommended that you don't without written confirmation that they show it your credit file as "full and final settlement". Has anyone encountered this? What should I do?

Ant.Evs

Have you already defaulted on these debts?

happy_bunny_2

Have a read of this:
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

Don80

Hi guys, thanks for the link - it was really useful. Yes I defaulted - on Bank of Scotland advice years ago. I was out of work and had other issues so couldn't pay. They agreed to accept a lower payment but I had to default.

For a long time I was paying minimal amounts, and they agreed to take £1 a month while I was at university (when things got better). I've been working for the last few years and paying £100 a month to 4 creditors (all Bank of Scotland).

But I'm tired of this, and might be able to get money from family later this year. Hence the question!