Negotiate with Creditors before paying off debt

muselnor

Hi I am new to this forum and need advise asap.
basically I owe a company Lowell Group £1080 I have owed them this much since 2008 and they have passed the debt over to a company called Advantis, Now last month I called Advantis and agreed to pay the full amount in 2 payments. I paid £540 last month and the other £540 is due to come out in 2 days. What I was wondering is if I stop the payment due to come out on Friday will I be able to contact Lowell and basically say to them that I will not pay the remain fee unless you agree to remove the default on my credit rating. How likely is it that they will accept this? Because the only reason I am paying this off is so my credit rating improves so what is the best way round this I am desperate for advice!

Thanks in Advance!

mjm3346

When were they defaulted? You must be close to the 6 years for the defaults to drop off anyway if Lowell have had them since 2008.

muselnor

mjm3346 wrote: »

When were they defaulted? You must be close to the 6 years for the defaults to drop off anyway if Lowell have had them since 2008.

Hi and thanks for the reply the date of default was 07/11/2008
so does this mean by the 7th of November this year that will come of my credit report? Sorry I am not very familiar with this whole credit history thing

mjm3346

Maybe a slight delay for the reports to update but basically yes they should go after 6 years.

muselnor

The problem is I have already made one payment to them is this something I shouldn't have done? and is it true that defaults drop off your credit file after 6 years whether they are settled or not?

maurice28

muselnor wrote: »

The problem is I have already made one payment to them is this something I shouldn't have done? and is it true that defaults drop off your credit file after 6 years whether they are settled or not?

Well, you did right to make one payment to them (and you should make the second one too) bascially because it's money you owe them.

The_Boss

^ what Maurice said.

happy_bunny_2

If you don't pay, they can still take you to court after it's gone from your credit file.

Your best option was/is to offer a reduced final settlement. But now they know you have the cash it may be too late.

mjm3346

muselnor wrote: »

The problem is I have already made one payment to them is this something I shouldn't have done? and is it true that defaults drop off your credit file after 6 years whether they are settled or not?

They drop off paid or not but as they know you have the means to pay they will almostly certainly hound you for payment if you don't make the second one.

muselnor

Thanks for all your advice its a real help