Credit File & Full and Final Payments - Help Needed

FDX

Hi All,

So firstly a little background information. I was originally in an IVA but due to bad management and not wanting to accept lower payments due to change of circumstances it has failed.
However due to me pulling myself together, and some great help from my partner I have been able to contact all my creditors and arrange my own payment scheme with them (all debt now with debt management companies).

I am now getting into a position where I am saving for full and final payments as well as making monthly payments to my creditors. So my questions I need help with are as follows:

1) My credit report shows as defaults as of March 09, so come March 2015 they will all fall off, correct?

2) If I make full and final payments (only a percentage of the actual debt) will my records still fall off in March 15 or will they be updated and remain on file for another 6 years?

3) If i only make partial payment and not clear the complete debt my records will show as partially settled account with 0 balance, correct?

4) Is this harmful to my credit rating?

Many thanks for your time.

National_Debtline

Hello there,

1) Yes.
2) March 15 as far as I understand it.
3) That's generally the way that creditors register this type of settlement.
4) Experian are of the belief that it doesn't have any harm directly, though a 'P' flag could trigger a manual check of a future application for credit.

Best wishes,

David @natdebtline

FDX

Many thanks National Debtline for your quick response.

Fingers crossed come March 15 I can start to rebuild again.

National_Debtline

You're welcome.

I forgot to post a link to our credit referencing fact sheet, here it is: https://www.nationaldebtline.org/EW/factsheets/Pages/05%20EW%20Credit%20reference%20agencies%20and%20credit%20reports/Default.aspx

David.