All these Full and Finals

DebtClearer

Within my debt £11k of it is credit cards. I've read in a few threads now that people are putting together settlements for these and then still planning on getting on the property ladder in 3 years?

Clearly I don't understand as I was under the impression I needed to pay my debt off or I'd be seriously disadvantaged in terms of future mortgage credit?

fatbelly

The people getting full & final settlement deals will be doing this on defaulted accounts. In many cases, they were defaulted years ago and the debt has been sold (at a cost of a few pence in the pound) to a third party debt purchaser.

The account is removed from the credit report six years after it is defaulted or settled, whichever occurs sooner.

So if you are managing your credit cards and meeting the minimum payments then you won't get a full & final deal on them.

But if someone is settling debts that were defaulted three years ago then, yes, it is possible for them to be planning to get a mortgage in 3/4 years.

AngryDog

I believe that this is aimed squarely at me.

My debts defaulted in 2010. In 3 years time I will have no defaults on my account, and hopefully a much improved credit rating (it cannot get much worse!).

I have no CCJ's, not been Bankrupt.

happy_bunny_2

Who are your accounts with and what are the balances and how much is being paid monthly on each?

Any cards or loans taken out before April 2007?

If you do a full and final, your account will be marked as partially settled rather than settled. It will fall off after 6 years anyhow so largely irrelevant.

AngryDog

happy_bunny wrote: »

Who are your accounts with and what are the balances and how much is being paid monthly on each?

Any cards or loans taken out before April 2007?

If you do a full and final, your account will be marked as partially settled rather than settled. It will fall off after 6 years anyhow so largely irrelevant.

Is this to me HB?

happy_bunny_2

AngryDog wrote: »

Is this to me HB?

Actually, debtclearer.