Help With Full and Final Settlements

lawton83

Hi, I am looking for a little advice, this is all new to me so please be gentle.

Long story short, my husband uped and left back end of last year leaving me with approx. £8k in high interest debt which I have been making token payments on since while it was been passed around to different companies. Now thanks to my wonderful parents, who have not only been my rock, but have sold their house and moved closer to me to help with the kids, have offered me some money to clear this debt. I have successfully arranged full and final settlements on 2 of them, but one has come back and said something that I'm not sure about and I have searched and cant find the answer too.

*In regards to your credit file, Mackenzie Hall will not update this as Mackenzie Hall have not placed the entry on your credit file. only Vanquis Bank have the ability to update your credit file as they are the ones have placed the entry*

Is this true? I have arranged the other settlements with companies rather than the source of the debt, if that makes sense and they have said they will record as settled.

Sorry for the long e-mail, I just need to make sure I am not going to be chased after for money I haven't got. Thanks for reading

Tixy

It may be in this instance that M Hall are only acting as debt collection agents but the debt is still owned by Vanquis.

That said if you paid monthly payments towards the debts that information must be passed on from MH to vanquis so that they can update your record to reflect the reduced outstanding balance. If vanquis are the reporting entity on your credit file then they are responsible for ensuring that the file is up to date and accurate.

If the debt is still owned by Vanquis then you could make a settlement offer to them.

lawton83

Thanks for the advice, just dropped them an email back asking to confirm if they own the debt.

National_Debtline

Tixy wrote: »

It may be in this instance that M Hall are only acting as debt collection agents but the debt is still owned by Vanquis.

Hi there,

That's my understanding too. M Hall would be acting under instruction from Vanquis rather than having purchased the debt.

We've a useful fact sheet on credit referencing, you can find it by clicking on this text.

Best wishes,

David @ National Debtline.