Paying off two Barclay's overdrafts in default

doughy1822

Hi

I have two joint Barclay's accounts in default (£1,000 and £800). Not that it makes any difference, but my ex-partner was supposed to pay them off.

These are the only 'black marks' on my credit file and I want to clear them off so that I can re-mortgage my house.

I assume the quickest solution would be to pay them off in full and get the defaults changed to "satisfied" or whatever it's called?

Is there any room for negotiation with Barclay's? Is it worth offering them less, or maybe asking them to remove interest/charges?

If they did accept less would that effect my credit file? Or could they take the lesser payment then chase me for the rest later?

Any advice would be gratefully received. And if that advice is "it's your debt, you pay it" then I totally agree and will.

Thanks.

longtermplanner

If you offer them less and they accept, the debts will be marked as partially satisfied, not fully. This may make getting a re-mortgage a bit harder, it will all depend on what the rest of your credit file looks like and how much equity you have as to whether this would make any difference.

If you offer less and they accept, make sure they confirm in writing that this is a full and final settlement of the debts, after that they won't be able to chase you for the rest..