Does settlement partial payments of credit cards affect getting a mortgage ?

Pringle780

Credit and Store cards debit jointly held from a dissolved marriage. Now financial matters being sorted. Ex partner wishes to pay partial payments of the debits. All accounts I'm named first, so all bad credit rating for it is solely in my name. Should I push for it to be paid in full as I wish to take out a mortgage and I am worried I won't be successful with any bank, because of on paying 'partial settlement' ?

[Deleted User]

Have you already defaulted on the debts? What is the state of your credit file?

There are no joint card agreements, so you need to confirm that you are actually the accountholder on all of them.

Aquamania

Pringle780 wrote: »

Credit and Store cards debit jointly held from a dissolved marriage. Now financial matters being sorted. Ex partner wishes to pay partial payments of the debits. All accounts I'm named first, so all bad credit rating for it is solely in my name. Should I push for it to be paid in full as I wish to take out a mortgage and I am worried I won't be successful with any bank, because of on paying 'partial settlement' ?

As long as at least the minimum monthly payments are made in time every month, then it doesn't affect your credit file too much (other than you have an outstanding debt that needs to be paid off ... this normally reduces the amount you may borrow)

Of course it would be nice if your ex would pay off all your debts in full, but beggars can't be choosers.

Pringle780

The divorce court decreed that we both pay half of the credit debit. But my ex only wishes to pay a partial payment to close the accounts, but I'm worried it will affect me getting a mortgage. The accounts are in my name and my ex was add. Just wondered if it was best to push for us both to pay them off in full so that I'm not left with a very poor credit rating, when the debt involved both of us!

[Deleted User]

Have you already defaulted? That's the key question.

Partial settlements will trash your credit rating. But if its already littered with missed payments, defaults and CCJs, then it won't make much difference.

But if you haven't missed payments, then you won't be offered a partial settlement in any case.

Pringle780

Yes there has been missed payments and ccj's and they have said they have they will agree to partial payments to settle the debts

Aquamania

Pringle780 wrote: »

The divorce court decreed that we both pay half of the credit debit. But my ex only wishes to pay a partial payment to close the accounts, but I'm worried it will affect me getting a mortgage. The accounts are in my name and my ex was add. Just wondered if it was best to push for us both to pay them off in full so that I'm not left with a very poor credit rating, when the debt involved both of us!

Stick her back in front of the beak if she won't do what the court has ordered.

Pringle780

I think he would agree if I explained they needed to be paid in full by both of us but if it didn't make much difference to me getting a mortgage or not, a partial settlement would save me being financially crippled!

grumbler

I think with the defaults in the credit history it will be difficult to get a decent mortgage. Full settlement will make it just a little easier.

People get rejected for mortgages even after having problems with mobile contracts.

Pringle780

The only question is would I be offered a mortgage with either choices ?

Aquamania

Pringle780 wrote: »

The only question is would I be offered a mortgage with either choices ?

If you've got the money to get yourself a mortgage, I can't see the credit provider accepting anything less than full payment in accordance with the credit agreement you entered into with them.