Settling old defaults

mrcjevans

Ok they are about 5 years old, I was ill(insert un-needed sob story) I'm getting paranoid about ccj before 6 years and also in case some companies have policies which look at your entire history. I want to clear these debts.

Is it possible to have them settled in full but to pay less? I read this interesting article here. I couldn't post the link which is understanderble, but if you google 'is it possible to settle a debt for less' it's about 6 links down and the site is huffingtonpost


It says about offering 30% of the total amount owed, and also asking it to appear as "paid as agreed upon." on your credit report rather than "settled".

I want to ask, is this a good route to go down? Is it even possible and things accurate in here? For example contacting them near the end of the month. Any help is appreciated!

happy_bunny_2

When did you last pay or acknowledge these in writing? They could nearly be statute barred.

Are they writing to you about the accounts?

Your best bet, if not going down the statute barred route, would be to write to each creditor offering a full and final settlement. Google 'national debtline full and final settlement' as their fact sheet has the info.

Start low,say 20%. Ultimately, will depend on how their paperwork is in order and if they think a CCJ is likely.

mrcjevans

happy_bunny wrote: »

When did you last pay or acknowledge these in writing? They could nearly be statute barred.

Are they writing to you about the accounts?

Your best bet, if not going down the statute barred route, would be to write to each creditor offering a full and final settlement. Google 'national debtline full and final settlement' as their fact sheet has the info.

Start low,say 20%. Ultimately, will depend on how their paperwork is in order and if they think a CCJ is likely.

Last letters I've had from any I think are Dec 2013, I googled what you mentioned but it's not working(the site) atm.

fermi

mrcjevans wrote: »

Is it possible to have them settled in full but to pay less? I read this interesting article here. I couldn't post the link which is understanderble, but if you google 'is it possible to settle a debt for less' it's about 6 links down and the site is huffingtonpost


It says about offering 30% of the total amount owed, and also asking it to appear as "paid as agreed upon." on your credit report rather than "settled".

I want to ask, is this a good route to go down? Is it even possible and things accurate in here? For example contacting them near the end of the month. Any help is appreciated!

That article is about the legal and credit referencing system in the USA, so sadly it does not apply here.

sourcrates

If the debt is not SB, then you could make an offer to your creditors to settle for less than the amount owed.
Its called "full and final settlement", you can start low, around 30% and work upwards, its all a matter of negotiation.


If your offer is accepted, them make sure you get everything in writing, that the remaining balance will be written off, and you will not be chased by any 3rd party collections agency for it.


Make sure you have this before you part with any money, most important as saves you from any future hassle.


Your credit file would be marked as "partially settled" as a pose to "settled".

mrcjevans

sourcrates wrote: »

If the debt is not SB, then you could make an offer to your creditors to settle for less than the amount owed.
Its called "full and final settlement", you can start low, around 30% and work upwards, its all a matter of negotiation.


If your offer is accepted, them make sure you get everything in writing, that the remaining balance will be written off, and you will not be chased by any 3rd party collections agency for it.


Make sure you have this before you part with any money, most important as saves you from any future hassle.


Your credit file would be marked as "partially settled" as a pose to "settled".

Wll one of them is very small amount, like £230 which I pay back to them through a standing order of £5 a month, it's not an iva just something I set up myself. Now can I clear something up. If that debt is at 5yr and 11mnth, will it drop off my file in a months time even if I continue to pay it until it's paid off?

happy_bunny_2

Yep. Falls off 6 years from default date, paid or not.