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What would be the Impact of a Short Settlement on my credit-rating?
mattberryman
Posts: 4 Newbie
I have been on a DMP with Payplan for the last few years and have recently found myself in a position where I can settle my outstanding debts.
Payplan have been negotiating with my creditors on my behalf regarding the required amounts to settle the accounts and the Co-op have said that they will accept £1000 for a 'short settlement' of a £1600 overdraft (regardless of the fact that without their interest and charges, the outstanding balance would be approx £400).
However, I would be willing to pay the £1000 to settle the account, but want to know more about the impact of having that short-settlement logged on my history.
Regards, Matt
Payplan have been negotiating with my creditors on my behalf regarding the required amounts to settle the accounts and the Co-op have said that they will accept £1000 for a 'short settlement' of a £1600 overdraft (regardless of the fact that without their interest and charges, the outstanding balance would be approx £400).
However, I would be willing to pay the £1000 to settle the account, but want to know more about the impact of having that short-settlement logged on my history.
- If I enter into joint financial arrangements with my fiancee, would this affect her rating?
- How long will it stay on their for?
- Finally, what are the chances of me getting a offered a mortgage towards the end of the year with this on my record.
Regards, Matt
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bump :j
*message to short... blah blah
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