Full and Final Settlement Question

amit08

Hi everyone, I have a debt from 5 years ago that I defaulted on around the same time. The debt has been sold on from the original creditor. The debt is for £1800 and I want to make a full and final settlement. Am right in thinking the debt will be unenforceable next year? Bearing this in mind does anyone think it will be possible for me to make a low final settlement sum to pay the debt off? I was thinking of around £200 or £300.

Thrugelmir

Alternatively the creditor could decide that you could afford more and go for a CCJ instead.

CLAPTON

amit08 wrote: »

Hi everyone, I have a debt from 5 years ago that I defaulted on around the same time. The debt has been sold on from the original creditor. The debt is for £1800 and I want to make a full and final settlement. Am right in thinking the debt will be unenforceable next year? Bearing this in mind does anyone think it will be possible for me to make a low final settlement sum to pay the debt off? I was thinking of around £200 or £300.

why do you want to do this?
what's the point?

amit08

Thrugelmir, I get your point - or the DCA could think that some money is better than no money at all.

CLAPTON, I want to pay it off and close the account. Also I don't want the DCA to decide to pursue a CCJ against me at the last minute before it is due to drop off my credit file. I would rather not risk it and get it out of the way. Can you tell me why you would think it is not worth it?

g6jns_2

amit08 wrote: »

Hi everyone, I have a debt from 5 years ago that I defaulted on around the same time. The debt has been sold on from the original creditor. The debt is for £1800 and I want to make a full and final settlement. Am right in thinking the debt will be unenforceable next year? Bearing this in mind does anyone think it will be possible for me to make a low final settlement sum to pay the debt off? I was thinking of around £200 or £300.

It may become unenforceable after 6 years. It is unlikely that such a low offer would accepted.

CLAPTON

amit08 wrote: »

Thrugelmir, I get your point - or the DCA could think that some money is better than no money at all.

CLAPTON, I want to pay it off and close the account. Also I don't want the DCA to decide to pursue a CCJ against me at the last minute before it is due to drop off my credit file. I would rather not risk it and get it out of the way. Can you tell me why you would think it is not worth it?

clearly you don't feel a moral obligation to repay in full

it would seem unlikely they would go for a CCJ without contacting you to demand payment :
in any event a CCJ allows your day in court and you can offer to pay at that time