Settlement Letter

Barry1973

Interesting that 5 years ago in my settlement letter to a credit card I offered % as partial settlement & more importantly i added that my credit show as "satisfied in full".
This means and was confirmed by the lender recently as i am now in dispute....account fully satisfied & default removal. Now that was my terms as they wanted me to settle, I got an acceptance letter for my offer that did NOT say that they would NOT uphold my terms so i paid up.
They never removed the default nor showed my account as satisfied in full, surely if they were not going to meet any one of my terms that my offered then if should not have been not accepted and raised the issue with me??

bennyhill_2

Their job is to collect the debt, this they did...morally yes they should have only accepted if adhering to your terms, legally?, probably not a fight you could win...but I have very little experience.

They'll probably state that they informed you your CA details would be recorded as partially settled with a zero balance owing. Do you have any paperwork from them stating acknowledgement of your terms?

DCA's eh, 1 step below traffic wardens - in jest, just in case any traffic wardens take offence.

sourcrates

They can't remove a default in exchange for payment, they have to report an accurate record of how your account was run, it doesn't work like that I'm afraid.

When you partially settle an account, it will show as partially settled.

It will only show as fully settled if you paid the full outstanding balance.

happy_bunny_2

As far as I'm aware they can remove the default.

Reporting is optional. They could remove all trace of the account.

If 5 years ago, I guess it falls off your report soon anyhow?