Partial Settlement

Cheese74

Hi
I have been in dispute over credit card debts for a few years, got to the stage now where I am negotiating reduced settlement to write off the debt with no further action taken from creditors to pursue.
I have agreed to pay £750 in principal on an o/s balance of just over £2200, they have informed me my credit file will be noted as partially satisfied.
What I would like to know is will this help improve my credit rating in the short term?
Should I be asking them to retract any previous derogatory information on my report?
What are my options/entitlements where this is concerned once they have agreed to accept my proposed amount?

sourcrates

Hi,
Never hurts to ask, but you have to remember a creditor must report accurately on the way your account has been managed, they cant lie.

A partially settled status is normal for what you are describing.

The only thing that improves your credit rating is time, the further back in your history negative information is, the less impact it will have on you.