"Part Satisfied"

ChrisMc182

Hello everyone ,

At the moment I am down to around £2400 in debt,

I have about 5 creditors, and have emailed them regarding any offers to reduce the total amount I could clear my debt for around £1700 but they would be part satisfied, they are all defaulted ranging from 3 - 4 years, how much does Part Satisfied effect me?

Would having them all paid off with part satisfied eventually improve my credit file as they should all start to drop off in about 2 - 3 years?

Thanks

simeyb

Hello


As the accounts are already in default and on the basis this is what shows on your credit file, whether the debts are wholly or partly satisfied makes little difference to your ability to obtain credit i.e. all the time you have defaults you will have little or no chance I'm afraid.

So, would just pay them as little as possible and when six years are up the defaults will come off your record whether there is anything outstanding or not - If you can settle for a much lower amount at least that gets them off your back - just wont improve your credit rating

sourcrates

simeyb wrote: »

Hello


As the accounts are already in default and on the basis this is what shows on your credit file, whether the debts are wholly or partly satisfied makes little difference to your ability to obtain credit i.e. all the time you have defaults you will have little or no chance I'm afraid.

So, would just pay them as little as possible and when six years are up the defaults will come off your record whether there is anything outstanding or not - If you can settle for a much lower amount at least that gets them off your back - just wont improve your credit rating

What he said !!!!!!!!

bennyhill_2

Absolutely agree with the 2 replies above - don't bust your balls to settle, as the effect is negligible. Do you have an emergency fund? If not I'd whack £1k of the £1.7k available, and see how you get on with the creditors with the floating £700.

When the defaults drop off the CRA reports they are gone. Do the default dates accurately reflect the dates that you 1st ran in to trouble? I discovered recently that some of mine were 4 years after the event. A few calls to the DCA's and original creditors and the dates were backdated do now I have no defaults shown and have been able to start to rebuild my financial health.

Keep us posted, and good luck.