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What will happen?
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As it happens, since posting my last message I downloaded my credit file from Experian. My score was 994 out of 999 and classed as excellent. This was a big surprise.
No defaults or late payments, just the fact that I am in a DMP.0 -
As it happens, since posting my last message I downloaded my credit file from Experian. My score was 994 out of 999 and classed as excellent. This was a big surprise.
No defaults or late payments, just the fact that I am in a DMP.
So none of your creditors has defaulted you, or recorded a late payment, and you are in a DMP, which by definition should include all of the above ?
That's very lucky on your part, if you wish to maintain this, its settlement in full then. 😉I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Hmmm no sorry, I am getting confused. Yes, the creditors I have are listed in my credit file as late payments which is why I was surprised by my score. So you would recommend partial settlement?0
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Ignore the score - that's just how Experian rate your history but they will not be lending you any money.
We don't know how individual mortgage lenders assess different items in your credit history.loose does not rhyme with choose but lose does and is the word you meant to write.0 -
Hmmm no sorry, I am getting confused. Yes, the creditors I have are listed in my credit file as late payments which is why I was surprised by my score. So you would recommend partial settlement?
That is the classic example of why your score is meaningless. You have a load of missed payments and are in a DMP. Do you think that makes you attractive to lenders who WILL see this information? Yet magically experian 'score' you at 999. Go figure.
Settle your debts for as little as they will accept and let time and prudent finances heal your credit history.£1000 Emergency fund No90 £1000/1000
LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
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But I dont have time hence wanting to know which will be the best way a) settle in full or b) settle for as best deal as I can.0
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I am in exactly the same position. I will have enough to pay them all at the end of the month in full. But then, whether to go for settlement at lower value and use the remainder on other essentials????
If there was a definitive answer the decision would be simpler. I don't want to negotiate a lower settlement if it makes my credit record even worse. Then again, if I am screwed for 6 years anyway I might as well try and save some money.0 -
You probably explained the dilemma better than I did
I asked PayPlan but their advice did little to help me decide.0 -
No one can tell you definitively which is the best way to proceed but if you are going to want a mortgage in the near future I would recommend you settle in full what you owe your creditors. Otherwise if you do not intend borrowing ever again see what they will accept as partial settlement. Morally if you can afford to pay the full amount then you should.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£391.55
Save £12k in 2025 #1 £12000/£120000 -
I have decided to pay in full. 3 weeks today I will hopefully be debt free.0
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