Credit file markers

Sparks_47 · 7 September 2015 at 9:21AM

Hi all,

I'm seeking some advice on credit file markers.

I have been in a DMP for several years, (approx 6-7yrs) and now have just under 12k to pay off across 5 creditors.
The question I have is, if I was now to make a full and final settlement offer and the offers were accepted would a partial settle Vs full payment leave a marker that would make obtaining credit harder to obtain in the future.

Many thanks in advance.
M

nottoolate · 7 September 2015 at 9:43AM

not if already defaulted.

many here will try to brow beat you morally by saying a bank you did a partial settlement would never give you credit again. may or not be true bust most would rather be debt free sooner and avoid their previous creditors anyway.

B0B · 7 September 2015 at 12:59PM

If defaulted they will vanish from your file after 6 years. So the settlement type wont make much difference.

Westminster · 9 September 2015 at 7:43AM

You do need to check your CRA files to see who has or hasn't defaulted you as its not a guarantee that a creditor will default you and there seems to be a trend with some lenders to simply mark you as AP which substantially lengthens the pain as without a default, all that adverse information will be visible for 6 years AFTER you settle - not from when you start the DMP.