Partial Settle or save longer?

fompas

Hi Guys,

Just a quickie... would it be better for my credit file if I partially settle my 7+ defaults (DMP) I have or save for another year and fully settle them? They don't drop off until 2019

Thanks,

Tom

Thrugelmir

Partial settlement won't be forgotten by the lenders concerned. Even when the six years is up. So not as clear cut as it may appear. As it will restrict your ability to obtain finance from the same sources in the future.

fompas

Ahhhh OK then thanks for that... so it would be worth saving the full amounts up and clearing them that way?

A4445

Some creditors are forgiving, I defaulted many accounts and, I've had second chances with them. I was very suprised at this, I wouldn't blame any creditor if they didn't want to give a second chance as they did loose their money!

spob

I partially settled 2 debts and it's not had any adverse effect on my credit rating. Although the defaults have now passed the 6 year stage.

Thrugelmir

spob wrote: »

I partially settled 2 debts and it's not had any adverse effect on my credit rating. Although the defaults have now passed the 6 year stage.

Have you applied to the same lenders for a mortgage (for example) since?