Partial settlements

Louise35

Hi,
This is my first post so sorry if its not in the right place!
Ive got debts totalling around £37k made up of credit cards, overdrafts and catalogues.
Ive been paying a reduced payment for the past couple of months, and finally told my parents who have offered to lend me some money to clear my debt. Ive spoken to both barclaycard and asda so far who have both given me figures of 50% to settle the debt on a partial settlement and the rest would be written off they said it would be marked as partial on my creditfile.
I have spoken to the accounts who i have overdrafts with and they said they dont accept settlement figures on overdrafts.
So my questions are:
1) is the partial settlement on my credit going to effect it forever?
2) is the 50% good or should i counter offer a less amount?
3) can i make a settlement figure on overdrafts/catalogues
4) should i ask for the settlement in writing rather than over the phone?

Thankyou in advance for your help:D

sourcrates

Louise35 wrote: »

Hi,
This is my first post so sorry if its not in the right place!
Ive got debts totalling around £37k made up of credit cards, overdrafts and catalogues.
Ive been paying a reduced payment for the past couple of months, and finally told my parents who have offered to lend me some money to clear my debt. Ive spoken to both barclaycard and asda so far who have both given me figures of 50% to settle the debt on a partial settlement and the rest would be written off they said it would be marked as partial on my creditfile.
I have spoken to the accounts who i have overdrafts with and they said they dont accept settlement figures on overdrafts.
So my questions are:
1) is the partial settlement on my credit going to effect it forever?
2) is the 50% good or should i counter offer a less amount?
3) can i make a settlement figure on overdrafts/catalogues
4) should i ask for the settlement in writing rather than over the phone?

Thankyou in advance for your help:D

Hi,

(1) no, every six years negative info is removed automatically.

(2) 50% is a very reasonable deal.

(3) no, not until the debt has been sold on after the account has been closed, then you can.

(4) everything to do with debt and settlement figures MUST be done in writing to be legally binding, look on the National Debtline website for the correct template letter.

Never part with money until you have the deal in writing.