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Partial settlement effects credit file
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Rynaxx
Posts: 3 Newbie
Firstly sorry if this is in the wrong place or been answered before all the other similar threads I clicked were closed, so just a quick question
I'm trying to settle some old debts before I move house and have been getting some 'full and finals' but keep getting told this would still show as only 'partial settlement' on my credit file.
Now the question is would this be a new entry to my credit as the original debt is already over 6 yrs old and no longer shown or effecting me?
To clarify I'm selling a house to buy a house and this debt is secured. I'm just worried if I partial settle early to save some of my equity it will damage my credit file and then be refused a mortgage I need.
Thanks in advance
I'm trying to settle some old debts before I move house and have been getting some 'full and finals' but keep getting told this would still show as only 'partial settlement' on my credit file.
Now the question is would this be a new entry to my credit as the original debt is already over 6 yrs old and no longer shown or effecting me?
To clarify I'm selling a house to buy a house and this debt is secured. I'm just worried if I partial settle early to save some of my equity it will damage my credit file and then be refused a mortgage I need.
Thanks in advance
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Comments
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So the debts are showing on your files or they are not?
Have you been paying and acknowledging these debts over the past 6 years?0 -
Any defaults over 6 years ago will have disappeared, and settling them now won't bring them back.
Any defaults that are approaching 6 years will still disappear then, whether settled or not.0 -
No the debts are not currently showing on our report they fell off early last year and we have been paying without fail every month.0
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No the debts are not currently showing on our report they fell off early last year and we have been paying without fail every month.
In that case any settlement you make will not show on your credit file.
So you can go ahead and get the best settlement deal possible.
They may say your file will be marked as a partial settlement, but it wont if they have dropped off already, they will just be reading from a script.
Should it happen to re-appear, then a complaint should be sent.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 -
Thanks for the swift response and and the information, it's just what I was hoping for :beer:0
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