Paying off old debt and credit file

sourcrates

Jamestysoe wrote: »

Letters say “ where appropriate your credit file will show default partially satisfied when making a settlement opposed to default satisfied when account is paid in full.”

This is why I was uncertain whether If I agreed a discounted settlement that it would appear on my credit file even though the original creditors were defaulted over 7 years ago.

Magic words are "where appropriate".


To clarify what everyone else has told you, once a debt is gone from your file, it cannot be brought back again under any circumstances.

Jamestysoe

Thanks for this.

It was actually one of the above debt organisations that gave me wrong info!

Does it matter if I do it by phone or letter? Or is either fine these days.
Would love to see it in writing them saying how it won’t be on credit file due to it being a debt over 6 years but I’m doubting I’ll get that!

[Deleted User]

It’s just a generic template for their letter.

It won’t be added so there’s no need to contact them to confirm that.

Regarding making a settlement offer - make this by the phone. Start with a low number and haggle your way up.

Willing2Learn

Sorry, I don't agree. In my book, all full and final settlement offers should be made in writing, via the postal service. Similarly, you want all counter-offers and responses to sent to you, by post, from your creditors. Then you have a full paper trail in case anything goes wrong

I fully agree in starting with a low offer....

PixelPound

You definitely want to get it in writing, just in case there is any misunderstanding in you partially paying towards the debt rather than a settlement figure. You can phone and push to see how low they will go and then get that in writing. Not sure I'd start at £1 if you have been paying £5-10 pm already, but agree start low, you may get 80-90% off.