Default/settlement advice

Devon74

Morning all,

Can someone please help advise?

I lost my job in Jan 2018 and unfortunately my marriage broke down and i have been living with family since. I have two credits cards and a loan. I have a payment plan with credit company but the other has terminated my agreement(i assume this is a default). The outstanding remaining amount is £13k and a family member has offered £5k as a settlement figure which i have put to them. i just wanted to know what the credit history will look like or be any different if the whole mouth is paid or just the £5k? I am waiting on the bank this week to see if they will agree the £5k.

Thank you so much on advance.

[Deleted User]

The default is the big issue.

If you can settle for less, then do so.

Devon74

Thanks ZX,

Do you know if there is anyway of removing the default?

Thank you

[Deleted User]

Only if you believe it is incorrect. However, it sounds right from what you've said.

Ostrich1

OK, so I have a history of bad debt and have finally woken up to the fact that it is destroying my life.
My credit score is 'very poor' and I have 3 defaulted accounts showing.
Arrow Global Limited - £314.00 08/12/2014
Hoist Portfolio Holdings - £3649.00 31/01/2017
Barclaycard - £0.00 31/01/2017

I have now received a letter from Robinson Way chasing a debt due to HFUKH1L (Ex Barclaycard) for £3648.99, offering 50% off the balance.

My sister has offered me £1000.00, and I can lay my hands on £300.

Am I wise to offer them £1300.00 as a settlement offer, and if they accept what will be the impact, if it can get any worse, on my file?

[Deleted User]

If they accept it as a final settlement, the debt will show as settled.

That's a good thing.

Ostrich1

If they accept it will it show as settled or partly settled?

PixelPound

Ostrich1 wrote: »

If they accept it will it show as settled or partly settled?

partially - but you have the default on there already, so unless you are in a position to clear the full amount, partially is better than none. It also means no further action will be taken to recover the debt, and it falls off after 6 years from the original default date