Default/settlement advice

Devon74 Posts: 2 Newbie
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.


  • The default is the big issue.

    If you can settle for less, then do so.
  • Thanks ZX,

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

    Thank you
  • Only if you believe it is incorrect. However, it sounds right from what you've said.
  • 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]
    [Deleted User] Posts: 35,242
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    If they accept it as a final settlement, the debt will show as settled.

    That's a good thing.
  • If they accept it will it show as settled or partly settled?
  • nic_c
    nic_c Posts: 2,928
    Name Dropper First Post First Anniversary
    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
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