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SLL & 50% debt discount???
cmb0147
Posts: 6 Forumite
Hi
I currently owe £925 to SLL Capital and have a default against me (not ccj).
They have wrote to me offering me a 50% discount to settle the debt. I can pay the 50% in full or six monthly payments.
Would it be better to take up this offer or pay the whole full amount???
I'm worried how it effects my credit scores. SLL Capital say they will bring the outstanding amount to NIL once the payment has been made.
I currently owe £925 to SLL Capital and have a default against me (not ccj).
They have wrote to me offering me a 50% discount to settle the debt. I can pay the 50% in full or six monthly payments.
Would it be better to take up this offer or pay the whole full amount???
I'm worried how it effects my credit scores. SLL Capital say they will bring the outstanding amount to NIL once the payment has been made.
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Comments
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The only benefit to paying in full is to them, as they will get the full amount.
You however, already have a default for the debt, so the damage is already done to your credit file, you may as well take advantage of the 50% reduction offer, and save yourself some money.
Your credit score is a made up number, paying the full amount will not be of benefit to you whatsoever.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 -
Hi,
It is always nice to settle a debt with a Full & Final Settlement. Make sure you have it in writing that they will mark the account as either 'partially satisfied' or 'satisfied' on your credit files, once the final payment is processed.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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A default stays on your file for 6 years, so depending on when it was registered it might not be too long before it falls off.
The difference between settled and partially settled is small, as the default has done the damage. So long as you have it confirmed that it will be marked on your credit file as such, then go for it. Just make sure you can keep to whatever repayment methods they agree as usually these plans are conditional and failing could mean you are once again liable for the full debt.0 -
Just for your info SLL are a debt purchase company. They have bought your debt from another company (eg catalogues) at a huge discount. They have a website sllcapital. Just so you know who you are dealing with. Good luck
https://www.sllcapital.co.uk0 -
Which is why they are offering a 50% discount for a quick resolution. It should also be interest free over the six months and so long as that offer is in writing it should be fine.Just for your info SLL are a debt purchase company. They have bought your debt from another company (eg catalogues) at a huge discount. They have a website sllcapital. Just so you know who you are dealing with. Good luck
https://www.sllcapital.co.uk0
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