How to go about fully settling partially settled debt

velli100

Hi there, I am in the process of trying to clean up my credit file/history. A couple years ago I partially settled with Sunny & WDA for delinquent loans I was unable to fully pay back then. Thankfully I am in a position to where I can repay the amount not paid back (around 40% or so). I was wondering if it is a good idea to contact them to fully settle & more importantly since its been 2 years already if the '6 year clock' will reset? Any other input/advice will be greatly appreciated. Thank you good people once again.

sourcrates

Hi,


You cant settle a debt twice, if it was partially settled years ago, the account will long since of been closed and written off.


The limitations act does not apply to settled accounts, how can it ?


If your that desperate to give away your money, give it to a homeless charity instead of a debt collector, it will have about as much effect on your credit file, ie, non.

January2015

sourcrates wrote: »

Hi,


You cant settle a debt twice, if it was partially settled years ago, the account will long since of been closed and written off.

When we made a partial settlement to one of our debts, their letter confirming acceptance stated that if, in the future, we were in a position to pay the full balance we should contact them to make the payment and they would change the status on our credit reference agency files from 'satisfied' to 'settled'.

At the time, I thought - who on earth is going to EVER bother paying the balance if they've accepted a partial settlement - but the point is you can go back and pay the balance on a partially settled account.

sourcrates

January2015 wrote: »

When we made a partial settlement to one of our debts, their letter confirming acceptance stated that if, in the future, we were in a position to pay the full balance we should contact them to make the payment and they would change the status on our credit reference agency files from 'satisfied' to 'settled'.

At the time, I thought - who on earth is going to EVER bother paying the balance if they've accepted a partial settlement - but the point is you can go back and pay the balance on a partially settled account.

Really ?


I`ve never heard of that before, the difference to your credit file is minimal at most, the defaults associated with the debts are what causes the damage.

January2015

sourcrates wrote: »

Really ?


I`ve never heard of that before, the difference to your credit file is minimal at most, the defaults associated with the debts are what causes the damage.

I agree - and why on earth anyone would want to pay more than is necessary to settle any debt is beyond. Hubby and I had a good laugh when we got the settlement offer letter and it included that bit about if we can afford to pay the full balance in future..... yeah, right.... in their dreams :rotfl: