Full and final settlements

Barrotti

Hi I'm looking for some advice with regards to full and final settlements, I'm about to start dealing with my creditors to clear them. The debts in question are over 7 years old so no longer appear on my credit rating .From what I've read am I correct in thinking that it will be flagged as a partial payment but as the debts are this old it still won't actually effect my current credit rating

Any advice would be greatly appreciated

Thanks Paul

Willing2Learn

If the debts were defaulted more than six years ago, then the accounts would have been removed from your credit files. If the accounts have been removed, then any partially settled status would not be recorded.

Do you regularly check your credit files with the three CRAs for data accuracy?

If it were me, I would send off CCA requests to all of your creditors. This will check whether your creditors have compliant paperwork. If they cannot supply you with a copy of the credit agreement, then an account would be unenforceable. With unenforceable accounts you can choose not to pay, or alternatively you can make a lower offer due to increased leverage.