Lowell Discount Offer - I want to pay it.

mikeymatteo

Hi,
Thank you for reading, i'll try to keep it brief.

I had a capital one card (defaulted balance £205) in good standing for a number of years before having to leave my job and defaulted in 2017.
I'm now in a better position and more financially stable and working hard to improve my credit file.

I recently received a letter from Lowell offering 40% discount for "partially satisfied".

This is where I am torn. I want to pay it (it is my wrong doing after all) if it has a positive impact on my credit file however, i'm worried that the moment I pay it, it can stay on my file for a further 6 years after the date it was satisfied essentially allowing it to negatively impact me for longer.

Additionally I would struggle to make a one off payment of £123 but would be happy to split it over two months.

Am i going about this the right way / what is the best way for me to approach this?

Many Thanks.

--EDIT: Noticed I may have posted this in the wrong thread - Probably should be in debt-free wannabe. Apologies, I was reading another post in this category an just hit the "new thread" button.

Boo1273

Lowell should allow repayment over two months, they allowed me three months to repay the discounted value. The account should still come off your credit file six months from the default date.

[Deleted User]

Pay it.
It will come off your file 6 years from default date

tryin

At least thats this person's experience https://forums.moneysavingexpert.com/discussion/5994741/default-not-on-credit-file

sourcrates

Dosent matter what you do, nothing will alter the date the default drops off your credit file.


You may as well settle for as little as possible.