Debt : Negotiating to pay principle with debt collectors

Miles_Davis

I have several debts totalling to about £3000

I went through a hardship which meant I could not pay back then

One was for a credit card from Capital One and another was from Santander and Natwest Banks which led to accounts closure and debts have been transferred to debt collectors.

Obviously my Credit file is very bad

Now I'm in a position to pay the debt but was curious if I can negotiate and pay the initial principal that I owed instead of interests that kept piling up

I need this so I can clear my credit rating file.

In addition, does anyone know how long it takes for the credit file to be updates once one has cleared all the debts ?

[Deleted User]

You can make an offer, which they may or may not accept.

Depending on the status of the account, that could be a fraction of the capital, or the full outstanding amount, or anywhere inbetween.

Go in with a figure, not 'I only want to to pay the capital' which will just confuse things.

sourcrates

Payment of the debt will not remove the defaults.
Debt collectors are always open to settlement offers, start low, make sure any agreement is backed up in writing that clearly states the remaining balance will not be chased.

You don’t have a credit rating file, you have a record of how you have managed your credit accounts.

Miles_Davis

I have checked my Experian File and its not good.

I'm willing to clear up whatever I owe and start afresh, hopefully my credit file will be cleared