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NCO Europe
jack_tyler
Posts: 135 Forumite
in Credit cards
Hi, I currently have an outstanding balance on an old Vanquis card, that was recently passed over to NCO Europe. For quite a while now I have been on a payment plan of £30.00 per month, which has been going fine. Recently I was left a small amount of money which I would like to use to pay this debt off. I contacted NCO today to ask if they would accept a reduced amount in full & final settlement of the debt. The current amount outstanding is £582, and they said they would reduce this by 10% to £524, I said that was ok and agreed to pay. But then the advisor said that he needed to make me aware that on my credit file it would be recorded as a 'partial settlement' and would be on for 6 yrs. I asked him why it would be a partial settlement and not a full settlement, as once ive paid the amount they are requesting the account would be paid up and closed. He said yes thats true, but as far as my credit file is concerned, it would only show as a partial settlement. This is what I dont understand, why would it only be recorded on my credit file as a partial settlement and not a full settlement, when they have agreed that once I have paid the amount they have offered, thats it....account closed, no more monthly payments and no more debt with them, so surely it should be a full settlement. Any help would be greatly appreciated
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Comments
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'Partial Settlement' is correct as you will not be paying the full amount due (£582).
What is the default date for the account? I only ask because the account will be automatically removed from your three credit files, six years from the date of default. The account will be removed regardless of whether the account is settled in full or partial.
I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
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Willing2Learn said:'Partial Settlement' is correct as you will not be paying the full amount due (£582).
What is the default date for the account? I only ask because the account will be automatically removed from your three credit files, six years from the date of default. The account will be removed regardless of whether the account is settled in full or partial.
Im not sure what you mean by 'default date'?. If you mean the date the account is due to end, then im not sure. Ive been paying this off now for quite some time (years) and have been paying £30.00 per month for quite some time. I am on a payment arrangement and no interest is being charged, not sure if that helps you
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