Sorted now

loveheartcity

Sorted now thanks 

MovingForwards

Is the account not already defaulted by now?

The account will close 6 years after the default was put on if you settle in part or full, as the debt is 4 years old it's got less of an impact.

loveheartcity

Yes the account defaulted 4 years ago, so I’m assuming it has another couple of years on my credit until it drops off.

sourcrates

Then it will still drop off in two years no matter what you do, its the default that does the damage, no one really cares if you saved £40 off the balance or not.

I would assume you won`t be looking to borrow again in the next two years ? then it won`t matter.

fatbelly

I think you made a mistake by not putting a figure to them. 

Never mind, you can write them a polite letter thanking them for their offer to settle at 91% over 6 months.

Let them know that you can make one payment to settle but this would have to be be for x%, and then expect them to negotiate a figure somewhere between x and 91.

You're probably not going to get a spectacular deal on a small debt with a 2-year payment plan, but there's no reason why you should accept their opening offer.

It's at least worth the price of a stamp.

loveheartcity

Thank you. No, I have no intention of any borrowing over the next two years. 

Fatbelly - what % starting offer would you suggest?