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Partial final settlement templates
Reidy100
Posts: 10 Forumite
Hi I fell into debt about 18 months ago due to ill health anyways we decided to sell the house pay off mortgage and downsize. Sold the house late last year and the guy rented it back to us for a year whilst we sorted out our next move. My credit file has 4 defaults on it totalling 17k Obv we dont want to eat to deep into our funds I intend making partial settlement offer to all 4 creditors of around 50%. I have searched for partial settlement templates on here but cant find them. Could someone point me in the right direction please
Am I right in thinking that 1. if I partially settle It still counts as a default for 6 years on a credit file 2 If I settle in full and final that will still be registered as a default for 6 years
So no matter what I do if a credit search is done It is still seen as a default in the searchers eyes?
One last question, thanks for staying with me, If I reach a payment plan agreement with the creditor it will still be seen as a default on a credit search??
Many thanks Steve.
Am I right in thinking that 1. if I partially settle It still counts as a default for 6 years on a credit file 2 If I settle in full and final that will still be registered as a default for 6 years
So no matter what I do if a credit search is done It is still seen as a default in the searchers eyes?
One last question, thanks for staying with me, If I reach a payment plan agreement with the creditor it will still be seen as a default on a credit search??
Many thanks Steve.
0
Comments
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The defaults will remain on your files for 6 years from being put on, regardless of settlement.1
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A future lender seeing a partial settlement is less likely to lend you money than a full settlement, for obvious reasons, the default stays 6 years but lenders have long memories
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National Debtline has a series of template letters for most debt related issues.
The default will stay no matter what you do, so if you can settle for less, then do so, your credit file will heal with time.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter2 -
Thanks for replies A couple more I dont want to be chased by any creditor for monies on the account after settlement what steps can i take to ensure this doesnt happen and what to put in template to ensure this. Also what should I request that is put on my credit file to improve / make it look the best it can under the circumstances.
Many Thanks0 -
You just need them to confirm that it's a final settlement.
They'll mark it as settled.0
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