‘Partial settlements’

Mikej92

Hi, I have been offered 2 partial settlements today by 2 of my debtors.

is this a good idea? they are both around 20% of the total amounts owed.

GreenCat80

Wow that’s a great discount! There is a thread on here about full and final settlement offers which might be worth a read. If you can afford it and they have confirmed your account will be closed and no one will try to collect the other 80%, I’d go for it  

Mikej92

GreenCat80 said:

Wow that’s a great discount! There is a thread on here about full and final settlement offers which might be worth a read. If you can afford it and they have confirmed your account will be closed and no one will try to collect the other 80%, I’d go for it  

They have said that the account will be closed and no one would pursue the debt, but have said it would only show ‘partially settled’ on my credit file.

GreenCat80

Mikej92 said

They have said that the account will be closed and no one would pursue the debt, but have said it would only show ‘partially settled’ on my credit file.

That will fall off your account with the default (6yrs since your original default)  having a payment plan on your file is also damaging so I don’t think it’s a big deal really  

Suseka97

Having a 'partially settled' marker on your credit file is no big deal, certainly not if the account is defaulted, which I assume yours are.  Its a good offer, just make sure you get the fact they intend to close the account and no-one else will pursue it in writing.

Mikej92

Suseka97 said:

Having a 'partially settled' marker on your credit file is no big deal, certainly not if the account is defaulted, which I assume yours are.  Its a good offer, just make sure you get the fact they intend to close the account and no-one else will pursue it in writing.

Okay great! Wasn’t sure whether it would adversely affect me further