Final debt repayments

emilyp89

Good afternoon,

I've had debt from loans and credit cards for around 7 years due to various circumstances and bad decisions. I've paid some off slowly and now I have 3 debts left to pay back which total about £1100. At the end of this month I will be receiving a bonus from my employer and should be able to pay the whole lot off in one go. The 3 debts are on my credit report as defaults. 

1. Should I ask the credit card companies for a settlement offer or not?
2. Will paying them off in one go be ok or look odd on my credit file?
3. How long will it take for the defaults to come off my credit file and when will i start seeing it improve? Any tips?

Thanks

fatbelly

The defaults come off 6 years after they went on, regardless of what you do. After 7 years on a dmp, they may all be gone now

If you settle at a discount and the entry is still visible, it will be marked partially settled.

I suggest that you make them an offer in writing, stating low, and see what they come back with.

They are not huge debts so there may not be much movement but the money is better in your pocket than theirs. Maybe offer 50%

https://nationaldebtline.org/sample-letters/full-and-final-settlement-offer/