Old debts and settlements

js2020

Hi everyone,

I had trouble with credit cards and these defaulted around 2010. These have been passed around various collection companies and I have always continued to make very small monthly payments to these companies. My credit file shows no record of these debts. I have received a letter offering me 80% discount off one of these debts. I would pay it but it does mention that it could report that the debt is partially settled 'if your account is being reported to credit reference agencies'.

I don't want to pay this settlement if it awakens something in my credit file to show these debt problems again.

Any thoughts on this?

Thanks 

MorningcoffeeIV

Yes. 

It says "it could report that the debt is partially settled 'if your account is being reported to credit reference agencies'."

Your accounts are not being reported to the CRAs as they fell off long ago.  They don't come back (unless you choose to let it go to a CCJ).

fatbelly

The whole entry drops off 6 years after the default.

You have a generic letter which applies to those for whom the entry  is still showing.

All your debts will be open to some sort of a deal, if you have a lump sum to pay them off.

However, before you do, we always recommend to check that the present owner has the paperwork - many of them don't

https://nationaldebtline.org/fact-sheet-library/credit-agreements-getting-information-ew/