Cabot Settlement offers...

Hi all,

I've had a number of cabot offers for debts in my DMP, but not taken them up. As all of the debts are over 6 years old, none appear on my credit record. 

If I take up a Cabot settlement offer for one of these, will this now show on my credit record as a partially settled debt and will it, therefore, affect my current credit rating?


TIA

Comments

  • MorningcoffeeIV
    MorningcoffeeIV Posts: 1,913
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    No.            
  • fatbelly
    fatbelly Posts: 20,235
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    edited 30 January at 4:38PM
    Settlement offers are always a possibility so there's nothing special about receiving those letters except confirming that those companies that bought your debt for 10p in the pound are willing to negotiate and have made an opening offer.

    If you have a lump sum available then F&F settlements are a useful way of bringing a dmp to a close, but it's better if you start the offers and tell them how much you want to settle for.
  • lardboy
    lardboy Posts: 5
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    Thanks both.

    Question was more about whether , if I do settle, then the debt which doesn't appear on my CR suddenly reappears as a 'partial settlement'. MorningCoffee says no - which is great! - just wondering if anyone else has experience of settling a debt not on their credit record and whether it appeared subsequently re-appeared, albeit as 'partially settled'

    Thanks 
  • Nasqueron
    Nasqueron Posts: 8,379
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    lardboy said:
    Thanks both.

    Question was more about whether , if I do settle, then the debt which doesn't appear on my CR suddenly reappears as a 'partial settlement'. MorningCoffee says no - which is great! - just wondering if anyone else has experience of settling a debt not on their credit record and whether it appeared subsequently re-appeared, albeit as 'partially settled'

    Thanks 
    Legally they cannot add back a debt that is older than 6 years, that is the rule - 6 years after default etc it removes. You can complain formally if they try but no lender with any sense would ignore that and try and put it back
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