Pay "offer" to settle IVA after defaults and account no longer appear on credit file?

13thlegion

As I understand it there will be next to no difference to your credit file. Both an offered settlement figure and repaying in full will close the debt. It may be marked as partially settled and closed on your file but for all intent and purposes it will be done with.

sourcrates

Once an entry has fallen off your credit file, it cannot come back under any circumstances no matter what you do.

If you settle these debts there will be no further credit file reporting on them.

So go and get the best deal you can.

Are you certain the debts are enforceable? have you done CCA requests at all?

IvyChivey

sourcrates said:

Once an entry has fallen off your credit file, it cannot come back under any circumstances no matter what you do.

If you settle these debts there will be no further credit file reporting on them.

So go and get the best deal you can.

Are you certain the debts are enforceable? have you done CCA requests at all?

Thanks for this reply, Sounds positive we can save some money here.

I haven't done any CCA requests yet.

What scenario(s) would prevent the debts from being enforceable?  The only thing I've read online is when a debt has gone between multiple collection companies.  I think off the top of my head one of them has been to like 3 or 4

hoverFrog1

If you do make them an offer, start at a low number like 15%. They buy the debts at 10p in the pound so they'll still make a profit that way. They'll probably refuse, in which case make a higher offer, maybe going up 5% each time until they accept. The incentive for them accepting is that they get the money sooner even though they get less. As interest rates are relatively high and you're not paying interest this means they end up making money.

Unfortunately they won't tell you what they'll accept, you just have to keep making offers and having them rejected. It's like that they're offering you about 35% of the debt at the moment. They can go lower.

sourcrates

IvyChivey said:

sourcrates said:

Once an entry has fallen off your credit file, it cannot come back under any circumstances no matter what you do.

If you settle these debts there will be no further credit file reporting on them.

So go and get the best deal you can.

Are you certain the debts are enforceable? have you done CCA requests at all?

Thanks for this reply, Sounds positive we can save some money here.

I haven't done any CCA requests yet.

What scenario(s) would prevent the debts from being enforceable?  The only thing I've read online is when a debt has gone between multiple collection companies.  I think off the top of my head one of them has been to like 3 or 4

A CCA request is one of your statutory rights, and you should use it.

You are asking for a copy of your credit agreement, legal paperwork that is required in order for a creditor to demand payment from you, or to enforce their rights over you in court.

If they can`t provide a legible copy of your credit agreement, then they have no legal means to make you pay the debt, so you can choose to walk away and they can`t do a thing about it.

Most requests can be fulfilled, but lots can`t, so always worth a shot especially on older debts that have been sold a few times.