We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Debt Settlement and credit score
Options
Gracey23
Posts: 21 Forumite
Hi. If I offer a full and final payment to my creditors and the accept; have the remaining debt written of, how long does this stay on my credit file?
0
Comments
-
should be 6 years as with any debt you have.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇0 -
Thank you. Does that include if I come to an agreement with them myself and not via and IVA etc?0
-
Everything remains on your credit history for 6 years, good, bad, and ugly. Credit scores are meaningless to any lender as they will want to see your pattern of borrowing and paying back. Some will show as green lights with everything ticking along just fine and others will show some months as yellow when there's a bit of a blip. And defaults will show as a fat red which may suddenly go to zero because a final settlement has been agreed or because the debt has been transferred to a collection firm.
I've never seen an IVA noted on a credit history, nor a DMP.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇1 -
That's very helpful thank you
0 -
Yep. 6 years from default or settlement, whichever comes sooner.
If you're considering F&F, then the debts will have defaulted so your Partially Settled mark stays until the whole entry drops off on the 6th anniversary of the default
IVAs, like other insolvency solutions, stay on file for 6 years minimum. If not completed within 6 years, and many are not, then they stay on file until terminated/completed.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards