Paying Reduced Figures on Defaults

Financialhelp

Hi, 

I have a number of defaults which are approximately 5 years old (some 4). 

They have all been sold onto 3rd parties and they have been sending me letters offering to pay reduced figures to clear the balances. 

If I decide to pay the proposed figures, will it affect my credit score (and although I know logically it shouldn’t restart anything), I just want to check, it won’t restart my 6 years from them being entered on my files and show as new defaults or affect my score detrimentally? 

Thank you 

Brie

You might want to consider ignoring the ones that are 5+ years old on the assumption that in a few months they presumably will be statute barred and therefore uncollectible.  

Frankly I don't think your credit "score" will be much affected.  It's something only you see and besides your credit history that the banks etc see will already show you have defaulted on multiple accounts.  So basically - things can only get better.  But that's going to take some time.  

If you do decide to contact anyone (& I'm not suggesting you should) do so by snail mail, not by phone or email as that just gives people a way to more easily contact you.  You might ask them for proof of the debt, credit agreement etc.