Full and Final Settlement

124

Comments

  • betweenarockandhardplace
    betweenarockandhardplace Posts: 46 Forumite
    need some advise please

    i have a credit card debt with lowell for £974 which defaulted in october 2016

    i have a payment plan of £1 a month set up with lowell at the moment

    ive read this thread and thought il try my luck and offer a settlement for £350

    they emailed me back this morning saying they will not accept any settlement offer and want the full balance

    any advise on next steps?
    Good things come to those who wait...

    House Deposit Savings: £450/£10,000
  • fatbelly
    fatbelly Posts: 20,446 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
    betweenarockandhardplace wrote: »
    need some advise please

    i have a credit card debt with lowell for £974 which defaulted in october 2016

    i have a payment plan of £1 a month set up with lowell at the moment

    ive read this thread and thought il try my luck and offer a settlement for £350

    they emailed me back this morning saying they will not accept any settlement offer and want the full balance

    any advise on next steps?

    Try again in 6 months?
  • fjimmy007
    fjimmy007 Posts: 10 Forumite
    Hi ,
    I recently had an settlement offer from cabot original capital one c/card , Original amount was 1100 pounds they are asking me for 369 pounds to settled this account as a partial settlement and balance will show 0.
    My question is this account is not showing in my credit report any how as it has been defaulted in 2010 but I am still paying £1 token payment since.
    What if I have come to an agreement of settlement with cabot in future . As this credit card account is not showing on my credit file as it has passed 6 years time frame after it has defaulted in 2010. With this partial settlement with cabot will still come back to my credit file and shows partiall settlement .Or nothing will happen after settlement as this account is not on my credit file. Please answer my querey. Thanks in advance
  • fatbelly
    fatbelly Posts: 20,446 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
    fjimmy007 wrote: »
    Hi ,
    I recently had an settlement offer from cabot original capital one c/card , Original amount was 1100 pounds they are asking me for 369 pounds to settled this account as a partial settlement and balance will show 0.
    My question is this account is not showing in my credit report any how as it has been defaulted in 2010 but I am still paying £1 token payment since.
    What if I have come to an agreement of settlement with cabot in future . As this credit card account is not showing on my credit file as it has passed 6 years time frame after it has defaulted in 2010. With this partial settlement with cabot will still come back to my credit file and shows partiall settlement .Or nothing will happen after settlement as this account is not on my credit file. Please answer my querey. Thanks in advance

    No it will not come back to your credit file.

    If they got a court judgement that would create a fresh entry - nothing else can
  • fjimmy007
    fjimmy007 Posts: 10 Forumite
    Thankyou for your reply, also this partial settlement can be seen on my credit file in future to other lender in case I apply for new credit card or mortgage.
  • fatbelly
    fatbelly Posts: 20,446 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
    fjimmy007 wrote: »
    Thankyou for your reply, also this partial settlement can be seen on my credit file in future to other lender in case I apply for new credit card or mortgage.

    No it will not come back to your credit file.

    Only the company you did the deal with will ever know it happened
  • fjimmy007
    fjimmy007 Posts: 10 Forumite
    Thank you for clarification, also I am not in position to take this offer , however I am thinking to ask for 100 pounds in settlement for the same offer , if they can take it , its ok otherwise I will be paying £1 token payment as long as it goes
  • fjimmy007
    fjimmy007 Posts: 10 Forumite
    CCJ have six years entry to credit file , what happens after six years if this ccj is not satisfied or you pay them £1 pounds a month, will after six years as it will vanished from credit file, will it be still ask by debt collection agency.
  • fatbelly
    fatbelly Posts: 20,446 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
    fjimmy007 wrote: »
    Thank you for clarification, also I am not in position to take this offer , however I am thinking to ask for 100 pounds in settlement for the same offer , if they can take it , its ok otherwise I will be paying £1 token payment as long as it goes

    £100 is low for a settlement on £1100 but it's good to start low - you can always go up.
    fjimmy007 wrote: »
    CCJ have six years entry to credit file , what happens after six years if this ccj is not satisfied or you pay them £1 pounds a month, will after six years as it will vanished from credit file, will it be still ask by debt collection agency.

    Yes, a ccj entry will disappear 6 years after the date of the judgement
  • fjimmy007
    fjimmy007 Posts: 10 Forumite
    My ccj is 5900 pounds with mbna , what if I dont pay them and it is expiring on 2022 , should I be liable to pay them after 6 years even if it is not paid.
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