Fully or partially settled
Debtfreestudentnurse
Posts: 163
Forumite
I’m in a position to settle some old debts which have defaulted between 3 and 5 years ago.
Is it better to fully settle, or take the settlement offers in terms of future borrowing?
We are wanting a mortgage in the next 18 months and will be looking at adverse lenders due to some defaults being still visible.
Thanks.
Is it better to fully settle, or take the settlement offers in terms of future borrowing?
We are wanting a mortgage in the next 18 months and will be looking at adverse lenders due to some defaults being still visible.
Thanks.
0
Comments
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Hi,
It is the default itself which is toxic. Whether you partially satisfy or fully settle an account does not really matter unfortunately imho.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job0 -
A cleared default looks better than one that’s not.
You’ll still need to see a broker that deals with adverse credit0 -
I understand that, I was just unsure if agreeing to the reduced settlement figure would affect anything, rather than paying the full amount.0
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It would show as partially settled rather than settled.0
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Thanks for clarifying! ����0
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If I pay it off, will it still drop off the account when the 6 years since default are up?0
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Yes from the date the default was applied0
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Brill, thank you!0
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