Full and final settlement help thread
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Thank you fat belly that’s a great help .... I take it they can’t register the arrears either baring in mind they’ve fallen off my credit file after 6 years.
You are correct - the whole entry disappears.
The only problem may be if they did not mark your entry as defaulted but instead marked it 'arrangement to pay' - it that case the entry would stay until 6 years after it was paid off!
You should probably check.0 -
You are correct - the whole entry disappears.
The only problem may be if they did not mark your entry as defaulted but instead marked it 'arrangement to pay' - it that case the entry would stay until 6 years after it was paid off!
You should probably check.
It has been around 3 years since this account had dropped of my account. I think it was marked as a default. Can’t be 100% , memory isn’t what it used to be
. There’s nothing on the 3 credit files. I’m assuming it was a standard letter with some scare tactics thrown in! Thanks again fat belly 0 -
Hi. Me again!! On most of my debts they have been showing as "arrangement to pay" since the start of my DMP. Only 1 of my debts went into default. Can I challenge the others back, in order to request they put them into default???0
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Jackelliot wrote: »Hi. Me again!! On most of my debts they have been showing as "arrangement to pay" since the start of my DMP. Only 1 of my debts went into default. Can I challenge the others back, in order to request they put them into default???
Yes, see this
http://forums.moneysavingexpert.com/showthread.php?p=72059053#post720590530 -
Hello i have been reading about 'full and final settlement'. I fell into default with 4 lenders in 2009 and have been on a reduced payment plan since making affordable payments to all parties following advice i got from national debtline at the time. I wasnt aware until reading forums on here that the default lasted 6 years from start date i had thought it would be 6 years after i had repaid the debt so this is good to know and i am going to check my credit file (been to frightened to look until now!!)
I have paid more than half the debt but last year my husband lost his job and i have needed to reduce my payments which will just take forever to repay. I am thinking about offering a full and final settlement if i can and this would be like a weight lifted! One concern i have is any impact on my credit file if this is only marked as partial settlement? Is it better to continue to try to pay it in full even though it will probably take me at least another 5 years? I would be grateful for any advice and also given i have paid over 50% how much would you suggest i look to offer on f&f? I hadnt been aware of these options so finding these forums really informative thank you0 -
getting2grips wrote: »Hello i have been reading about 'full and final settlement'. I fell into default with 4 lenders in 2009 and have been on a reduced payment plan since making affordable payments to all parties following advice i got from national debtline at the time. I wasnt aware until reading forums on here that the default lasted 6 years from start date i had thought it would be 6 years after i had repaid the debt so this is good to know and i am going to check my credit file (been to frightened to look until now!!)
I have paid more than half the debt but last year my husband lost his job and i have needed to reduce my payments which will just take forever to repay. I am thinking about offering a full and final settlement if i can and this would be like a weight lifted! One concern i have is any impact on my credit file if this is only marked as partial settlement? Is it better to continue to try to pay it in full even though it will probably take me at least another 5 years? I would be grateful for any advice and also given i have paid over 50% how much would you suggest i look to offer on f&f? I hadnt been aware of these options so finding these forums really informative thank you
If it was defaulted at the time (and if not, see above) then the whole entry would have dropped off in 2015. It therefore matters not one jot how the lenders say they will mark your credit file.
If you can access the sums for a settlement, go for it. What will matter to the lender is how long the present process will take for them to get their money back. As that is at least five years they should be interested. If you start at 30% you can go up from there.0 -
Thank you fatbelly that is great to know! There were all defaulted at the time znd i have just been on the credit club and it showed excellent credit score with no missed payments! Thats amazing as i really thought i would be poor until i had paid it all! I will defo look at how i can make an early offer and can begin to pick mysdlf back up!
I know my mortgage deal isnt brilliant but thought i woudnt be abld to get a better one but based on this i might have a look!0 -
Sorry one other question
I took out a secured loan with picture in 2005. It was taken over by webb solutions and then idem servicing in 2014. Since idem took over i have not had any statements and have no idea what my balance is etc - i had thought that annual statements were mandatory is that true? If so how should i approach them? Is anyone else in the same position?
I know the interest rate is not competitive and i have quite a bit of equity in my home now so was debating trying to add this to my mortgage which should make it much cheaper and save a fortune on interest/reduce the term?
Any advice gratefully received. Thank you0 -
Fatbelly, you are a genius!!!! Many thanks for that!!!! I will certainly be contacting companies tomorrow!! Have a great weekend!!
Thanks!0 -
Hi All - been watching this for a while and am now in a position to begin negotiating. I have 38k debt which has been in a DMP since 2009. Currenting paying £110 a month and the date for finish is 2046 which will make me 79 years old.
I am going in with 10k which is about 26% of the total amount.
The split is
PRA 5513, PRA 4856, Arrow 3255, Next 2181, IDEM 1824, Barclay Loans 18,319 and Robinson Way 1229.
Has anyone had any experiences with these companies and can offer me feedback/advice.
I know 10k is low but when I did a chat with national debt line they said that due to the DMP being 8 years old and the term being another 26 years, it may be better for them to take a sum now rather than wait forever.
Thank you
I today paid 4.7k and cleared the 18.3k loan after barclays accepted my offer and put it in writing. Total debt now 19.9k still negotiating the rest. Stepchange has already upped their payments spreading the £18 a month that went to Barclays over the other 7 creditors. PRA have offered 40% and 45%, Next wouldn't accept offer same as Arrow but also wouldn't give me what they would accept and the others 90%. Watch this space. :T:T:T:T:T:T:T:T0
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