Default/settlement advice

Devon74 · 15 October 2018 at 9:49AM

Morning all,

Can someone please help advise?

I lost my job in Jan 2018 and unfortunately my marriage broke down and i have been living with family since. I have two credits cards and a loan. I have a payment plan with credit company but the other has terminated my agreement(i assume this is a default). The outstanding remaining amount is £13k and a family member has offered £5k as a settlement figure which i have put to them. i just wanted to know what the credit history will look like or be any different if the whole mouth is paid or just the £5k? I am waiting on the bank this week to see if they will agree the £5k.

Thank you so much on advance.

[Deleted User] · 15 October 2018 at 11:07AM

The default is the big issue.

If you can settle for less, then do so.

Devon74 · 15 October 2018 at 11:50AM

Thanks ZX,

Do you know if there is anyway of removing the default?

Thank you

[Deleted User] · 15 October 2018 at 11:56AM

Only if you believe it is incorrect. However, it sounds right from what you've said.

Ostrich1 · 22 October 2018 at 9:54AM

OK, so I have a history of bad debt and have finally woken up to the fact that it is destroying my life.
My credit score is 'very poor' and I have 3 defaulted accounts showing.
Arrow Global Limited - £314.00 08/12/2014
Hoist Portfolio Holdings - £3649.00 31/01/2017
Barclaycard - £0.00 31/01/2017

I have now received a letter from Robinson Way chasing a debt due to HFUKH1L (Ex Barclaycard) for £3648.99, offering 50% off the balance.

My sister has offered me £1000.00, and I can lay my hands on £300.

Am I wise to offer them £1300.00 as a settlement offer, and if they accept what will be the impact, if it can get any worse, on my file?

[Deleted User] · 22 October 2018 at 10:00AM

If they accept it as a final settlement, the debt will show as settled.

That's a good thing.

Ostrich1 · 22 October 2018 at 10:09AM

If they accept it will it show as settled or partly settled?

nic_c · 23 October 2018 at 10:22AM

Ostrich1 wrote: »

If they accept it will it show as settled or partly settled?

partially - but you have the default on there already, so unless you are in a position to clear the full amount, partially is better than none. It also means no further action will be taken to recover the debt, and it falls off after 6 years from the original default date

Default/settlement advice

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