We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Discounted settlement of a debt - how will it affect my credit score?
Reenie1978
Posts: 9 Forumite
I have just come into a bit of money and am finally able to settle 3 debts that all went to collection agencies that I have been paying off for for approx 5 years. I have just contacted one of the agencies to ask them about a discounted settlement fee and they have indicated that should I go this route and not settle the outstanding amount in full, that it will appear on my credit file as 'partially satisfied' and will affect my credit score negatively and impact my ability to get credit in the future. Does anybody know whether this is in fact the case?
0
Comments
-
If there is already a default on your credit reports for the debt then as far as I know the effect would be minimal or negligible.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Only 1 of the 3 debts actually shows on my report but they all defaulted yes. So I should get a discounted settlement fee to close the accounts?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards