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Main site > Forums > Essential Money > Debt-Free Wannabe > Full & Final Settlement Advice Pls
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      sim1965
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    • sim1965
    • By sim1965 20th Mar 17, 6:23 PM
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      What's this?

    sim1965
    Full & Final Settlement Advice Pls
    • #1
    • 20th Mar 17, 6:23 PM
    Full & Final Settlement Advice Pls 20th Mar 17 at 6:23 PM
    Hi
    Hope someone can help . Almost sorted my debts, however the most problematic one is a £7500 debt which I have a CCJ issued Dec 2013. I am in the throws of negotiating with Link Financial who issued the CCJ . They also have a charging order on my home. Looks like they will agree to a 55% settlement of the £7500. I know some may say this is a lot for a DCA settlement but they do have a CCJ and a CO plus I am not disputing I owe the money.
    Other than that my financial history and info will be clean, showing no defaults, although will show a DMP but that has been settled in full, so whilst not good I would hope would improve my credit worthiness as fully settled, maybe ?

    I know the CCJ will stay for another 2 years 10 months, but I would ideally want it to be shown as fully settled as opposed to partially settled. I have had some written correspondence and they state will only show as partially settled. So part of me thinks what is the benefit of settling at all, if I ever needed to borrow ( sensibly) then this would still be against me. I can only assume fully settled has to be better than partially settled ? So do I dig my heels and insist they show as fully settled , if they don't just let the CCJ run its course then go for F&F then. I would really like to get rid of all now, I'm paying an affordable monthly sum for the CCJ. I may be better off to keep the lump sum I have if no benefit as showing as partially settled .
    Can a DCA mark as fully settled legally even though only partially settled ? Does fully satisfied improve my chances of credit, I ask this as would like to remortgage but doubt this would be possible with partial settlement. Has anyone ever negotiated this with Link Financial.

    Thanks for any reply

    Simon
    Last edited by sim1965; 20-03-2017 at 6:25 PM. Reason: typo

    Sorry!

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      sourcrates
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    • By sourcrates 20th Mar 17, 6:53 PM
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    sourcrates
    • #2
    • 20th Mar 17, 6:53 PM
    • #2
    • 20th Mar 17, 6:53 PM
    They have to record your credit file accurately, partially settled would be correct under these curcumstances.

    It would only be marked as fully settled if you settle the debt in full with no discount.

    You can ask though, and I wish you luck !!
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/

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      Arleen
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    • By Arleen 20th Mar 17, 6:54 PM
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    Arleen
    • #3
    • 20th Mar 17, 6:54 PM
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    • 20th Mar 17, 6:54 PM
    The difference between partially and fully settled is not as big as you may think, in the end, it's still a history of a debt that went very bad from creditors perspective. But either of those is a lot better than having it outstanding, as that means even taking it to court didn't do it.

    The benefit of paying is that, well, the debt is settled and you don't owe the money. As you have now admitted to them to have money, they could fill with courts to revisit your payments to recover more of the money faster.

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