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Full & Final Settlement Advice Pls
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sim1965
Posts: 9 Forumite
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
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
0
Comments
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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 Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
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.0
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