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Partial Settlement - worth it?


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Hello all

 

I'm hoping someone can help to shed some light on the pros and cons of partial settlements.

 

We have entered into voluntary payment plans with our creditors for the credit cards we have but we do have a longer term issue of a voluntary repossession on the horizon for a rental property we purchased overseas :sad:

 

However, with reference to the credit cards, we have been offered a settlement fee by Capital One of 1470.35 on a debt of 2984.51. We did counter offer 1000, but they said no :|

 

Financially, it is worth it as it cuts the debt by half and I know that is a good thing as the 45 a month we are paying can go off another debt, hopefully kick-starting the snowballing of our payments elsewhere.

 

The only sticking point is that they have said it will be recorded as a partial settlement on my credit file. Should I be worried/bothered? I'm sure my credit file is totally buggered anyway.

 

Any advice, as always, would be greatly appreciated

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i would NEVER EVER F&F a debt if the OC will not:

 

1. removed ALL NEGATIVE DATA from you file [any marker will be as bad as a CCJ]

2. Mark the debt - SETTLED. [anything else is a bad as a CCJ]

3. Guarantee that it will never ever be chased again. [they often fwd on apparently setlled accounts]

 

if they wont do that

you might as well burn the money , as thats about as much use it will be to you if you settled for 'partial settlement'.

 

as for all these payments you are doing

i do hope everyone is with the OC still & you've CCA'ed then too.

 

if any are with DCA's or their 'fake' solicitors - i'd seriously question why?

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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i would NEVER EVER F&F a debt if the OC will not:

 

1. removed ALL NEGATIVE DATA from you file [any marker will be as bad as a CCJ]

They said it would be recorded as a partial settlementt

2. Mark the debt - SETTLED. [anything else is a bad as a CCJ]

That was my understanding

3. Guarantee that it will never ever be chased again. [they often fwd on apparently setlled accounts]

I specifically asked that and he said that it wold be considered closed and no further action would be taken

 

if they wont do that

you might as well burn the money , as thats about as much use it will be to you if you settled for 'partial settlement'.

 

as for all these payments you are doing

i do hope everyone is with the OC still & you've CCA'ed then too.

if any are with DCA's or their 'fake' solicitors - i'd seriously question why?

All are with the original lenders and I haven't gone down the route of the CCA

dx

 

I've answered the points you raised in red above.

 

Thanks

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Hi there. You need to get them to agree in writing that the settlement is a Full & Final settlement, and that they will not bring any further action in respect of the debt - nor will they sell or pass the debt to any other firm to try and chase you.

 

I would not accept a partial settlement at all.

 

Best wishes,

 

Seq.

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