partial settlement instead of full and final settlement

[BARFLY]

Hi, can anyone point me in the right direction, please.

 

I,ve recently settled a credit card debt with Egg. On looking at my credit file with equifax Egg have made a footnote:

 

PARTIAL SETTLEMENT. Payment received as a full and final settlement although the payment would not fully clear the balance.

 

When I agreed in writing with RMA to settle the debt i demanded that the settlement be marked on the credit file as a full and final settlement and not partial settlement. What can i do now?

[twofoot]

You can only write to the creditor as your credit file won't be changed without their say so.

[postggj]

sort of correct

 

you can do an online dispute with the cra

if the creditor does not reply within 28 days, the cra will deleate the entry

[BARFLY]

thanks guys,

 

i'll dispute it today and keep my fingers crossed. it suits the creditors to send these f and f offers to those claiming bank charges but when the shoes on the other foot they just cant help themselves. i have the acceptance letter stating it would be a full and final and that this would be the only reference on the file!

[postggj]

hi barfly

make sure the cra have a copy of that letter with your dispute

[babybear39]

Subscribing...

[postggj]

quick question for bb

 

if the creditor responds to the cra dispute and says every thing is in order, can you then ask the cra for a copy of there response without going through the legal side/hastle of an sar, and do the cra have to give a valid reason not to send a copy

[babybear39]

TBH, I don't know sorry...

[postggj]

interesting to know what the creditors are telling the cra for disputes

[babybear39]

I've read here that's is considered confidential as the DCAs have contracts with the CRAs if that's any help?

[postggj]

dont want to go off topic so last post on this matter

so the cra consider it confirdential between them and its client.

as it involves your personel data, an sar is the only answer if they dont comply with your request

[babybear39]

Even then I think they'd get out of it by saying it's confidential business information

[GeorgeJungle]

I just did a partial settlement with MBNA for 60% and in their template letter they say 1) the account will be closed 2) they will not persue me for the debt 3) my credit file will be marked as "satisfied" (which means partially settled). The remaining balance of £7000 will be shown.

 

This marks the end of a long road for me.

 

Having been through the process to the end, I can assure you that trying to "negotiate" for "full and final" on your credit file is a complete waste of time and whilst there are many on these forums egging you on to "hold on" and "negotiate" I am not aware of a single person who has part settled and got anything other than that recorded on their credit history.

 

I have a clean file now apart from a single "short settlement" with MBNA. Nothing else.

[victoria_siempre]

Hi George

 

Welcome to CAG.

 

In what sense is your file 'clean'; have you tried applying for a mortgage?

 

x

 

v

[GeorgeJungle]

I will apply for a mortage next july joint with my partner. her file also has a number of partial settlements. Obviously the effect will be negative, however it was previously spotless for 5 years.

 

my point was that it is senseless trying to get them to mark the file as fully settled, because they wont do that. The only leverage they have over you , is to mark your file.

[BARFLY]

i wouldn't say that the full and final settlement process was a complete waste of time. agreed, there will be the partial settlement note on your credit file. however, the creditor will not pursue you for the remainder, and a DCA will not pursue you for the FULL outstanding amount! An offer was made to to pay less than half of the amount due and was accepted. Looking back I am quite happy with that. I am left with two or three creditors who chose not to accept that offer and now have only two years left before they are statute barred. Unfortuneately, you don't get to have your cake AND eat it when you amount large debts and are unable to pay them off. The creditors will do anything they can for sheer spite! After several years I would say you need to be realistic: You cannot get defaults removed; you cannot get a full and final settlement with "fully satisfied" on your credit file; you can reduce your debts with the advice available on this site but you WILL suffer bad credit.

[Bazooka Boo]

Unfortunately BF, the offer of a F&F payment to an alleged debt will have reset the limitation period, so your two years before SB will now be four.

[dx100uk]

its a totyal waste of money to F&F with out demanding and getting the file shown as settled and all neg data removed.

 

i and others have had good success with demanding such.

 

typically an 'alternate' option is a good idea too.

 

i'e

 

comply with my demands or you'll only get £1PCM till i die!.

 

its also rather silly to F&F any debt without reclaiming charges & PPI first.

 

and NEVER pay a DCA, always the OC

 

if the debt has been sold on, then never offer more than 25% at the very most.

 

dx

 

dx

[BARFLY]

If the full and final payment offers were made two years ago, then yes, the SB period would be four years. However, the full and final payment offers were made toward the end of 2007 to beginning of 2008 and were made ex gratia with no acknowledgement of any debt owed.

[Bazooka Boo]

I understand what you are saying BF, BUT!!!

 

If you did not owe any money to any debt then you would not offer to pay anything toward it, therefore, my advice still stands, any offer to pay a debt WILL reset the limitation clock, UNLESS, it has already been SB. It matters not one jot what the content of a letter contains, if there is an offer of payment then this is deemed as an admission of guilt and that the debt exists.