partial or full settlement?

[danscott666]

i just want it to be done with and dont want any more defaults, any ccjs, any more problems. im just going to pay the full amount and be done with it . better safe than sorry again.

 

many thanks for your advice.

[Guest]

dan

pause for abit.

a partial v a full now prob won't make much diff re a mortgage in 3 years time, if its still on your file. imo.

you wont get any more defaults re matters already defaulted.

and there won't be any ccj's re a settled matter.

[danscott666]

i am concerned that i will obviously still owe the money and not sure what their course of action would be.

 

If i pay now in 3 years time i would have been absolutely debt free for 3 years,

my credit score seen by lendrers is currently 689 and seen by landlords/employers is 864.

 

i have just sold my house and paid off a £278k mortgage and 30k loan and

 

only have these 3 that are bad credit left.

 

i just want it all as clear as possible as soon as possible

and start improving my credit file as soon as i can.

[BRIGADIER2JCS]

Once a debt is removed from the credit files it will have no impact on your credit files again.

[Guest]

Once a debt is removed from the credit files it will have no impact on your credit files again.

 

for OP query i think (correct me dan if wrong), what happens if settle now whether partial or full, will that settlement remain/be noted on the file post the default? and if so, how would if at all would/could that affect a future mortgage application?

[BRIGADIER2JCS]

Partial settlement or full settlement will show as "partially satisfied or satisfied" on CRA file and will remain only for the balance of the 6 years only.

Once gone they cannot return and once a stable credit profile has been established and all other requirements are satisfied there should not be problems with a mortgage app.

 

 

3 years minimum to establish a good++ credit profile needed it will not be instant!

[Guest]

cheers

[danscott666]

3 years was the time scale i was aiming for my score is already 689 so once everything is paid off i can start rebuilding.

 

many thanks.

[BRIGADIER2JCS]

3 years was the time scale i was aiming for my score is already 689 so once everything is paid off i can start rebuilding.

 

many thanks.

 

 

A few points that may help the process.

 

 

1. Get a "credit builder " credit card with a low limit (£250.00) use it regularly for small amounts, payoff in full each month.

2. Do not make numerous credit applications, each one leaves a footprint on CRA files and are detrimental to building a good profile.

3. Make sure you are on the electoral roll.

 

 

The "mystical" 3 digit credit "score" is a day to day indication for you alone to see how a credit application may be viewed.

 

 

All potential lenders have their own in house systems for assessing credit worthiness

used in conjunction with some data from your CRA files.

 

 

Monitor at least 2 of the 3 main CRAs over the rebuild period data can vary.

[danscott666]

i have a credit card that i use and i have registered with checkmyfile and they check equifax and experian. i am on the electoral egister too.

i wont be making any credit card or other applications. do insurance searches go against you?

thanks.

[BRIGADIER2JCS]

If applying for Insurance on monthly terms quotations do leave a footprint such as "insurance quote" which have no impact, though once you agree a quote and sign up a credit check will take place.

 

 

Any comparison site involving credit results in an ID check address. postcode. residential status. electoral roll so use sparingly.

[danscott666]

Hi again all, just a quick update.

 

I have spent this day trying to settle 3 outstanding accounts and have offered 70% of what is actually owed.

 

They have all refused my offers and

 

I have had to do expenditure forms and affordability etc.

 

They said as I am paying another credit card which isn't in arrears

I can afford to pay them more and pay this one less.

 

Also I thought all 3 were in default but one of them is 6 and

 

when I offered on this one they said you are not in default

just keep paying or we will put you in default and it will be 6 years from now,

ie no mortgage for me in 3 years from now.

 

They said keep paying monthly and they won't take an offer.

 

Any advice for my new situation?

 

Many thanks again.

[fletch70]

That's pretty **** of them but i am guessing as you are saying they see you as a good bet. Also their records might not be up to date. They may think you still have your house.

I think that for the two defaulted ones a cca request is in order and see what they can provide. Maybe time to play hardball

[danscott666]

If I partially settle the one which is a 6 on my credit file how long will that 6 and the partial settlement show on my file?

[fletch70]

As you said before they do only need to come back with a true copy to satisfy s78 but it does have to be a true copy and contain all the prescribed terms etc. For a five you could send off two by signed for delivery and see what comes up.

[fletch70]

If I partially settle the one which is a 6 on my credit file how long will that 6 and the partial settlement show on my file?

Six years i think. Who is it with? I would think you could fight that and get the default back dated.

[danscott666]

Its with rbs but it us not in default and if I stop paying now they will put it in default. Then I have 6 years to wait to get it off.

[fletch70]

So they have you by the short and curlys whatever you do. Some of the site team are good at default removal. .

[dx100uk]

it would be better if you start a thread in the RBS forum

 

lets get these debts split off

else confusion will reign

 

dx

[danscott666]

Hi all,

 

i have 3 accounts with MINT, IDEM and CDUK. MINT AND CDUK accounts are in DEFAULT since DEc 2008 and the IDEM account was at worst 6 then arrangement now OK since april 2012.

 

I have made offers of 70% of the totals of each amount to all 3 companies and all have declined my offer saying they would prefer i stayed on a 0% payment plan which works out i will be still paying the full amount over the next 5-7 years.

 

can anyone advise me as to why they are not interested in my offers and how i might be able to change their mind?

 

the total outstanding amount between the 3 is £4500 roughly and i have offered £3150 between the 3, i would have thought they would have snapped my hand off???

 

regards

 

Dan.

[havinastella]

You probably went 'too high'. They know you can afford to pay them the full amount.

[danscott666]

You may be right, but I can't so what can I do now?

 

Thanks.

[havinastella]

Any charges/ppi to reclaim?

 

CDUK are a poor DCA, why are you paying them? Same as Idem.

[silverfox1961]

Hi,

There is very little you can do to force them to accept an F&F.

 

I suggest placing your funds somewhere safe and not touch it. try again in a few months.

 

In the meantime, do yourself a Income and expenditure form to work out what you can afford to pay. If it is less than you currently pay, then so be it.

 

Is there any charges/PPI on any account that could be reclaimed?

[danscott666]

To be fair I'm not smart enough not to near them.

I don't really understand all the technicalities of the financial world.

 

I don't really need the grief and I got myself in this mess trying to follow unenforceable cca in 2009 so now I must face the music.

 

The 2 defaulted accounts are cduk and rbs,

I realise whatever I do makes no difference to the default,

but with idem they didn't default me which means the account isn't default and will still be reported as 6 until I pay it off and close it, then 6 years from then it will remain on my file.

 

Otherwise I will not get any credit ever again.

 

I did an income and expenditure form which actually shows my out goings are virtually exactly the same as my incoming.

I sent them proof of earnings and with the form and still no joy.

 

Would anyone advise I stop paying the defaulted debts and hope they are then grateful for any offer I send in?

 

I feel I have to pay the idem as that is showing I've been paying Ok since April 2012 nearly 2 years despite its worst status of 6 in 2010.

 

I was thinking about paying the full amount to idem so it shows Ok for 2 years then fully satisfied, and hoping in another 3 years it won't be looked too unfavourably by any potential lender.

 

Thanks.

Danny.