Getting rid of old capital one debt

[Drewie3000]

Evening all,

 

I'm after a bit of guidance on an outstanding balance on an old credit card. Here's a brief history:

 

March '08 - Took out the credit card with £500 limit. Used the card for 2 years, during which time the limit was upped to £1000.

June '10 - I stop making payments. Various reasons I shan't bore you with.

Oct '10 - Default notice issued and an outstanding balance of £1300 (with a limit of £1000, I'm guessing that's £250 or so of interest and charges).

 

At some point the debt was sold to a debt collection agency, before then being returned to capital one themselves. I don't have the details of this as I typically filed any such letters straight into the bin.

 

Fast forward to now and I want to shift this debt off my credit record. Now I know it'll vanish October next year, but I want the balance shifted off my credit record before then so I can set about repairing my rating sooner rather than later.

 

Now, my options as far as I can see are:

• Pay them in full. Which I can do. It'll mean a few luxuries will have to be sacrificed, but will not adversely effect my normal standard of living.
  
• Offer to partially settle for 50% or less. But from reading around, this will leave the account as partially settled on my account, which could upset the likes of mortgage lenders in the future (it'll be easier to explain away if it's fully settled)
  
• Ignore it and wait for it to go away (which will mean I'll be 18months further behind getting my credit score up to scratch, so not really an option)
  

 

I keep going back and forth between the first two options. I can't remember the exact details of the account. I'm fairly certain I didn't have any PPI on there, as I never went in for PPI on anything else.

 

Please weigh in with your views on what I should do. At the moment, I'm thinking option one as it'll get the whole lot done and dusted quickest. But at the same time, saving a couple of quid does appeal, so I'm open to ideas on how to go about settling with them.

 

Thanks everyone

[citizenB]

Was there a default notice issued by Capital One - if so, what date has been recorded on your credit files, because.. it wont disappear off there until the 6 years have passed.. whatever you choose to do !

[Drewie3000]

My credit file states that the account was defaulted in October 2010.

 

Surely having it settled will begin the repair process sooner than if I wait for it to slip off the credit file. Or have I misunderstood?

[maroondevo52]

Having it shown as settled would help if it's manually checked by whoever's looking at your report but would still be an issue I would think under automatic credit scoring.

[dx100uk]

nothing you can do will negate the default

paid off or otherwise it will kill your chances of credit till the default drops off along with the listing itself

 

 

ll references to a defaulted debt must be removed from your credit files after 6 years

has passed from date of default, whether paid off or not.

.

{the WHOLE ACCOUNT WILL VANISH, never to return}.

.

{however, this does not mean the debt itself is not still owed

consider a CCA request.}

.

This is so that someone who continues paying something

- even after 6 years from default

- should not be at a disadvantage to someone who pays nothing after default

and ends up with a clean file after 6 years.