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Partial or in Full Settlement, does it matter?


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Hi, been in a DMP for circa 4yrs+ now so my original defaults I guess were registered at the time I started to default which is probably circa 5yrs ago.

 

I have opportunity to clear one of my creditor debts (£800) and contacted them hoping for a good percentage but they would not go below 75% settlement (ie offered me 25% off) . I had hoped for 50% as they had offered me that much back in 2013 but now say my account rules have changed because I am in regular DMP payments.

 

I have been offered the full amount by a family member but to be honest as my credit rating is shot anyway I am unsure what actual benefit paying the full amount now is. Would it be £200 down drain when I could either not take it off my family or put it towards another creditor amount.

 

Will paying the full amount remove the default - can I make that a term of full settlement?

 

I was told that a default is only on my file for 6yrs but is that from the time it was registered or from the time it is settled either regardless of in part full.

 

Seems stupid to 'waste' £200 if indeed it has no affect on my default listing / ratings at all.

 

A quick reply would be very much appreciated as I want to finalise this settlement this month, July, if possible.

 

Many thanks

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Paying a debt off does not remove the default and thus does bugger all for your rating or worthiness

The default is their from iits birthday till its 6th birthday

When the whole account will. Vanisbh never to return

Does not mean its not still owed mind

 

List your debts and whom owns them

Who the creditor was

And who you pay now

 

Get some CCA request off

And who's the DMP with?

 

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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Hi, thanks for quick reply.

 

So, even if I pay in full my credit history will show it as defaulted and not settled? It

 

The account I can settle is with Arrow Global but as I understand they outsource everything it is held by NCO RMA Resolve.

 

My 3 creditors:

Cabot £2,600 defaulted July 2011

Cabot £1,200 defaulted Oct 2010

Arrow £800 defaulted Jan 2014

 

The debt I can settle in full is the last, Arrow at £800.

 

This information is taken as of an hour ago after registering with Equifax so is very much up to date. I do not understand the Arrow default date as this is an old DFS loan that they bought back in 2010 / 2011 so I do not understand why the default date is not listed as such either. I certainly defaulted on it a long time ago. Considering this, if 6 yrs that puts it to 2020 before dropping off but if as per opening sentence it remains anyway as defaulted then I have no inclination to settle at £800 instead of £600. Would greatly welcome clarification.

 

Maybe another thread required (please set me straight if so) but my Equifax profile on those accounts shows no payments on the accounts via DMP. It's simply shown as defaulted and the monthly payments are shown empty. That is very misleading as small payments are being made to them via DMP. Should I be querying that?

 

Thanks again

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Before you pay another penny to arrow or even consider a settlement, CCA them. Same with the rest of your creditors. They are both known fleecers and cabot rarely ever have the right paperwork,.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

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HI I didn't, as it originally being a DFS loan, I do have the paperwork myself and don't think I'd get much from requesting one. I accept the debt and I don't want to try avoid my debt, just settle it to my best detriment. However, if paying an extra £200 has absolutely no effect on the debt status then I see no reason to waste my relatives money. I thought settling in full would enable it be shown as 'Settled' and effectively be same as if I'd never defaulted or 6yrs had passed.

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Hi, thanks for quick reply.

 

My 3 creditors:

Cabot £2,600 defaulted July 2011

Cabot £1,200 defaulted Oct 2010

Arrow £800 defaulted Jan 2014

 

 

Thanks again

 

Cabot £2600 account opened June 2004 originally Northern Rock loan of £4k

Cabot £1,200 account opened Feb 1995 with Halifax. This was closing overdraft when left in 2010

£800 was Santander (via DFS which I originally stated sorry)

 

Think I will CCA these as +1k but I prefer to settle with Arrow since I have access to funds to do it. Just depends on go with £600 partial settlement or the full £800

Edited by canwecleardebt
Added original Arrow debtor: Santander: HP loan via DFS
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You must remember that when a debt is purchased by a DCA, it is for a fraction of the sum owed, the original creditor writes it off and reclaims against tax for the bad debt.

 

The position of not wishing to shirk your 'responsibilities' whilst admirable, may well be misplaced as not one penny piece is going towards the original debt, but is enhancing the profits of the DCA, who over time may well have already received several times what was paid for it.

 

Definitely CCA each of them and act according to what paperwork they have - if none, then walk away. Paid or not paid, the default will remain with a 'Partially Settled' marker - little better than having a CCJ in reality so far as creditworthiness is concerned.

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Why do you think the original creditors sold the debt on?

Because there is something wrong with in

 

Sorry but I feel you are being cash cowed on debts you might not even owe

 

Esp the overdraft

Got all the statements

If not an sar to the oc

 

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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Thanks both. I will definitely cca the larger ones but as i have the funds (which i dont need repay to family as to be honest its only repaying what i lent them many many years ago before my own hardships set in) I want get rid of the Arrow debt. Are you able clarify whether makes a difference if settle in full or partial. Thanks

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Why don't you go on a holiday or burn the money instead....

 

Sorry but all you are doing isvgiving them free money to fund fleecing 1000's of others.

 

If you have a default you could get them to remove the whole account or you won't pay

 

Whatever they put won't matter a monkey

As you have a default that kills the credit rating

And that is there for 6yrs from birth regardless to if you cough up so paying is pointless you

Pay them nothing

 

P's we charge £100 per answer

And. We'll get our scary dca to send oyou a threat o gram as you seem gullable to them

From powerless dca's

 

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 think perhaps it would be a good idea to ensure there are no default/penalty charges attached to the account before offering any of your hard earned dosh over to AG.

 

If you only defaulted in 2014, then the reporting will continue until 2020 regardless of whether you make the payment or not :(

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