HSBC Credit Card debt - F&F to 1st credit.

[HampshireDad]

Pity you didn't post earlier...we could of advised on how to make a watertight Full and Final settlement...did they register the CCJ or did you avoid it?

 

Hi Andyorch,

 

I've got my only other creditor willing to accept a settlement

however they're saying it would be marked as partial but that they nor no other third party will pursue me.

If there's a way to get them to mark it as fully settled that would be great.?

 

If it's best for me to start another thread guys, please let me know?

[HampshireDad]

Hi,

 

Due to some of the fantastic help on here

I've managed to come to a settlement with a creditor who'd taken over the above debt.

 

I'd asked that they accept the settlement as full and final thus marking the debt as such

however they've stated it would be marked partial but that neither them

nor any other third party would pursue me for the remainder.

 

Is anyone aware of anything I might be able to request

or put forward to them in order to have the debt marked settled in full etc.

 

Thanks in advance.

[BankFodder]

It's extremely unlikely that you will have the debt marked as settled. Have you had their undertaking that you won't be pursued for the rest, in writing?

[Guest]

who are the dca/creditor

[HampshireDad]

It's extremely unlikely that you will have the debt marked as settled. Have you had their undertaking that you won't be pursued for the rest, in writing?

 

 

Andyorch mentioned being able to make it watertight that they'd mark it as settled on this thread re another debt http://www.consumeractiongroup.co.uk/forum/showthread.php?458015-IDR-Link-claimform-old-Barclaycard-Debt&p=4902604#post4902604

 

Unlike Link, this creditor (1st Credit) were willing to listen to my circumstances and accept an offer less than 10% of the outstanding debt. Truth is I'm more than happy to pay this amount however based on what Andyorch said I thought I would ask the question.

 

Sorry forgot to mention that they have emailed stating in accepting the settlement they nor any other third party will pursue the remainder of the debt.

[dx100uk]

is the debt defaulted on your credit file?

[HampshireDad]

Yes it is. It defaulted and I then agreed to make weekly payments of £1.

 

I used Noddle, as recommended on here prior to settling the other creditor.

 

 

That was also partial however once Noddle had been updated the debt was showing as zero and settled.

 

 

I'm not sure if another more in-depth report would show up more info.

 

 

I notice when they say they'll accept partial they always include text stating

that it'll be marked on your file as such and that it could affect lenders decisions if trying to obtain credit etc.

[dx100uk]

if the debt is defaulted

you paying it makes no odds

neither does any stupid markers of partial settled or otherwise

 

its there for 6yrs, will kill the score

 

 

it will only vanish on the defaults 6th birthday

 

waste of money settling defaulted debts.

 

doesn't improve your rating one tiny bit

 

 

dx

[Guest]

when was it defaulted?

[HampshireDad]

if the debt is defaulted

you paying it makes no odds

neither does any stupid markers of partial settled or otherwise

 

its there for 6yrs, will kill the score

 

it will only vanish on the defaults 6th birthday

 

waste of money settling defaulted debts.

 

doesn't improve your rating one tiny bit

 

dx

 

This is why I was asking the question.

 

Last time I posted on the other thread for another creditor I pointed out that Link marked the debt as partially settled despite me offering fully settled.

 

After the funds had been transferred etc Andyorch posted saying he could have given me info to send that would have made it watertight and get it marked fully settled.

 

I'm no expert which is why I'm here asking people who know a lot more than me.

If it can't be done then it can't be done.

 

I do have another question.

I'm currently paying £1 towards the debt and it's been 3 years since I defaulted on it.

If I continue to pay £1 once 6 years have past

are you saying the debt vanishes from my file?

 

If this is the case then you're right,

I'm effectively throwing my money away when I could simply wait another 3 years and it would be wiped anyway.

 

3 years. This may tie in with my post above

 

Sorry to add as I've just noticed the link info which is flagged to me mentioning 6 years (statute barred) in my post.

 

 

The info states:

 

'In principle, a debt cannot be enforced after 6 years from the date upon which it became due.

The 6 years runs from the 'Cause of Action' and the Terms and Conditions of the contract/agreement will have a bearing on this.

 

 

Once a debt has lapsed, it cannot be revived - even through a subsequent acknowledgement or payment.'

 

However I also found this just before noticing the above:

 

'Low payments aren’t going to make much of a dent in your debt, even if interest and charges are frozen.

 

 

There are positive reasons in favour of token payments

– once they are agreed with your creditors, they will probably reduce the hassle you get considerably and they will make it less likely that you will get a CCJ

– but they aren’t going to make much of a difference to your credit record.

 

 

And of course making token payments means that your debt will never become statute barred.'

 

As you can see it's confusing matters somewhat.

[dx100uk]

no its not confusing.

you are not reading the info properly.

 

there is NO LINK WHATSOEVER

between statute barred date

and defaulted date.

.................

 

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

has passed from date of default, whether paid off, paying now 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.

.

NOTE: {the bracketed text is not ICO guideline but my advise]

................

 

statute barring runs from your last payment or written and signed LETTER referring to the debt.

 

so full circle..

you should now be able to understand this:

 

if the debt is defaulted

you paying it makes no odds

neither does any stupid markers of partial settled or otherwise

 

its there for 6yrs, will kill the score

 

it will only vanish on the defaults 6th birthday

 

waste of money settling defaulted debts.

 

doesn't improve your rating one tiny bit

..........

 

 

bottom line is

you got had..nothing new there where DCA's are concerned esp the likes of LINK.

 

this is where your money goes..

http://www.homesandproperty.co.uk/property-news/millionaire-debt-collector-digs-deep-in-south-kensington-28708.html

[HampshireDad]

Thanks, I understand it a bit better now.

 

Having the account settled isn't just about my credit score. I've given up work to care for my daughter and I will return to work when my situation changes. If, as you've pointed out, it doesn't mean the debt is not still owed, can they take a more aggressive stance once I'm earning more money?

 

My main goal was being debt free once I returned to work.

[dx100uk]

They won't care

 

If a dca owns it

Then the debt is prob not even real or enforceable anyway

Dx