I would like some advice please.
Trying to resolve an issue friend has got, and I'm a bit stumped.
They have a 12mth loan account June 2018, but have never paid a penny towards it for some reason.
As of today the Debt is not defaulted only shows as Missed Payments.
Not once have they been chased for the loan, there's no record of contact or letters within their DSAR relating to collections - it just seems that the account fell off the radar.
Now they are in a position to pay this debt in full, however they have spoken to the lender who has apologised about the lack of contact - and has stated they are prepared to reduce the amount owing by 20% (£450-ish) as a Partial Settlement.
They do have 2 x default markers on their CRA which will be updated to satisfied (?) as they both now have a zero balance and a loan which has no negative markers.
Should they take this offer of Partial Settlement - is there quite a negative impact to their CRA if they did, they are hoping to secure Car finance in the new year.
ICE Benchmark Administration (IBA), the FCA-regulated and authorised administrator of LIBOR, has today announced that it will consult in early December on its intention to cease US$ LIBOR. IBA intends that, subject to confirmation following its consultation, one week and two month US$ LIBOR settings will cease at end-2021, and that the US$ LIBOR panel will cease at end-June 2023.
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