i paid hoist on a debt by F&F - now shows only partially settled..

[Kendizle]

I contacted the company associated with Hoist, and was able to negotiate a 50% discount on my entire debt. I was open and honest about my situation and that I was looking for a deal on a complete settlement figure.

 

Be bold be brave and dont accept their first offer.

[dx100uk]

and don't blindly pay a no powers DCA Kendizle

who said you even owed it?

did you CCA them?

if they gave a 50% discount

then no doubt more of that was on offer by reclaiming from the original creditor

you've just held the debt open for another 6yrs

and they will sell on the rest and trash your credit file again

 

 

wrong move!

[brassnecked]

Absolutely DX, the SB clock is reset.

[dx100uk]

I find it very strange that the poster has not read any other posts or threads on CAG

but comes straight to this thread and posts...

....urm..

 

 

I smell a DCA plant here

[Kendizle]

Not a wrong move.

it was my debt.

 

 

I am about to get a mortgage and I received advice from my financial advisor that I needed to get the default cleared before my mortgage was approved.

 

 

the default stays on your account for 6 years.

you can ignore it until it goes, it cant resurface.

 

 

It was in my best interest to pay it as now I have a mortgage with a rate of 1.8%, without clearing it I would have had to get a rate of 5.7%. do the math and then tell me if making a deal to clear my debt was better than paying a mortgage for 2 years with an additional 4% interest.

 

This was the right decision for me. if its not right for you then dont take my advice.

 

I came to this post whilst researching the company Hoist and trying to find out if they were legit and other people's experiences.

I found what i needed and was happy with my result.

 

 

I did not need to post anything, but thought that I would share my success so that others like me can also share my experience and then make their own judgement.

I'm just an ordinary guy who found some benefit from this website.

That is what it's for isnt it?

 

sorry, forgot to say, I didnt blindly pay.

After reading some advice on MSE website,

I asked them to send me proof of the debt

(I knew the debt was mine but also knew it had been sold many times).

 

 

Unfortunately they sent me proof of the debt.

This was about a year ago.

I had never engaged and planned to just sit the debt out.

But my situation changed.

[martin2006]

How does the default read on your credit file now kendizle?

[brassnecked]

Hmmmm.......

[Kendizle]

Partially Settled. so its all finally wrapped up and I owe them nothing else

[martin2006]

Partially Settled. so its all finally wrapped up and I owe them nothing else

 

So the default is still on your credit file showing as partially settled which means the remaining balance can be sold on to yet another debt purchaser and pursued.

Did you not insist that the 50% you paid was in full and final settlement and should show as such on your file?

 

As previously advised, you have achieved resetting the Statute barred clock and this will still be there 6 yrs from when you made that 50% payment.

 

As long as that doesn't affect you then all is good for you but its not how we do things here at Cag.

[Kendizle]

yes I asked for full and final.

It still shows as partially settled.

 

 

I do not owe anything else, they will not re-sell the outstanding.

 

 

the debt cant be reintroduced again and again, there is no "resetting".

there is other information on the internet that confirms this.

 

 

Besides, I had my advice from an independent financial advisor.

 

 

Im confident that he is qualified and knows his stuff.

 

 

As I said, this was the right situation for me and its worked.

 

 

It may not be the right choice for others, but you need to make your own judgement.

[martin2006]

yes I asked for full and final. It still shows as partially settled. I do not owe anything else, they will not re-sell the outstanding. the debt cant be reintroduced again and again, there is no "resetting". there is other information on the internet that confirms this. Besides, I had my advice from an independent financial advisor. Im confident that he is qualified and knows his stuff. As I said, this was the right situation for me and its worked. It may not be the right choice for others, but you need to make your own judgement.

 

Showing as partially settled means you still owe the other "part"

 

You really trust that they wont sell the rest on? Very naive to think so.

 

Making that 50% payment HAS reset the Statute Barred clock ticking whether you believe that or not.

 

Good luck and i hope it doesnt come back to bite your backside, but i suspect it will rear its ugly head again one day.

[brassnecked]

The partial will screw your credit files for 6 years sorry to be the bearer of bad news, and as per martin2006 they will sell it on, and you will be harassed to pay the remainder by another bottom feedsing DCA.

[dx100uk]

own thread created

[dx100uk]

you might wanna shoot your supposed financial adviser!!

 

 

so what was the debt all about?

[martin2006]

I am about to get a mortgage. It was in my best interest to pay it as now I have a mortgage with a rate of 1.8%

 

Kinda contradictory, are you about to get a mortgage or do you already have one at that rate?

[dx100uk]

its good you got the lower rate mortgage

but I'm still puzzled as to why this got you the reduced rate?

 

 

normally we see prime mortgage companies never touching a debtor that has defaults

even if they pay them off because as you say the default is still there regardless