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18 months away from end of Defaults - Partial or full settlement?


rojb123
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Hi guys, would appreciate your help on this.

 

I currently have 25K of debt which is being administered with Payplan.

 

I defaulted on all accounts in 2012 during a separation.

 

Next year I should be receiving early inheritance to the value of 25/30K So I would love to clear all outstanding debts and be debt free. However I would like to apply for a mortgage with my new partner in a couple of years and understand that companies like Halifax look at your credit file in fine detail.

 

A - Should I clear all debts at 100% of value before the 6 year default period ends (a couple are offering settlement options now)

 

B - Wait until the 6 years are up? Then ask for settlement figures Full/Partial

 

I don't want to partially settle if it reflects badly with high street lenders in the future..

 

I really appreciate your help!

 

Thanks Roj.

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Paying does not remove the default neither will paying improve your score

 

All defaulted debts vanish from your file on the defaults 6th birthday

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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Paying does not remove the default neither will paying improve your score

 

All defaulted debts vanish from your file on the defaults 6th birthday

 

Thanks for your reply!

 

So would you say I'm best to wait until 6 years and then see what happens?

 

Is this why now I'm being contacted to make early settlements?

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No I suspect the discount letters are because there's PPI and penalty charges to reclaim?

 

And you've blindly been paying your debts to various DCA's and never once questioned the legality of the debts?

 

A dca is not a bailiff and has no legal powers whatsoever

 

Ever asked yourself why the original creditor sold a debt on and not crushed you in court???

 

I smell a few cash cow accounts here?

Ever sent any CCA requests before you blindly let payplan 'help' you??

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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No I suspect the discount letters are because there's PPI and penalty charges to reclaim?

 

And you've blindly been paying your debts to various DCA's and never once questioned the legality of the debts?

 

A dca is not a bailiff and has no legal powers whatsoever

 

Ever asked yourself why the original creditor sold a debt on and not crushed you in court???

 

I smell a few cash cow accounts here?

Ever sent any CCA requests before you blindly let payplan 'help' you??

 

Nope all the debts are mine and I had no PPI.

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Well they might be yours and you might morally think you owe them..

But if you are paying any DCA's on these I'd question why the original creditors sold them on??

 

So who do you pay on each of the debts

And what type were they and who gave you the credit?

 

Payplan never check the legality of a debt

They will blindly pay any dca money as they get a cut of it

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 don't doubt where my money is going as the statements reflect my payments 100% and Payplan only make their profits from IVA arrangement introductory fees.

 

My question really should read...

 

Partial or Full settlement - Before or after 6 years? Which will cause the least long term damage to my file.

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Already answered in post 2

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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