Full and final Settlements - should i?

[m3isam]

Firstly I would like to apologise if this information is already somewhere and I've missed it!

 

I currently have the following defaults (shown on my credit report):

 

- Lowell: £733 (Date of default 02/01/2013)

- Lowell: £660 (Date of default: 28/02/2013)

- 1st Credit (Finance) Limited: £ 904 (Date of default: 16/07/2013)

 

I remember receiving a lot of discount letters in the past which I simply threw away, now however, I want to address the issue and finally get my credit score back into shape by settling them all.

 

At the moment, I'm seeing a ton of different routes like stepchange, requesting CCAs etc - I'm just not sure where to begin and would really appreciate some guidance.

Edited November 14, 2016 by m3isam

[Bazooka Boo]

Hello and welcome to CAG.

 

What was the last correspondence you received regarding these accounts and from who?

 

The defaults will auto drop of your file on it's sixth anniversary, so in 2019, this is regardless if you have paid them or not.

 

Does your credit file show your current address?

 

There is absolutely zero point in paying any of these off, as it will NOT improve your credit file, the defaults remain.

 

What are the accounts?

 

Who was the original creditor? (OC)

 

Stay OFF the phone, and start keeping a diary of events, and STOP throwing away any letters you might receive, keep them and the envelopes, with the date you received them.

[m3isam]

Thanks for the welcome and getting back.

 

The last correspondence was an offer I received from Lowell last Wednesday (I can't recall the amount).

 

I moved address around march 2016 and since then yes, my current address is showing on the credit report.

 

With Lowell it's a vanquis credit card and littlewoods credit, with 1st credit it's for an aqua credit card.

 

Noted,

I will start doing that from today.

 

 

Can I ask what the purpose of keeping things filed would be, will it help me in the future for any reason?

[Bazooka Boo]

You need a paper trail of evidence, including anything you send them, because you need a history of the lies they use and it will allow you to keep all your ducks in order.

 

When did you take these agreements out? Pre or post 2007?

 

If they are offering discounts it's because there are fees/charges that can be reclaimed, or they know they haven't got the correct paperwork to enforce in court.

[m3isam]

Understood.

 

These were all taken out post 2007

 

So if I understand correctly,

I could potentially fight these defaults and have them removed if they can't come up with the correct paperwork?

[dx100uk]

defaults are there for 6yrs regardless to if being paid/not being paid, paid off, ignored

 

nothing can improve your file till they and the whole account drop off on the defaults 6th birthday

 

doesn't mean the debt is not still owed mind!!

[m3isam]

Even if the debt is challenged and it turns out they can't provide paperwork to prove it?

[Bazooka Boo]

Yes, even if they don't have the correct paperwork to enforce.

 

It simply means you're in a much stronger position than they are.

[dx100uk]

time to get some CCA request

before you blindly waste that money.

 

 

either that or burn it now for all the use paying a defaulted debt off will do you now

 

 

dx